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It had been a while since the overbearing voice of the Saudi energy minister had been heard, and it arrived on cue Tuesday as speculators to oil producers sought for every means in pushing prices higher in the run-up to the peak summer demand for travel. New York-traded West Texas Intermediate, or WTI, crude settled up 86 cents, or 1.2%, at $72.91 per barrel. London-traded Brent crude, the global benchmark for oil, settled up 85 cents, or 1.1%, at $76.84.
BENGALURU (Reuters) -Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Both benchmarks extended gains to about 2% in post-settlement trade, after figures from the American Petroleum Institute (API) showed a large draw in crude and gasoline last week, according to market sources. If official inventories data from the Energy Information Administration, due on Wednesday, confirm the industry body's figures, U.S. gasoline inventories would have declined for the third straight week to their lowest pre-Memorial Day levels since 2014.
Oil prices inched higher Monday, responding to the more positive tone in negotiations between the White House and its Republican rivals in Congress to raise the U.S. debt ceiling before a June 1 deadline for default. Higher demand and prices for gasoline also drove sentiment in energy trading ahead of the upcoming May 29 Memorial Day holiday, which unofficially flags off U.S. summer road travel. New York-traded West Texas Intermediate, or WTI, crude settled up 44 cents, or 0.6%, at $71.99 per barrel.
Gasoline and diesel demand are weak going into the summer driving season.
Chevron's (CVX) gasoline blend with more than 50% renewable content is expected to offer emissions savings similar to electric cars.
The two largest U.S. oil companies are road testing renewable gasoline blends that they say could bring down emissions from conventional autos to levels competitive with electric vehicles (EVs). The fuels being promoted by Chevron Corp and Exxon Mobil Corp, if made commercially available, potentially would extend the life of the gasoline market as part of the world's transition to cleaner fuels and electric vehicles. "We really believe there has to be alternatives for the light duty vehicle," Chevron President of Americas Products Andy Walz said at an event on Wednesday to road test the fuel.
Saudi Arabia and other OPEC+ oil producers announced over the weekend they would launch deep oil production cuts starting next month, a surprise move that sent oil prices surging. The OPEC+ group, which includes allied producers such as Russia, has some of the best information on global supply and demand, yet the surprise decision came two weeks after it reiterated expectations for a 2.32 million barrel per day increase in world demand this year on China's easing of its zero-COVID-19 policy. WHY DOES OPEC'S CUT MATTER?
India has extended restrictions on the export of diesel and gasoline, the government said in a notification, as New Delhi tries to ensure the availability of refined fuels for the domestic market. The government had imposed the curbs on gasoline and gasoil exports through the end of the financial year on Friday.
U.S. crude oil and gasoline stockpiles showed huge weekly declines last week while inventories of distillates registered a rise, the government’s energy data agency said Wednesday. Crude stockpiles fell by 6.076 million barrels during the week ended March 24, the Washington-based Energy Information Administration said in its Weekly Petroleum Status Report. On the gasoline inventory front, the EIA reported a drawdown of 2.904M barrels against an expected drop of 1.625M barrels and the 6.4M-barrel decline in the previous week.
U.S. crude oil and gasoline stockpiles showed big weekly declines last week while inventories of distillates registered a rise, petroleum industry group API said in a report Tuesday that is likely to be matched to some extent by forthcoming government data. U.S. crude inventories fell by 6.076 million barrels during the week ended March 24, the API, or American Petroleum Institute, said. The U.S. government’s Energy Information Administration, or EIA, is scheduled to provide an update on Wednesday of where crude stockpiles stood at the close of business on March 24.
BENGALURU (Reuters) -Oil prices settled 1% lower on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Granholm's comments fed worries about potential oversupply, especially as the Energy Department plans to proceed with an additional release of 26 million barrel as part of its congressional mandate, UBS analyst Giovanni Staunovo said. Brent crude futures fell by 78 cents, or 1%, to settle at $75.91 a barrel.
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The Biden administration is expected on Wednesday to recommend for approval a rule that would allow expanded sales of gasoline with a higher ethanol blend in certain U.S. Midwest states, based on a request from governors in those states, four sources familiar with the matter said on Tuesday. The rule would be a win for the ethanol industry, which has sought for years to expand sales of so-called E15, which contains 15% ethanol, and for the farm industry, as ethanol is made from corn. In April, governors from major corn-producing Midwestern states including Iowa, Nebraska and Illinois requested that the EPA effectively lift the ban in their states.
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Drivers should enjoy lower gas prices while they last - and prepare for higher prices later this year, says one oil analyst.
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The Schork Group Principal Stephen Schork joins Yahoo Finance Live to speak about oil prices, how China factors into the energy market, and the outlook for the oil industry in 2023.
Canadian retail sales rose by 1.4% in October from September, data showed on Tuesday, but an estimate for November indicates a 0.5% monthly decline heading into the Christmas shopping season and after seven interest rate increases this year. October retail sales gained the most in five months, though it was a notch lower than the 1.5% rise forecast by analysts. September's decline was revised downward a decimal point to 0.6% from a previously reported drop of 0.5%, Statistics Canada said.
Blue Line Futures President Bill Baruch joins Yahoo Finance Live to weigh in on U.S. gas prices, what to expect from the energy sector in 2023, and the effects of China reopening on oil markets.
The single-biggest reason for falling oil and gas prices is China’s baffling COVID lockdowns.
Despite occasional hiccups, energy companies like Occidental Petroleum (OXY), Hess Corporation (HESS) and Marathon Petroleum (MPC) see solid gains in 2022.
Following major protests, China has eased some of its zero-COVID policies while oil prices hit their lowest level since December 2021.