The American Petroleum Institute (API) reported a large build this week for crude oil of 5.618 million barrels. U.S. crude inventories have grown by roughly 31 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by more than six times that figure, at 197 million barrels. The build in … Read more
Several days ago, President Biden made a media splash when he threatened oil companies with windfall taxes and “other restrictions” if they don’t stop returning cash to shareholders and start investing this cash in more oil production. The industry, via the American Petroleum Institute, responded with yet another reiteration of the fact that the oil … Read more
Global maritime trade growth is slowing, the latest data shows, in a sign that the global economic slowdown is underway and a recession in major markets could soon materialize, threatening oil demand. The latest Goods Trade Barometer from the World Trade Organization (WTO) showed at the end of August that global trade growth is stagnating. … Read more
Oil prices didn’t extend gains today after the Energy Information Administration reported a crude oil inventory decline of 3.3 million barrels for the week to August 19. This compared with a draw of 7.1 million barrels estimated for the previous week by the Department of Energy agency. One day before, the American Petroleum Institute had … Read more
Crude oil prices moved higher today, after the Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12. This compared with a build of 5.5 million barrels reported for the previous week. A day earlier, the American Petroleum Institute estimated a modest crude draw of 448,000 … Read more
This week, OPEC issued its Monthly Oil Market Report. It was released just hours after the IEA released its own monthly oil market forecast. Unlike the IEA, the oil-producing group forecast that growth in oil demand this year would be slower than previously expected. OPEC also forecast an oil market surplus, sparking speculation that it … Read more
Oil prices climbed higher today after the U.S. Energy Information Administration reported a crude oil inventory draw of 2.8 million barrels for the week to June 24. A day earlier, the American Petroleum Institute estimated an inventory draw of 3.8 million barrels for the week to June 24, after reporting its biggest oil inventory build … Read more
The idea of putting a price cap on Russian oil exports in order to keep the oil flowing but reduce the Kremlin’s revenues from it might sound rather exotic at first glance—but the idea has been around for a few weeks now. It did just get a major push at the G7 meeting that began … Read more
The oil market is currently going through one of the most turbulent periods since the infamous March 2020 collapse, as investors continue to grapple with recessionary fears. Oil prices have continued sliding in the wake of the central bank deciding to hike the interest rate by a record-high 75 basis points, with WTI futures for … Read more
The price of gasoline in the U.S. hit an all-time high on Tuesday as the national average spiked $0.17/gallon from last week to $4.37/gallon, topping the previous all-time high set March 8. The European Union’s discussion of pulling back from buying Russian oil has sent additional shock waves through an already strained oil market, with … Read more