Prices Drop Further After A Large Crude Inventory Build

US crude oil stocks posted an increase of 13.8 MMBbl. Gasoline inventories increased by 7.5 MMBbl and distillate inventories decreased by 2.2 MMBbl. Yesterday afternoon, API reported a large crude oil build of 10.5 MMBbl alongside a gasoline build of 6.1 MMBbl and a distillate draw of 4.5 MMBbl. Analysts, were expecting a smaller ...

Oil Set for Worst Ever Quarter

This article came to our attention first via Roseland Oil & Gas

by Bloomberg | Sharon ChoClick here to read the original article at rigzone.com (Bloomberg) — Oil clawed back some losses as signs of a recovery in the Chinese economy bolstered hopes for a rebound in demand though prices are still headed for the worst quarter on record. While New York fu...

Read More - Source: Roseland Oil & Gas

Saudis Make Good on Oil Wave Promise

This article came to our attention first via Roseland Oil & Gas

by Bloomberg | Javier Blas and Brian WingfieldClick here to read the original article at rigzone.com (Bloomberg) — Saudi Arabia has made good on its pledge to ramp up oil exports in April, with a first wave of crude already on its way toward Europe and the U.S., a clear sign the price war...

Read More - Source: Roseland Oil & Gas

How Low Could U.S. Oil Production Actually Go?

The oil-bears continue their romp across the energy markets with various grades of crude reaching lows not seen in almost twenty years. There will come a point where I can sit down and pen the following words, "We've reached bottom, and this is as bad as it gets."  There is a ways to go before it will be possible ...

Source: Oilprice.com

Oil Giants Turn On Each Other As Crude Prices Plummet

Scott Sheffield of Pioneer Natural Resources blamed ExxonMobil for blocking help from the American government for the U.S. shale industry. Exxon’s refusal, Sheffield says, is because the oil major wants to kill smaller shale companies.  “It’s going to take a long time to balance the market. That’s why Pioneer and several independents are seeking a global settlement to ...

Source: Oilprice.com

Traders Scramble To Be First In Line To Ditch Crude Oil

While oil futures hit an 18-year-low on Monday, the prices of physical barrels from Europe to North America slumped to record discounts to benchmarks and trade in the teens and single digits, with traders scrambling to place physical crude barrels amid an unprecedented demand loss and growing global glut.   “Get it off before there aren’t any more bids! Get ...

Source: Oilprice.com

Oil Stocks Haven’t Hit The Bottom Just Yet

It’s hard to overstate the nature of what has happened in the oil markets since the beginning of the coronavirus (COVID-19) outbreak in early January. At that time, supply and demand looked reasonably balanced. OPEC and its partners (primarily Russia) were taking action to make sure that balance was maintained. I felt confident enough in the fundamentals to predict that ...

Source: Oilprice.com

Oil Falls Further On Huge Inventory Build

The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build of 10.485 million barrels for the week ending March 28, as 75% of Americans remain under lockdown in some form or another. Today’s inventory move was expected to be for a much smaller build of 3.997-million-barrels. In the previous week, the API estimated a ...

Source: Oilprice.com

Oil Falls Further On Huge Inventory Build

The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build of 10.485 million barrels for the week ending March 28, as 75% of Americans remain under lockdown in some form or another. Today’s inventory move was expected to be for a much smaller build of 3.997-million-barrels. In the previous week, the API estimated a ...

Source: Oilprice.com

U.S. Extends Iran Sanctions Waiver

The U.S. government has extended for another 60 days sanction waivers that allow Russia, China, and European countries to continue nonproliferation work at Iranian nuclear sites. Secretary of State Mike Pompeo approved the waiver extensions on March 30 but maintained that the decision restricts Iran's atomic work. "Iran's continued expansion of nuclear activities is unacceptable. The regime's nuclear extortion ...

Source: Oilprice.com

U.S. Extends Iran Sanctions Waiver

The U.S. government has extended for another 60 days sanction waivers that allow Russia, China, and European countries to continue nonproliferation work at Iranian nuclear sites. Secretary of State Mike Pompeo approved the waiver extensions on March 30 but maintained that the decision restricts Iran's atomic work. "Iran's continued expansion of nuclear activities is unacceptable. The regime's nuclear extortion ...

Source: Oilprice.com