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.
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.
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.
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.”
Crude Oil , Trade
Trafigura: US Hub Can Help Brent Crude Reform
Plan would allow Platts to include US crude in its benchmark.
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.
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.
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.
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.
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