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Crude oil inventories in the United States decreased by 3.84 million barrels in the week that ended March 3, private data from the American Petroleum Institute (API) reportedly showed on Tuesday. Reserves in Cushing, Oklahoma, allegedly rose by 240,000 barrels. Meanwhile, gasoline stockpiles surged by 1.84 million barrels, ( NB: this is the lowest gasoline …

Continue reading “US oil inventories reportedly down by 3.84M barrels….. US EIA revises up oil demand outlook for 2023…… WTI drops 3% on monetary policy worries”

Economist Nouriel Roubini warned that the global economy is at risk of a “hard landing” due to central bank efforts to gain control over persistently high inflation in advanced economies. Central banks will have to raise interest rates much higher than originally expected to bring inflation back down to targets, Roubini said Tuesday at a …

Continue reading “Roubini Fears Hard Landing Amid Persistent Global Inflation…… Fed’s Powell: Rates likely to go beyond expectations”

Federal Reserve Chair Jerome Powell is expected to echo fellow central bankers in suggesting interest rates will go higher than policymakers anticipated just weeks ago if economic data continue to come in hot. Powell heads to Capitol Hill as Fed officials eye raising rates several more times to quell stubborn inflation — a message that’s …

Continue reading “Powell Set to Lay Groundwork for Higher Rates on Capitol Hill”

Speaking on the sidelines of CERA Week, a State Department official said that the United States wants an increase in global oil production. While oil prices have fallen significantly in recent months, prices remain higher than they were before the pandemic. The biggest problem for global oil markets appears to be a lack of spare …

Continue reading “U.S. Official Calls For Higher Global Oil Production”

Saudi Aramco raised the official selling price for the crude oil it exports to Asia and Europe for yet another month, with the flagship Arab Light to sell in April for $0.50 more than in March. The price hike for Arab Heavy was even more pronounced, at $2.50 per barrel, moving the crude blend from …

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China’s consumption is soaring as Covid restrictions ease Global oil demand heads for a record despite energy transition As Covid-19 lockdowns gripped the world in 2020, Bernard Looney, chief executive officer of BP Plc, made a startling admission: He thought that oil demand might never return to its pre-pandemic peak. But recently, Looney has done …

Continue reading “Forget Peak Oil Demand: A Thirst for Barrels Puts $100 in View”

Federal Reserve Chair Jerome Powell testifies before Congress twice next week — and what he says will be followed closely for any signal on whether geopolitical events are likely to affect rate hikes. The February jobs report is expected Friday, and it should show the labor market remains strong. Federal Reserve Chair Jerome Powell testifies …

Continue reading “All eyes on Powell testimony and jobs report”

Russian oil product exports dropped by 20 percent last month, hitting the lowest level since May last year, BNE IntelliNews reported, citing data from S&P Global. The February average was also 24% lower than the average pre-war level of oil product exports. The data follows an earlier report that crude oil exports from Russia had …

Continue reading “Russian Fuel Exports Dropped By 20% In February”

Four major events over the next 13 trading sessions will be the key catalysts in determining whether this year’s stock-market revival gets derailed or starts rolling again after a February slump. It all begins Tuesday, when Federal Reserve Chair Jerome Powell delivers his two-day biannual monetary policy testimony on Capitol Hill. With the S&P 500 …

Continue reading “Key reports this month will reveal the FED is not done”

Federal Reserve Bank of Richmond President Tom Barkin said on Friday that the Fed is aiming to bring inflation down to its 2% target and expressed confidence it will manage to do so but stressed he is “doubtful the process will be quick.” “The Fed is the organization charged with fighting inflation, and we have …

Continue reading “Fed’s Barkin ‘doubtful’ inflation will fall quickly……. Fed expects more monetary policy tightening”