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U.S. crude stocks fell by more than 5 million barrels in the most recent week, while fuel stocks rose as refiners boosted output to deal with high demand and low inventories. Crude inventories fell by 5.4 million barrels in the week ended Nov. 11 to 435.4 million barrels, the U.S. Energy Information Administration said on Wednesday, compared with expectations in a Reuters poll for a 440,000-barrel drop. “The drawdown in crude supplies is substantial. The crude supply is still very tight, heating oil supply is still below average,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “My gut feeling is it’s a very supportive report, it shows supplies are very tight.” Refinery crude runs picked up in the most recent week, rising by 63,000 barrels per day to bring refinery utilization rates to 92.9 per cent of overall capacity, up 0.8 percentage points. Fuel stocks rose across the board, a salve for end-users worried about low inventories that have persisted for several mo...

U.S. crude stockpiles fell, but gasoline and distillate inventories both rose substantially, alleviating a bit of concern about market tightness, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels in the week to Nov. 18 to 431.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel drop. The decline in inventories was tempered by another release of barrels from the U.S. Strategic Petroleum Reserve. The White House decided earlier this year to release 180 million SPR crude barrels after Russia’s invasion of Ukraine caused global prices to surge. Those sales are now largely finished, leaving the SPR at its lowest levels since 1984, and raising concerns about more market tightness in coming months. Refinery crude runs rose by 258,000 barrels per day in the last week, the statistical arm of the U.S. Department of Energy said. Refinery utilization rates rose by 1 percentage point to 93.9 of tota...

A remediation company deploys a boom on the surface of an oil spill after a Keystone pipeline ruptured at Mill Creek in Washington County, Kansas, on Dec. 8. Kyle Bauer/The Associated Press An oil spill that shut TC Energy’s TRP-T Keystone pipeline in the United States on Wednesday could squeeze crude inventories at the country’s primary storage hub and in two main refining regions, the Midwest and Gulf Coast, analysts and traders said on Friday. The Keystone line is a key artery bringing more than 600,000 barrels of Canadian crude per day (bpd) to various parts of the United States. It was shut late Wednesday after leaking more than 14,000 barrels of oil into a creek in Kansas, making it the largest crude spill in the United States in nearly a decade. Canadian crude prices have already slumped on the news, widening on Thursday to a discount of roughly $33 per barrel to benchmark West Texas Intermediate crude futures (WTI) – which is currently trading at about $72 a barrel – from abo...

U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity. Crude inventories increased by 10.2 million barrels in the week ended Dec. 9 to 424.1 million barrels, compared with analysts’ expectations in a Reuters poll for a 3.6 million-barrel drop. The crude stockpile figure included a 2.26 million per day (bpd) adjustment. Kpler analyst Matt Smith attributed the adjustment to exports which were considerably lower on the U.S. Gulf last week than the EIA reported. The sharp crude build come as a recession threatens economies in the United States and Europe, worrying markets about demand for crude oil and petroleum products. SPR crude inventories fell by 4.7 million barrels in the week to 382.3 million, their lowest since January 1984, while stocks at the Cushing, Oklahoma, delivery hub for U.s futures rose by 426,000 barrels, the EIA said. Last week’s shut...

Oil prices rose by more than $2 a barrel on Wednesday after data showed a larger-than-expected draw in U.S. crude stockpiles, but gains were capped by a snowstorm that is expected to hit U.S. travel. Brent crude futures for February delivery were up by $2.21, or 2.76%, at $82.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained $2.06, or 2.7%, to $78.29. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Data from the American Petroleum Institute on Tuesday showed a 3.1 million barrel draw in the week to Dec. 16, market sources said. “This report is very bullish, especially with the fact that there’s a draw from the crude oil equation and distillate inventories stopped their streak of builds ahead of the cold blast,” said Phil Flynn, analyst at Price Futures group. Distillate inventories fell by 242,000 barrels, according to EIA ...

The reopening of China's economy after the country lifted COVID-19 restrictions will push global oil consumption up nearly 2 per cent to an unprecedented 101.7 million barrels a day, according to the International Energy Agency. FREDERIC J. BROWN/AFP/Getty Images World oil demand is forecast to hit a record high this year against a backdrop of constrained supply and a new warning from the United Nations Secretary-General that hope for staving off the worst effects of climate change is dimming. Crude consumption will climb by nearly 2 per cent to an unprecedented 101.7 million barrels a day, with the gain driven largely by the reopening of China’s economy following the lifting of COVID-19 restrictions, the International Energy Agency (IEA) said in its January oil market report. The Paris-based organization said demand would have been even higher, if not for the global improvements in energy efficiency and booming sales of electric vehicles. Those two factors have reduced the forec...

U.S. crude and gasoline inventories rose, the Energy Information Administration (EIA) said on Wednesday, on weaker demand for fuel products. Crude inventories rose by a less-than-expected 533,000 barrels in the last week to 448.5 million barrels, compared with forecasts for a million-barrel rise. “The increase was much smaller than anticipated and that’s raising concerns about tightness in supply,” said Phil Flynn, analyst at Price Futures Group. U.S. gasoline stocks rose by 1.8 million barrels in the week to 232 million barrels, the EIA said.​ Total product supplied, a proxy for fuel demand, fell 867,000 barrels per day, EIA data showed. Meanwhile, refinery utilization rates rose by 0.8 percentage point, bringing the rate above 80% after falling to the lowest levels lowest since March 2021 the week prior. Refinery crude runs rose by 128,000 barrels per day in the last week, the EIA said, as refiners ramped back up after a winter storm caused plants to idle some production. Distillat...