Crude Oil

Crude Oil , Trade , International

OPEC Oil Output Falls in February on Saudi Additional Cut

OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies, a Reuters survey found on March 1, ending a run of seven consecutive monthly increases.

March 1, 2021

Crude Oil , Trade

WTI Crude Oil Hits Highest Since 2019 as Refineries Restart

Analysts said WTI crude increased late in the day as more Texas oil refineries started to return to service, including Valero Energy’s Port Arthur plant and Citgo Petroleum’s Corpus Christi plant.

February 25, 2021

Exploration & Production , Crude Oil

US Crude Oil Production Drops in Largest Weekly Fall Ever: EIA

Overall U.S. crude oil output fell by 1.1 million bbl/d to 9.7 million bbl/d in the week to Feb. 19, the EIA said, as Texas’ deep freeze forced most of the state’s operators and refiners to shut as components and pipelines froze.

February 24, 2021

Crude Oil , Trade

Oil Prices Jump More Than $1 as US Output Slow to Restart

Morgan Stanley expects Brent crude prices to climb to $70/bbl in the third quarter on “signs of a much improved market” including prospects of a pick-up in demand.

February 23, 2021

Exploration & Production , Crude Oil , Shale Plays , Midstream

US Oil Producers Eye Long Road to Recovery Following Texas Winter Storm

The winter storm that gripped Texas and much of the country over the past week forced the biggest ever weather-related shutdown in the Permian Basin, cutting 2 million to 4 million bbl/d from nationwide oil output.

February 22, 2021

Crude Oil , Trade , International

Russia, Saudi Arabia At Odds over Oil Cuts Ahead of OPEC+ Meeting: Reports

Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group.

February 22, 2021

Crude Oil

What’s Affecting Oil Prices This Week? (Feb. 22, 2021)

After the increase during the past two weeks of Brent by 12.2% and WTI by 14.4%, crude prices are now back to the range they were for much of 2019 and more developments are on the way, Stratas Advisors says in its latest oil price forecast.

February 22, 2021

Crude Oil

US, Canadian Crude Exports to India Surge

In January, oil from the US and Canada accounted for 11% of India’s imports.

February 22, 2021

Business , Exploration & Production , Crude Oil , Shale Plays

US Shale Rebound to Remain Subdued Even as Oil Prices Rise

The lack of a U.S. shale rebound could make it easier for OPEC and its allies to manage the market, according to OPEC sources.

February 22, 2021

Petrochemicals , Crude Oil

Texas Oil Refiners Will Take Weeks to Recover From Winter Storm

The refinery shutdowns will depress prices for U.S. crude oil and widen the spread between U.S. and Brent crude, Paul Sankey of independent energy researcher Sankey Research said.

February 19, 2021