The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report on Thursday, The Paris-based agency cited a slowdown in Chinese demand as the main driver of weaker global demand growth. It now …
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Weekly Petroleum Data for the week ending September 6, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.8 million barrels from the previous week. At 419.1 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. U.S. crude oil …
Israel proposed giving Hamas leader Yahya Sinwar safe passage out of Gaza in exchange for the group freeing the hostages it holds and giving up control of the strip, a senior official said, even as doubts deepen about the two sides’ ability to reach any cease-fire accord. “I’m ready to provide safe passage to Sinwar, his family, …
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Trump allowed himself to be distracted from his efforts to define Harris, while she hammered her core argument that the former president was unfit for the job. Kamala Harris staked her debate strategy on Tuesday night on trolling Donald Trump before a national TV audience, leaving her opponent on the back foot. The Democratic presidential nominee baited her …
Crude oil inventories in the United States fell by another 2.79 million barrels for the week ending September 6, according to The American Petroleum Institute (API). Analysts had expected a 700,000-barrel build. For the week prior, the API reported a 7.4-million-barrel decrease in crude inventories. So far this year, crude oil inventories are more than …
Most registered voters who watched the presidential debate between Kamala Harris and Donald Trump said the Democrat won the face-off, an instant CNN/SSRS poll showed. According to the flash poll of debate watchers, 63% saw Harris as the winner, while 37% believed Trump performed better. However, the survey stressed that the poll isn’t representative of …
Oil market participants are “dramatically overestimating” a supply glut, as Chinese demand is not as doom-and-gloom as headline figures suggest and U.S. crude oil production is basically flat this year, Jeff Currie, chief strategy officer of energy pathways at Carlyle, said on Tuesday. Fears of a major oil glut are “completely overplayed,” Currie told the …
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Tropical Storm Francine forced some oil drillers to halt production and evacuate crews as it barreled through the Gulf of Mexico, and was expected to strengthen to a Category 2 hurricane as it heads toward the coast of Louisiana. Strong winds and a dangerous storm surge are expected along the state’s shoreline, the National Hurricane …
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China’s exports unexpectedly accelerated in August, reaching their highest value in nearly two years and providing a rare boost to an economy weighed down by deflationary pressures. Exports climbed nearly 9% from a year earlier to about $309 billion dollars, the highest since September 2022 and strongly beating estimates. Imports expanded just 0.5%, the customs administration said Tuesday, leaving …
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Hamas senior official Izzat al-Rishq warned on Monday that Israeli hostages held by the group “will not see the light of day” if the international community does not pressure Israel’s Prime Minister Benjamin Netanyahu to accept terms of a ceasefire and hostage deal previously agreed upon. Al-Rishq further said that Netanyahu and “his Nazi government” …
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