(Oil Price) – This week in the crude oil market was a rollercoaster of price swings as bullish supply concerns clashed with bearish macroeconomic and geopolitical developments. The early week saw oil extend its gains on supply constraints from Russia and Iran, but prices reversed sharply midweek as rising U.S. inventories, a hawkish Federal Reserve, and renewed optimism about a resolution
(BOE Report) – Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. Washington’s January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow’s oil revenue, the aim of western
This week’s Baker Hughes Rig Count shows that the U.S. had an increase of 2 over last week, resulting in a total count of 588 rigs. Canada had an decrease of 4 over last week, resulting in a total Canadian count of 245 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Granite Wash and the Permian
(Investing) – Oil prices rose Friday, on course to snap three straight weeks of losses amid relief that U.S. President Donald Trump did not immediately impose reciprocal tariffs as initially threatened. At 09:10 ET (14:10 GMT), Brent oil futures expiring in April rose 0.3% to $75.24 a barrel, while West Texas Intermediate crude futures rose 0.2% to $71.43 a barrel. Both benchmark contracts were trading
(Oil Price) – PBF Energy (NYSE: PBF) on Thursday reported a loss for the fourth quarter amid falling refining margins, booking widening losses for the third consecutive quarter. PBF Energy said that its adjusted fully converted net loss for the fourth quarter of 2024, excluding special items, was $324.5 million, or a loss of $2.82 per share. The loss was in
(BOE Report) – Lower oil prices, budget constraints and a rise in bad corporate debt are among the top economic risks facing Russia, documents prepared for an internal government discussion show, with a possible jump in U.S. and OPEC oil output of notable concern. President Vladimir Putin and top officials have in public regularly extolled the Russian economy’s resilience in
(World Oil) – Pemex (Petroleos Mexicanos) will split profits with private-sector partners in joint ventures that may account for as much as 10% of the state oil company’s output, said Mexico President Claudia Sheinbaum. The division will be based on proceeds left over after the recovery of initial investments and the government’s 30% oil levy, she said during a media
(Investing) – Oil prices fell Thursday as U.S. President Donald Trump talked up a potential peace treaty between Russia and Ukraine, which could potentially free up Russian oil supply curbed by U.S. sanctions. At 09:00 ET (14:00 GMT), Brent oil futures expiring in April fell 1.3% to $74.22 a barrel, while West Texas Intermediate crude futures fell 1.3% to $70.44 a barrel. Ukraine peace talks
(Investing) – LONDON – OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels
(BOE Report) – Mexico plans to boost its crude oil reserves to ensure it has enough for at least a decade of consumption, the chief executive officer of state energy company Pemex, Victor Rodriguez, said on Wednesday. Pemex has 12 strategic projects that will account for 61% of this hydrocarbon production, Rodriguez added. Speaking alongside Mexican President Claudia Sheinbaum at
(Investing)– Russia may be forced to throttle back its oil output in the coming months as U.S. sanctions hamper its access to tankers to sail to Asia and Ukrainian drone attacks hobble its refineries. The United States imposed sanctions last month that targeted 180 Russian tankers while Kyiv has stepped up drone attacks to improve its bargaining position amid expectations
Weekly Crude Oil Storage as of February 7, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.1 million barrels from the previous week. At 427.9 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
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