Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices. Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show. That compares with a revised 6.3 million …
(Reuters) – Analysts have raised their 2023 oil price forecasts for the first time in four months with OPEC+ output cuts expected to keep supply tight, offsetting risks to demand from a stalling economic recovery in China, a Reuters poll showed on Thursday. A survey of 37 economists and analysts forecast Brent crude LCOc1 would …
Continue reading “Oil Gets Boost On OPEC Output Cuts….. Knocking on Heavens Door ($100 a Barrel)”
(Bloomberg) — China intensified efforts to stimulate the economy and support its currency, as investor concerns over the growth outlook persist. The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the People’s Bank of China said Friday. The move came …
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The average retail price of regular gasoline in the United States has risen by 6% over the past five weeks heading into the Labor Day weekend, the U.S. Energy Information Administration (EIA) said on Thursday. On the Monday before the Labor Day weekend, August 28, 2023, the retail price of regular gasoline averaged $3.81 per …
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Russia will announce its steps next week, Novak tells Putin Russia has pledged to curb exports by 300,000 b/d in September Russia has agreed with its OPEC+ partners on further cuts to its crude exports, Deputy Prime Minister Alexander Novak told President Vladimir Putin. “We have agreed, but we’ll announce main parameters next week,” Novak …
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The U.S. economy has proven to be remarkably resilient this summer. Standard Chartered: jet fuel and gasoline demand in the U.S. have exceeded EIA demand expectations from earlier this year. The pattern of stronger-than-expected oil demand from consumers and weaker-than-expected demand from industry is likely to continue in the coming months. Earlier in the year, …
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US oil stocks fall more than expected on strong export, refinery demand -EIA Crude oil stockpiles in the United States decreased by 10.6 million barrels to 422.9 million barrels in the week ending August 25, the US Energy Information Administration said in its weekly report on Wednesday. Total commercial petroleum inventories were down by 8 …
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(Reuters) – A look at the day ahead in U.S. and global markets by Amanda Cooper. One of the overarching market themes this year – aside from the hype around artificial intelligence – has been investors avidly building up bets on the Federal Reserve finally announcing an end to its cycle of rate hikes, only …
United States crude inventories decreased more than expected last week, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles dropped by 11.49 million barrels. Meanwhile, reserves in the industry hub in Cushing, Oklahoma, fell by 2.23 million barrels. The report is also said to have shown a rise of 1.4 …
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Major US stock markets extended gains on Tuesday following the release of a fresh batch of economic data. Previously, the US Bureau of Labor Statistics reported that job openings in the United States declined by 338,000 in July compared to the previous month, to hit 8.8 million. At 10:34 am ET, the Dow Jones gained …
Continue reading “US markets extend gains as Nasdaq rises over 280 points”