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Crudeoil inventories in the United States saw an increase of 1.4 million barrels during the week ending March 7, according to new data from the U.S. Crudeoil prices were trading up prior to the crude data release by the U.S. crudeoil inventories amid strong product draws.
Weekly CrudeOil Storage as of March 7, 2025 U.S. commercial crudeoil inventories ( excluding those in the Strategic Petroleum Reserve ) decreased by 5.7 million barrels from the previous week. million barrels, U.S. crudeoil refinery inputs averaged 15.7 million barrels per day.
Crudeoil prices dipped today, despite expectations for strong demand following the U.S. At the time of writing, Brent crude was trading at $70.87 per barrel, with West Texas Intermediate at $67.55 per barrel, both down from Wednesday. The Energy Information Administration reported a crudeoil stock build of 1.4
The American Petroleum Institute (API) estimated that crudeoil inventories in the United States rose by 4.247 million barrels for the week ending March 7. million-barrel build. So far this year, crudeoil inventories have climbed nearly 17 million barrels, according to Oilprice calculations of API data.
Oil markets have kicked off the new week on the back foot with the oil price selloff deepening amid a raft of bearish catalysts. Brent crude for May delivery fell 1.38% to trade at $69.39 per barrel at 1.44 pm ET on Monday, while WTI crude for April delivery declined 1.37% to change hands at $66.12 per barrel.
Barclays sees Brent Crude prices at $74 per barrel this year, down by $9 from its previous forecast, as it slashed its global demand growth estimate in mounting economic uncertainties. We turn neutral on oil prices relative to the curve and consensus, as we revise down our 2025 demand outlook 510,000 barrels per day due to soft high?-?frequency
Indian imports of crudeoil from Russia appear to be rebounding in March following lower purchases earlier this year in the immediate aftermath of the January U.S. sanctions on Russias oil trade.
Despite the expected rise in OPEC+ production in April, Saudi Arabia is set to ship significantly lower crudeoil volumes to China next month to levels not seen in over a year, Reuters reported on Thursday, quoting trade and industry sources.
A new round of sanctions targeting Irans oil industry and the countrys oil minister boosted oil prices earlier today, offsetting the negative effect of the International Energy Agencys latest monthly report, released Thursday. At the time of writing, Brent crude was trading at $70.33
Crudeoil prices inched higher after starting the week with sharp losses, amid reports of rebounding Asian imports and a weaker dollar that should stimulate stronger demand. At the time of writing Brent crude was trading at $70.05 per barrel, with West Texas Intermediate at $66.75 per barrel, as the U.S.
The first half of 2025 is shaping up to be a squeeze play for global oil markets. Brent crude prices are inching up from $70 per barrel to a newly forecasted $75/b by Q3, the EIA has said in its latest Short Term Energy Outlook released on Tuesday. Supply is tightening thanks to ongoing production declines in Iran and Venezuela.
Shandong Yulong Petrochemical, the newest refiner in China, is set to begin trial runs at a 200,000-barrels per day crude processing unit later this month, traders familiar with the facilitys plans told Reuters on Monday, in what could be a boost to Chinese crudeoil imports in the coming months.
Barclays on Friday lowered its 2025 Brent oil price forecast by $9 per barrel to $74 per barrel, citing a softer demand outlook amid elevated economic uncertainty. Brent crude futures were trading around $70 a barrel on Friday, after settling 1.5% West Texas Intermediate crude was at around $67 [Read more]
(Oil Price) –ExxonMobils eighth oil project offshore Guyana will also be the biggest natural gas development of the Exxon-led consortium in the prolific Stabroek Block. Exxon and its partners in Guyanas oil projects, U.S. Hess Corp and CNOOC of China, expect to produce up to 1.5
crudeoil stockpiles rose and fuel inventories fell last week as seasonal refinery maintenance season ticked along, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 1.4 million barrels to 435.2
The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) narrowed on Monday, against a backdrop of falling global oil prices and ongoing U.S. a barrel under WTI, according to brokerage CalRock, [Read more] trade policy uncertainty. *
(Oil & Gas 360) – Switching Back To An Employer-Driven Economy (From Ruler-Driven) Restoring Upward Mobility Of The Masses Will Have A Profitable Oil & Gas Drilling Boom. crudeoil supply growth smaller than what it has been/ what is expected fuels our bullish oil outlook. Figure 11: U.S.
Oil prices rebounded on Friday to recover some of their losses of more than 1% in the previous session, partly due to the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies. Brent crude futures rose 64 cents, or 0.9%, to $70.52 a barrel by 0748 [Read more]
Oil prices slipped on Thursday after a surge in the previous session on a larger-than-expected draw in U.S. a barrel by 0426 GMT, while U.S. West Texas Intermediate crude futures shed 10 cents to $67.58 gasoline stocks, as markets weighed macroeconomic concerns against firm near-term demand. Brent futures fell 5 cents to $70.9
Oil prices edged up on Wednesday, buoyed by a weaker dollar, but mounting fears of a U.S. a barrel at 0430 GMT, while U.S. West Texas Intermediate crude futures gained 52 cents, or [Read more] economic slowdown and the impact of tariffs on global economic growth capped gains. Brent futures rose 51 cents, or 0.7%, to $70.07
Mexico’s state oil company Pemex expects to continue diverting barrels of heavy crude away from U.S. Gulf Coast refiners as its new Olmeca refinery ramps up processing, the head of the company’s trading arm PMI, Margarita Perez, said on Tuesday.
The Minister of Energy of Indonesia Bahlil Lahadalia announced that the country is to build oil refineries on several of its islands, including Kalimantan and Sulawesi, with a total capacity of 1 million barrels per day (mmbbl/d) increasing from 500,000 b/d, Reuters reported.
oil and gas production, and ONEOK Inc. West Texas NGL Pipeline Expansion The West Texas NGL pipeline is being expanded to 740,000 barrels per day (bpd) to accommodate increasing NGL production. The company plans to fill existing gathering capacity , which will support higher throughput on its long-haul crude pipelines.
oil and gas industry saw a slight dip in drilling activity last week, as Baker Hughes reported a one-rig decline , bringing the total national rig count to 592. While the decrease was minimal, it reflects broader industry trends influenced by oil and gas prices, production strategies, and market conditions. March 10, 2025 The U.S.
oil and gas production. Pipeline Investments: Expanding Permian Takeaway Capacity With NGL and crudeoil production rising , Enterprise is investing in pipeline infrastructure to ensure smooth transport from the wellhead to export hubs. Seminole Pipeline Conversion (2026) Reverting to crude service to balance takeaway needs.
Crudeoil imports in Asia have been nothing to write about so far this year. China, the worlds biggest importer of crude, saw a 5% decline in its foreign oil shipments over the first two months of the year. million barrels, down from 10.74 million barrels, down from 10.74 The average daily stood at 10.38
(Oil & Gas 360) Publisher’s Note: Whitecap Resources will be presenting at the 30th Anniversary EnerCom Denver-The Energy Investment Conference at the Westin Denver Downtown on August 17-20, 2025. Refer to Barrel of Oil Equivalency and Production & Product Type Information in this press release for additional disclosure.
oil and gas production , with Energy Transfer reporting a 9% increase in legacy Permian throughput in 2024. Expansion of crudeoil gathering systems and joint ventures to support increased production. Crude gathering system expansions in the Permian and Williston Basins. Bcf/d from Waha, TX, to Maypearl, TX.
CEO Murray Auchincloss, speaking at the CERAWeek conference in Houston, highlighted the companys renewed focus on oil and gas, marking a strategic pivot from its previous emphasis on renewable energy. In 2023, BP produced 434,000 barrels of oil equivalent per day (boepd) in its U.S. BP is doubling down on its U.S. million and 2.5
During their Q4 2024 earnings call , the company outlined how strategic acquisitions, processing expansions, and pipeline investments will drive growth in their Midstream business and position them to capitalize on rising NGL and crude demand. Crudeoil and NGL volumes are rising , driving more demand for transportation and processing.
In todays RBN blog, well look at how PADD 4 dispenses these barrels and its role in balancing continental crudeoil supply and demand. At the same time, the area has also seen increasing volumes coming in from PADD 2 and Canada.
March 10, 2025 Edition At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. Oil prices dip as tariff uncertainty keeps investors on edge Summary : Oil prices declined on Monday, with Brent crude falling 44 cents to $69.92 per barrel (up 1.22%) and Brent at $70.41
(Investing) –LONDON -Oil prices were stable on Friday after a more than 1% loss in the previous session, as investors weighed the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets. Brent crude futures were up 26 cents, or 0.37%, to $70.14 on Thursday.
Uncertainty has been rife in oil markets of late as Trump's trade wars threaten global demand just as OPEC+ is set to boost supply and Ukraine peace talks get underway.-
Oil prices rebounded and gained 1.6% benchmark WTI Crude were trading 1.64% higher at $66.98 per barrel. The international benchmark, Brent Crude, was up by 1.5% to move back up above the $70 a barrel mark, at $70.24. The international benchmark, Brent Crude, was up by 1.5% As of 9:56 a.m.
(Investing) –LONDON – Oil prices slipped on Thursday after surging in the previous session on a larger-than-expected draw in U.S. a barrel at 10:25 a.m. West Texas Intermediate crude futures fell 39 cents, or 0.6%, to $67.29a barrel. government data showed tighter-than-expected oil and fuel inventories.
Crudeoil prices began trade this week with a loss as traders digested the latest tariff moves by the Trump administration, which is expected to hurt demand for the commodity and economic growth. At the time of writing, Brent crude was trading at $69.97 per barrel and West Texas Intermediate was changing hands for $66.64
(Investing) –Oil prices jumped on Wednesday, extending earlier gains that were powered by a weaker U.S. per barrel, while U.S. West Texas Intermediate crude futures had climbed by 2.1% West Texas Intermediate crude futures had climbed by 2.1% But worries over global oil demand due to U.S. Meanwhile, U.S.
Despite President Trump's vocal "Drill, baby, drill" mantra, his push to boost crudeoil supply has yet to fully take shape. Undeterred, he continues to press forward, shifting his focus toward pressuring oil producersparticularly in the Middle Eastto ramp up output until U.S. per barrel, respectively. Yielding to U.S.
oil and gas industry, which has focused on returning capital to shareholders and reined in exploration and investment, has broadly welcomed Trump’s pro-energy stance, even though lower prices typically hurt company bottom lines. Oil prices hit a three-year low in early March. Oil prices hit a three-year low in early March.
The International Energy Agency (IEA) has revised its 2025 crudeoil demand forecast downward, presenting a challenging outlook for oil and gas investors amidst existing market pressures. This projection adds to the headwinds already impacting crudeoil prices. million bpd in 2025, an increase of 1.4 million bpd.
oil and gas market. How Canadian Oil Tariffs Could Disrupt U.S. million barrels per day (MMb/d) of crude Refiners The U.S. million barrels per day (MMb/d) of crude Refiners The U.S. imports approximately 4.4 imports approximately 4.4
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