Friday, December 13, 2024

Crude Oil

Asia likely to benefit from cheaper Canadian, Mexican oil if Trump imposes tariffs

November 27, 2024

(Investing) – SINGAPORE/LONDON -Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said. Two sources familiar with Trump’s plan told Reuters that oil would not be exempted from potential tariff hikes on imports

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 1.8 million barrels

November 27, 2024

Weekly Crude Oil Storage as of November 22, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week. At 428.4 million barrels, U.S. crude oil inventories are 5% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

Oil producers balk at team Trump’s tariff plan for Canadian imports

November 26, 2024

(Oil Price) – When Donald Trump floated the idea of slapping 25% tariffs on Canadian and Mexican imports, it was more than just a shot across the bow—it was a cannonball aimed squarely at North America’s deeply entwined trade ecosystem. U.S. oil producers are warning that a tariff on heavy oil imported from Canada would raise consumer prices at the pump.

OPEC+ production cuts may have caused irreparable rival supply, Iran official says

November 26, 2024

(World Oil) – (Bloomberg) – OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the U.S.,” Iranian OPEC governor Afshin Javan

US energy lobbying groups wary about Trump tariffs threat

November 26, 2024

(Investing) – PITTSBURGH – U.S. oil and gas lobbying groups said on Tuesday they were wary of President-elect Donald Trump’s threat of tariffs on Canada and Mexico, saying such policies could affect consumers, industry and security. Trump, who takes office on Jan. 20, vowed to impose a 25% tariff on imports from Canada and Mexico, two of America’s biggest trading partners,

Goldman Sachs expects Brent oil to average $76 per barrel in 2025

November 22, 2024

(Oil Price) – Brent Crude oil prices are set to average $76 per barrel next year, down from an expected average of $80 a barrel in 2024, amid an expected surplus on the market, according to Goldman Sachs. “Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count decreased by 1 as of this week, at 583

November 22, 2024

This week’s Baker Hughes Rig Count shows that the U.S. had a decrease of 1 over last week, resulting in a total count of 583 rigs. Canada had an increase of 1 over last week, resulting in a total Canadian count of 201 rigs. Breakdown by region Of the regions tracked by Baker Hughes, only the Granite Wash region experienced

Oil heads for weekly gains as Ukraine war intensifies

November 22, 2024

(Investing) – Oil prices were set for their biggest weekly rise in almost two months on Friday, gaining 4% as an intensifying war in Ukraine returned a geopolitical risk premium to the market. Brent crude futures had pared 9 cents to $74.14 a barrel by 1418 GMT. U.S. West Texas Intermediate crude futures shaved off 3 cents to $70.07 per barrel. Pressuring

ExxonMobil to launch offshore Cyprus gas drilling in 2025

November 21, 2024

(Oil Price) – Exxon Mobil Corp. (NYSE:XOM) will drill a well off Cyprus in January in pursuit of natural gas, a senior executive told Reuters on Thursday. “We’ve spent the last two years collecting very detailed, three dimensional seismic data … We’ve identified several large prospects, and the next stage is to bring in a drilling rig and to test those,” said John Ardill, Vice-president for

Analysis-OPEC+ may stick with deep oil cuts for longer due to weak demand

November 20, 2024

(Investing)– LONDON – OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said. The Organization of the Petroleum Exporting Countries and its allies led by Russia, the group

Oil steady as Ukraine escalation offsets US crude, gasoline stock build

November 20, 2024

(Investing) – HOUSTON- Oil prices were steady on Wednesday as the escalating war between major oil producer Russia and Ukraine offset a rise in U.S. crude and gasoline stocks. Brent crude futures for January were down 4 cents, or 0.05%, at $73.27 a barrel by 10:43 a.m. EDT (1543 GMT). U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday,

U.S. crude oil inventories increase by 0.5 million barrels

November 20, 2024

Weekly Crude Oil Storage as of November 15, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 430.3 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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