Around the Barrel – Gasoline Stocks Draw -2.832Mbbls on Implied Demand of 8.467mbpd

EIA reported a crude build of +4.199Mbbls after prior week’s +3514Mbbls and +12.018Mbbls builds. Gasoline stocks fell -2.832M again pulling back from fresh three-year high three weeks ago with implied gasoline demand of 8.467mbpd. However still a lot of Gasoline in stock. Distillate drew -0.510Mbbls. The WTI Futures Hub at Cushing stocks had a +1.458Mbbls build. Domestic US oil production figures remained at the all-time high 13.3mbpd. Refinery utilization +0.90% to 81.5%. There was +0.743Mbbls added to SPR inventory WoW. … Continue reading “Around the Barrel – Gasoline Stocks Draw -2.832Mbbls on Implied Demand of 8.467mbpd”

Around the Barrel – Distillates Stocks Draw Down Again After Weeks of Builds

EIA reported a crude build of +3514Mbbls after last weeks large +12.018Mbbls build. Gasoline stocks fell -0.293M after reaching a reached a fresh three-year high two weeks ago, still a lot of Gasoline building up. Distillate drew -4.008Mbbls after drawing -3.221Mbbls in inventories last week after weeks of builds. The WTI Futures Hub at Cushing stocks had a +0.741Mbbls build. Domestic US oil production figures remained at the all-time high 13.3mbpd. Refinery utilization unchanged at 80.6%. There was +0.748Mbbls added … Continue reading “Around the Barrel – Distillates Stocks Draw Down Again After Weeks of Builds”

Occidental Petroleum Pumps in Strong Earnings Beat, Raises Dividend by 22%

Houston based Occidental Petroleum on Wednesday reported better than expected fourth-quarter earnings, its best quarterly output in three years as it cut spending. Occidental reported adjusted earnings of 74 cents per share for the quarter ended Dec. 31, ahead of analysts’ estimates of 71 cents per share, according to LSEG data. The report follows better than expected earnings from Exxon Mobil and Chevron earlier this month. Like those majors Occidental increased its quarterly dividend payments. OXY raised their payout by … Continue reading “Occidental Petroleum Pumps in Strong Earnings Beat, Raises Dividend by 22%”

EIA Report +12.018Mbbl Build, Gasoline Stocks Shrink Over -3Mbbls Again -Around The Barrel

EIA reported a crude build of +12.018Mbbls. Gasoline stocks fell -3.658Mbbls after reaching a reached a fresh three-year high two weeks ago, still a lot of Gasoline building up. Distillate drew -3.221Mbbls in inventories. The WTI Futures Hub at Cushing stocks had a +0. 710M build. Domestic US oil production figures remained at the all-time high 13.3mbpd. Refinery utilization fell -1.8% to 80.6%. There was +0.746Mbbls added to SPR inventory WoW. Oil prices volatility continues in a tight range continue … Continue reading “EIA Report +12.018Mbbl Build, Gasoline Stocks Shrink Over -3Mbbls Again -Around The Barrel”

OPEC Monthly Oil Market Report February 2024

The OPEC Monthly Oil Market Report (MOMR) for February 2024 released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. Saudi Arabia’s energy minister said that OPEC stands ready to alter its policy at any time the day before the release. The report comes after Oil prices have pulled back but remained volatile after initially surging rose after the Hamas/Israel war. OPEC blames … Continue reading “OPEC Monthly Oil Market Report February 2024”

Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel

Oil prices continue to churn on Chinese woes and Mid East Threats after they had their largest weekly decline since October last week, moving higher as Red Sea and Iranian threats grow deeper. EIA reported a crude build of +5.520MMbbls. Gasoline stocks fell -3.146M after reaching a reached a fresh three-year high last week having risen +1.156M, 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -3.221MMbbls in inventories. The WTI Futures Hub … Continue reading “Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel”

Chevron Revenue Increases from PDC Energy, Raises Dividend 8%

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported stronger-than-expected third quarter earnings. CVX posted total adjusted earnings of $2.3 billion, or $3.45 a share beating analysts looking for a profit of $3.19 a share. Chevron announced record annual production, enabled by the acquisition of Colorado producer PDC Energy and raised the quarterly dividend by 8% to $1.63 a share bringing the company’s dividend yield to 4.3%, ahead of Exxon’s 3.7%. Chevron spent a record $26 billion on … Continue reading “Chevron Revenue Increases from PDC Energy, Raises Dividend 8%”

Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023

Energy giant ExxonMobil, the largest U.S. oil company, reported a better-than-expected $36 billion profit for 2023 boosted by fuels trading and higher oil and gas production. For the fourth quarter XOM EPS beat by $0.28 but missed on revenue expectations. Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Earnings across the energy space have been rebalancing by the slump in global natural gas and crude prices since last year’s … Continue reading “Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023”

Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month

EIA reported a crude build of +1.234MMbbls. Gasoline stocks reached a fresh three-year high rising another +1.156M adding to 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -2.542MMbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -1.972M draw after last fortnights draws of -2.008M and -2.099Mbbls. Domestic US oil production figures rose 700kbpd to 103Mbpd as winter storm shut ins came back online, just off the all-time high … Continue reading “Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month”

Around The Barrel – US Production Fell 1Mbpd, Refinery utilization fell -7.1% on Storms Shut Ins

EIA reported a crude draw of -9.233Mbbls. Gasoline stocks rose another +4.913Mbbls adding to +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -1.417Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a draw of -2.008M after last weeks -2.099Mbbls. Domestic US oil production figures fell 1000kbpd with the winter storm shut ins off the all-time high to 13.3mbpd. Refinery utilization fell -7.1% to 85.5%. There was +0.900Mbbls added to SPR … Continue reading “Around The Barrel – US Production Fell 1Mbpd, Refinery utilization fell -7.1% on Storms Shut Ins”