The Energy Information Administrationreported crude oil inventories had shed 5.9 million barrels in the week to April 9. This compared with an inventory draw of 3.5 million barrels for the previous week.
The EIA’s inventory estimate comes a day after the American Petroleum Institute reported a 3.6-million-barrel inventory draw in crude oil for the same period but a 5.565-million-barrel build in gasoline stocks, which prevented oil prices from swinging significantly up or down.
Oil prices will likely be stuck in the $65-$70 range this summer, Morgan Stanley says in a new note,...
Oil prices will likely be stuck in the $65-$70 range this summer, Morgan Stanley says in a new note, tempering its previous forecast for $70 oil with temporary overshoots because of rising U.S. drilling activity and the potential return of Iranian exports.
New York state’s pensions fund is restricting investment in six Canadian oil sands companies over...
New York state’s pensions fund is restricting investment in six Canadian oil sands companies over their lack of an energy transition plan. The companies include Imperial Oil (TSE: IMO), Canadian Natural Resources (TSE: CNQ), MEG Energy Corp. (TSE: MEG), Athabasca Oil Corp. (TSE: ATH), Japan Petroleum Exploration (TYO: 1662), and Cenovus Energy (TSE: CVE), along with Husky Energy, which was recently acquired by Cenovus.
- Jeffries upgradedExxonMobil (NYSE: XOM) to hold from underperform and upgraded Eni (NYSE: E) to buy from hold, both due to an improving oil price environment.
- BP (NYSE: BP) discovered oil near its Mad Dog deepwater field in the Gulf of Mexico.
- Continental Resources (NYSE: CLR)said its first-quarter production was roughly 6,000 boe/d lower than expected due to the Texas grid crisis.
WTI and Brent crude oil futures continued to build on yesterday’s momentum and are both up ~1.5% in...
WTI and Brent crude oil futures continued to build on yesterday’s momentum and are both up ~1.5% in early trading, garnering further support from revised oil demand forecasts while lingering concerns over rising coronavirus cases and vaccine rollouts kept a cap on gains. The IEA this morning predicted global oil demand and supply were set to rebalance in the second half of the year and producers may then need to pump an additional 2 million bpd to meet the expected demand. The organization’s updated numbers come on the heels of similar bullish comments made by OPEC yesterday, which raised its global demand forecast by 70,000 bpd from last month's forecast and now expects global demand to rise by 5.95 million bpd in 2021.
