QuickPrice

US crude oil inventories posted an increase of 2.2 MMbbl the week that ended June 7, according to the weekly EIA report. Gasoline inventories increased 0.8 MMbbl, and distillate inventories decreased 1.0 MMbbl. The total petroleum inventories showed another substantial increase of 9.3 MMbbl. US crude oil production decreased 100,000 bbl/d last week and crude oil imports were down 0.3 MMbbl/d versus the prior week to an average of 7.6 MMbbl/d. Prices confirmed the recent trend of weak...

US crude oil inventories posted an increase of 6.8 MMbbl last week, according to the weekly EIA report. Gasoline and distillate inventories increased 3.2 MMbbl and 4.6 MMbbl, respectively. Total petroleum inventories showed a substantial increase of 22.4 MMbbl. US crude oil production increased 100,000 bbl/d last week per EIA. Crude oil imports were up 1.07 MMbbl/d to an average of 7.3 MMbbl/d versus the week prior. As expected, price declines were extended in early trade last week....

US crude oil inventories posted a decrease of 0.3 MMbbl last week, according to the weekly EIA report. Gasoline inventories increased 2.2 MMbbl, and distillate inventories decreased 1.6 MMbbl. Total petroleum inventories showed a decrease of 1.6 MMbbl. US crude oil production increased 100 Mbbl/d last week, per the EIA. Crude oil imports were down 81,000 bbl/d to an average of 6.9 MMbbl/d versus the week prior. Meetings among OPEC and other oil-producing countries a couple of weeks ago gave...

The WTI front-month contract rose $1.10, or 1.8%, last week, settling at $62.76/bbl on Friday, May 17. The increase was fueled by rising geopolitical risk in the Middle East; however, the US/China trade war continues to moderate gains. On Monday, May 13, WTI fell 62 cents to $61.04/bbl. Prices were up early in the session following news that two Saudi Arabian oil tankers and two other ships were attacked over the weekend in the Strait of Hormuz. Later that morning, prices shifted to the...

The WTI front-month contract fell for a third straight week, settling down 28 cents, or half a percent, at $61.66/bbl on Friday. Negotiations on the US/China trade deal sent prices downward throughout the week. Prices were up this morning after two Saudi Arabian oil tankers were attacked in the Strait of Hormuz over the weekend. In addition to the two Saudi vessels, one UAE and one Norwegian ship were also attacked. However, gains were erased after China announced it would increase tariffs from...

The WTI front-month contract declined for the second week in a row, losing $1.36, or 2.1%, to settle on Friday at $61.94/bbl. US production continued to rise, hitting a record 12.3 MMbo/d the week that ended April 26 and pushing crude oil inventories to an unexpected 9.9 MMbbl. Meanwhile, waivers to buy Iranian crude have expired, and the market is unsure if another nation will fill that gap. Some think Saudi Arabia and Russia will increase output. If Iranian volumes are replaced by members of...

The WTI front-month contract fell 70 cents last week to settle at $63.30/bbl on Friday, April 26. Prices were volatile, rising 3.5% early in the week before sliding at the back end. On Monday, April 22, WTI jumped $1.70 to $65.70/bbl. The US announced that it would not extend waivers for countries to buy crude oil from Iran in 2H19. Previously, eight countries (China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece) were given waivers so that they would not be penalized by US...

The WTI front-month contract rose 11 cents, less than 1%, last week to settle at $64.00/bbl on Thursday before markets closed for Good Friday. A surprise decline in US crude oil inventories provided price support. On Monday, April 15, WTI fell 49 cents to $63.40/bbl. The US Energy Information Administration’s monthly drilling productivity report was released, predicting an 80,000 bo/d monthly increase in oil production from the seven major US shale plays to a total of 8.46 MMbo/d...

The WTI front-month contract gained 81 cents last week to settle at $63.89/bbl on Friday, April 12. Geopolitical tensions and data showing a tightening of global oil supply moved prices higher while warnings of a global economic slowdown tempered those gains. On Monday, April 8, WTI rose $1.32 to $64.40/bbl. The US announced that it had labeled Iran’s Islamic Revolutionary Guard Corps, a branch of the country’s armed forces, a terrorist organization. This is an unprecedented move—the US...

The WTI front-month contract rose $2.94, or 4.9%, last week, settling on Friday at a 2019 high of $63.08/bbl. Tightening global oil supplies and positive economic data signaled strong demand for oil, fueling the price increase. On Monday, April 1, WTI jumped $1.45 to $61.59/bbl following positive data on industrial activity in both China and the US. China reported a rebound in manufacturing activity, which hit a six-month high in March after reaching a three-year low in February....