Crude Oil Trade Slow in Asian Market

  • Crude oil futures slipped during midmorning trade in Asia June 10 on the back of a large build in US product inventories.
  • It is cast a shadow of doubt on the optimism surrounding summer driving demand in the region.
  • The ICE August Brent futures contract was down 65 cents/b (0.90%) from the previous settle at $71.57/b.\
  • While the NYMEX July light sweet crude contract was down 61 cents/b (0.87%) at $69.35/b.

A recent Platts news source by Reetika Porwal implies that crude oil futures dip on...

Crude Oil Futures Higher On Improved Demand Outlook

Crude oil futures were higher in mid-morning trade in Asia April 14, despite a pause in the Johnson & Johnson vaccine rollout and mixed data from the American Petroleum Institute, as the market remained buoyed by OPEC raising its 2021 oil demand forecast and a weaker dollar, reports platts.

ICE Brent June Contract

At 10:36 am Singapore time (0236 GMT), the ICE Brent June contract was up 42 cents/b (0.66%) from the April 13 settle at $64.09/b, while the May NYMEX light sweet crude contract was 42...

Oil Plunges 5.5% As Covid 19 cases Rise, U.S. Oil Stockpiles Surge

  • Oil hit a four-month low in London alongside a broader market selloff.
  • Swelling U.S. crude stockpiles adds to concerns that a fresh surge in covid 19 cases may derail the global economic recovery.
  • Global benchmark Brent futures plunged to the lowest since June, while futures in New York slid 5.5% on Wednesday, falling to the lowest in almost a month.
  • An Energy Information Administration report showed domestic oil inventories rose 4.32 million barrels last week, the most since July.
  • Still, the...

Steady Oil Prices in the U.S. Notch Monthly Gains

  • Last week, the oil prices rose on Friday and were on track for monthly gains, benefiting from news that U.S. oil output cuts in May were the largest on record.
  • U.S. crude was up 35 cents, or 0.9%, at $40.27 after dropping 3.3% in the previous session, also off lows not seen since July 10.
  • Brent crude settled up 37 cents, or 0.9%, at $43.31 a barrel.
  • Brent is heading for a fourth month of gains, while U.S. crude posts a third month.  Both rise from a troubled market since April due to lockdown.

Oil Companies Foresee Loss As Shale Production Falls Steeper

  • Energy Information Administration reports that crude oil production in the seven major US shale basins will fall by a record 197,000 barrels per day next month.
  • Production in the seven most prolific shale basins in the United States is expected to fall to 7.822 million bpd, the EIA said, down from 8.019 million bpd this month.
  • This is deemed to be a record monthly loss.

A recently published article in Oil Price written by Julianne Geiger highlights the fall in crude oil production in the major...

Why The Oil Market Would Be Bullish Over $20.27 ?

  • U.S. West Texas Intermediate crude oil futures are up for a third straight session.
  • As major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic.
  • The data showed U.S. crude inventories grew less than expected.
  • The imbalance between oil supply and demand is set to be halved to 13.6 million barrels per day (bpd) in May.
  • It is to further drop to 6.1 million bpd in June, according to Rystad Energy.

A recently published article in reveals...

U.S. now the largest global crude oil producer, EIA says

Ocean Confidence, a semisubmersible deepwater drill rig used in the Gulf of Mexico. Image via BOEM/Courtesy of Diamond Oil.

The Energy Information Administration (EIA) estimated in their latest Short-Term Energy Outlook released last week that the U.S. is now the largest global crude oil producer, likely surpassing Russia and Saudi Arabia.

In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the U.S. surpassed Russia in crude oil production for the first time since February 1999.

The Department of Energy (DOE) also announced that on Sept....

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