Trade

Crude Oil , Trade , Storage

US Crude Oil Stockpiles Surge, Fuel Draws Down: EIA

U.S. crude oil stockpiles rose by 13.8 million barrels in the week to March 5 to 498.4 million barrels, compared with analysts’ expectations in a Reuters poll for an 816,000-barrel rise, according to the EIA.

March 10, 2021

Crude Oil , Trade , International

Saudi Oil Exports Post Only Small Drop Despite Pledged Cut: Reports

Oil flows from Saudi Arabia as monitored by two companies, Petro-Logistics and Kpler, suggest a smaller decline in February despite the kingdom’s promised voluntary production cut.

March 10, 2021

Crude Oil , Trade , International

Brent Breaks $70 for First Time Since COVID-19 Pandemic Began

Brent crude futures for May hit $71.38/bbl in early Asian trade, the highest since Jan. 8, 2020. The front-month WTI price touched $67.98/bbl earlier, the highest since October 2018.

March 8, 2021

Exploration & Production , Crude Oil , Trade , International

Saudi Oil Minister: ‘Drill, Baby, Drill’ Gone Forever for US Shale

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, took aim at U.S. shale producers following the OPEC+ meeting on March 4, saying: “‘Drill, baby, drill’ is gone forever.”

March 5, 2021

Crude Oil , Trade

Trafigura: US Hub Can Help Brent Crude Reform

Plan would allow Platts to include US crude in its benchmark.

March 5, 2021

Crude Oil , Trade , International

Oil Prices Soar to Near 14-month High as OPEC+ Extends Output Cuts

Both Brent and WTI contracts surged more than 4% on March 5 after OPEC and allies, together called OPEC+, extended oil output cuts into April, granting small exemptions to Russia and Kazakhstan.

March 5, 2021

Exploration & Production , Crude Oil , Trade , International

OPEC+ Broadly Extends Oil Supply Cuts into April

OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million bbl/d, and would decide in coming months when to gradually phase it out.

March 4, 2021

Crude Oil , Trade , International

OPEC+ Debates Whether to Raise Oil Output as Price Recovers

The market has been expecting the OPEC+ group of producers to ease supply cuts but sources say some key members had suggested that oil output across the OPEC+ group should be kept unchanged.

March 4, 2021

Business , Natural Gas , Trade

Exxon Mobil, Macquarie in $11.7 Million Lawsuit over Gas Contract

The lawsuit filed by Exxon Mobil’s natural gas business said last month’s massive winter storm and declarations of emergencies in Texas prevented it from fulfilling its supply commitment to Macquarie, the second largest U.S. gas marketer.

March 4, 2021

Crude Oil , Trade , International

OPEC: Oil Market Rebalancing but COVID-19 Still a Risk

OPEC and other key exporters such as Russia, a grouping dubbed OPEC+, meet on March 4 and are expected to discuss allowing as much as 1.5 million bbl/d back into the market

March 2, 2021