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By John Kemp (Reuters) – U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices …
U.S. Crude Oil Prices Retreat Amid Doubts About Further Stock Draw Read More »
(Reuters) – Oil prices steadied on Wednesday after trading higher as industry data showed a bigger-than-expected draw in U.S. crude stockpiles, with gains capped by economic headwinds from China and the euro zone. Brent crude futures inched up 7 cents, or 0.08%, to $86.31 per barrel at 0925 GMT. U.S. West Texas Intermediate crude futures …
Oil Prices Steady After Large U.S. Crude Inventory Draw Read More »
Investors purchased petroleum for the third week running as bearishness triggered by the OPEC+ meeting at the start of June waned and fund managers anticipated a big depletion of inventories in the third quarter. Hedge funds and other money managers purchased the equivalent of 86 million barrels in the six major petroleum futures and options …
Oil Bulls Advance Cautiously as Stocks Expected to Fall: Kemp Read More »
Crude markets have exhibited an increasing disconnect this month between rising spot prices and calendar spreads on the one hand and swelling inventories on the other. But futures markets are forward-looking and traders appear to be anticipating a much tighter supply situation that would underpin the higher prices and spreads over the next few months. …
Oil Traders Expect Large Inventory Draw in Third Quarter: Kemp Read More »
U.S. crude stocks and gasoline inventories rose while distillate inventories fell in the week ending June 21, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.6 million barrels to 460.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel draw. Crude stocks at the …
U.S. Crude Stocks and Gasoline Inventories Rise, Distillate Inventories Fall, EIA Says Read More »
(Reuters) – Electric utilities in the U.S. are increasingly turning to batteries to shift power from periods of low prices to high-priced ones, according to an analysis from the U.S. Energy Information Administration. The strategy, referred to as arbitrage, involves utilities charging batteries by buying electricity during low-cost periods and then selling that electricity when …
U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday. Crude inventories fell by 2.5 million barrels in the week ending June 14 to 457.1 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.2 million-barrel draw. Stocks at the Cushing, Oklahoma, …
U.S. Crude and Fuels Stocks Fell Last Week – EIA Said Read More »
The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday. Senior Biden adviser Amos Hochstein told the newspaper that oil prices are “still too high for many Americans” and he would like to see them “cut …
U.S. Ready to Re-open Oil Stockpile if Petrol Prices Surge Again, FT Reports Read More »
U.S. crude oil imports rose last week to their highest since 2018, the U.S. Energy Information Administration said on Wednesday, as volumes from Mexico rebounded and the expanded Trans Mountain pipeline boosted shipments from Canada. Imports of crude oil from Mexico rose by 449,000 barrels per day to 987,000 bpd in the week to June …
U.S. Crude Oil Imports Rise to Highest Since 2018, EIA Says Read More »
(Reuters) – Utility firm Entergy and a unit of NextEra Energy on Friday entered into an agreement to develop up to 4.5 gigawatts (GW)of new solar and energy storage projects. The five-year agreement will help Entergy provide renewable energy to more than 3 million customers in Arkansas, Louisiana, Mississippi and Texas, the company said in a statement. …
Entergy, NextEra to Jointly Develop 4.5 GW of Energy Storage Projects Read More »
