#Crude Oil

PetroChina, Hengli win four cargoes in first China oil reserve sale

SINGAPORE, Sept 24 (Reuters) - State major PetroChina and private refiner Hengli Petrochemical (600346.SS) on Friday won four cargoes totalling about 4.43 million barrels, or 60% of the total oil offered in China's first state reserves auction, industry sources said. Completed in less than an hour, PetroChina's Dalian refinery took...
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Oil Heads for Fifth Weekly Gain on Global Market Tightening

(Bloomberg) -- Oil was poised for a fifth weekly gain as the market tightens amid a global energy crunch that’s set to increase demand for crude. Futures in New York held above $73 a barrel, while global benchmark Brent closed at the highest level since 2018 on Thursday. Crude inventories have declined from Europe to the U.S., even as OPEC+ adds more supply, and it comes as surging natural gas prices are expected to boost demand for oil products in power generation over winter.
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Oil looks set to test 3-year high as supplies tighten

TOKYO (Reuters) - Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a...

Canada Oil Sands Force Majeure Adds to Supply Woes

(Bloomberg) -- Syncrude Canada Ltd., a light crude producer majority-owned by Suncor Energy Inc., cut September supplies due to a mechanical disruption at its oil sands site, according to a person familiar with the situation. In a force majeure notice sent by one of Syncrude’s four owners earlier this month,...

The world economy..Oil prices are rising due to lack of supplies..and...

Oil prices extended gains yesterday, boosted by fuel demand growth and a larger-than-expected drop in US inventories, as production in the Gulf of Mexico continued to be affected after two hurricanes. The market was also supported by the return of appetite for risky assets, with the decline in concerns about...

Oil prices rise, hit 2-month peak on supply woes

On Thursday, both US and UK crude oil futures’ prices had reported lofty gains with Brent hitting the highest in more than two months, boosted up by an uptick in fuel demands alongside a drawdown in US crude oil inventories, as more than a 28 per cent of entire US Gulf of Mexico outputs remained shut-in as of last weekend.

Oil prices climb to a two-month high on supply concerns By...

NEW YORK (Reuters) – It rose on Thursday, touching its highest level in more than two months, buoyed by growing fuel demand and declining US crude stocks, as production remained sluggish in the Gulf of Mexico after two hurricanes. Analysts said supply concerns prompted funds to take longer positions. Brent...

Oil Heads for Third Week of Gains as Output Stumbles

Oil prices steadied on Sept. 24 near a two-month high above $77 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws. The rally was slightly dampened by China's first public sale of state crude reserves. Brent crude was down...

Little-known Producers to Drive Projected US Oil Output Recovery

U.S. oil production is set to pick up steam again—this time led by little-known privately owned companies impervious to the demands of the stock market. Forecasters project that the nation’s crude oil output will increase by about 800,000 bbl/d over the course of 2022, accelerating sharply from this year and making the U.S. the fastest-growing supplier outside of a producer alliance that includes members of the OPEC cartel.

Oil prices soar with America’s hurricane.. a barrel exceeded $ 77

Oil prices rose on Friday for the fourth day in a row on global supply concerns following two hurricanes in the United States. The first sale of government crude reserves in China curbed the continued rise in the prices of black gold (oil) temporarily. By 0321 GMT, Brent crude rose...

Closing prices for crude oil, gold and other commodities

Benchmark U.S. crude oil for November delivery rose $1.07 to $73.30 a barrel Thursday. Brent crude oil for November delivery rose $1.06 to $77.25 a barrel. Wholesale gasoline for October delivery rose 5 cents to $2.17 a gallon. October heating oil rose 4 cents to $2.25 a gallon. October natural gas rose 17 cents $4.98 per 1,000 cubic feet.

Crude Oil Prices Are Running Hot, Threatening The Post-Pandemic Economic Recovery

Crude oil prices remain high on the back of storm-related supply pressures, and if the situation holds it may hinder a post-pandemic economic recovery, analysts told Zenger. Operators are still on their back foot more than three weeks after Hurricane Ida made landfall as a category 4 storm on Aug. 29. As of Wednesday, federal estimates showed about 16 percent of the crude oil production and 24 percent of the natural gas production from the Gulf of Mexico was still offline because of storm-related issues.