Around The Barrel – Crude Oil and Gasoline Outlook with Geopolitical Bifurcation Dynamics

Oil prices continue to be subject to geopolitical bifurcation dynamics with sudden changes that accompanies the onset of chaos. The unexpected knock-ons continue with imperfect bifurcation with political influence and personal vagaries from world leaders such as Putin, Scholz and Biden in addition to routine crude dynamics. The U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year end. EIA reported US Crude last week … Continue reading “Around The Barrel – Crude Oil and Gasoline Outlook with Geopolitical Bifurcation Dynamics”

Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied

The U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year end. EIA reported US Crude last week drew -3394Kbbl (incl: -2403K Draw at Cushing). Gasoline stocks drew -4779kbbl. Utilization rose -1.80% to 89.4%. Production -100k to 11,800 kbpd. East Coast diesel and heating oil inventories at fresh 32-year low (only data since 1990). The pricing hub of New York Harbor is virtually dry as … Continue reading “Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied”

Around The Barrel – US Crude Oil Strategic Reserves Falls at Record Pace to Lowest Since May 2001

Oil prices have continued to chop over $100 WTI as the U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year end. East Coast diesel and heating oil inventories at fresh 32-year low (only data since 1990). The pricing hub of New York Harbor is virtually dry. Oil prices continue to fluctuate with geopolitical elements and demand headwinds such as soaring interest rates, China’s COVID … Continue reading “Around The Barrel – US Crude Oil Strategic Reserves Falls at Record Pace to Lowest Since May 2001”

Around The Barrel – US Crude Oil Builds as Gasoline and Distillate Draw Again

Oil prices have been reacting to product shortages and the headlines around the EU phasing out Russian oil by year end. The EIA reported distillates stocks are at 14yr low as demand for jet fuel and diesel take off. Padd 1 diesel inventories are at 25-year lows. Oil prices continue to fluctuate with geopolitical elements and demand headwinds such as soaring interest rates, China’s COVID lockdowns, SPR releases consequences deepening all in the price matrix. SPR lowest in 20 years. … Continue reading “Around The Barrel – US Crude Oil Builds as Gasoline and Distillate Draw Again”

Around The Barrel – US Distillate Fuel Oil Stocks at 14yr Lows

The EIA reported distillates stocks are at 14yr low as demand for jet fuel and diesel take off. Padd 1 l diesel inventories at 25-year lows. Oil prices continue to fluctuate with geopolitical elements and demand headwinds such as soaring interest rates, China’s COVID lockdowns, SPR releases consequences deepening all in the price matrix. SPR lowest in 20 years. EIA reported US Crude last week drew -8020bbl (incl: +1298K Build at Cushing). Gasoline stocks drew -1573kbbl. Utilization fell -0.70% to … Continue reading “Around The Barrel – US Distillate Fuel Oil Stocks at 14yr Lows”

Schlumberger Well Construction and Reservoir Performance Lead Earnings With Higher Oil and Gas Price Rises

The world’s largest oil fields service company Schlumberger reported better than expected earnings Friday. Higher demand for its services and equipment, as producers capitalize on a rebound in crude and natural gas prices. Growth was driven by its core divisions: Well Construction and Reservoir Performance. SLB also announced a 40% increase in its quarterly cash dividend, from $0.125 per share to $0.175 per share. Schlumberger Ltd NYSE: SLB Reported Before Open Friday $0.39 EPS Beat $0.36 EPS AND $5.8 Bil Missed $5.9 Billion as Forecast in … Continue reading “Schlumberger Well Construction and Reservoir Performance Lead Earnings With Higher Oil and Gas Price Rises”

Around The Barrel – US Crude Oil Draws -8.02 Billion Barrels Reverses Last Week’s +9.38Bbbls Build

Oil prices volatility continues with news bombs galore, SPR releases, rising interest rates and Covid shutdowns in China and the Russian Ukraine war consequences deepening all in the price matrix. Distillates stocks near 8yr low as demand for jet fuel and diesel took off. SPR lowest in 20 years. EIA reported US Crude last week drew -8020bbl (incl -180kbbl Draw at Cushing). Gasoline stocks drew -761kbbl. Utilization rose 1.00% to 90.2%. Production rose +100k at 11,900 kbpd. Around The Barrel Contents … Continue reading “Around The Barrel – US Crude Oil Draws -8.02 Billion Barrels Reverses Last Week’s +9.38Bbbls Build”

Around The Barrel – Crude Oil Builds 9.3mbbls Offset By -3.6mbbls Gasoline and -2.902mbbls Distillate Draws

Oil prices volatility continues with news bombs galore, SPR releases, rising interest rates and Covid shutdowns in China and the Russian Ukraine war consequences deepening all in the price matrix. Distillates stocks near 8yr low as demand for jet fuel and diesel took off. SPR lowest in 20 years. EIA reported US Crude last week grew +9382bbl (incl +450kbbl Build at Cushing). Gasoline stocks drew -2902kbbl. Utilization rose .04% to 92.7%. Production Unchanged at 11,800 kbpd. Around The Barrel Contents Click on … Continue reading “Around The Barrel – Crude Oil Builds 9.3mbbls Offset By -3.6mbbls Gasoline and -2.902mbbls Distillate Draws”

Around The Barrel – US Crude Oil Storage Builds as IEA Countries Release 120M Bbls of Oil from Reserves

Oil prices volatility continues with SPR releases, rising interest rates and Covid shutdowns in China and the Russian Ukraine war consequences deepening all in the price matrix. Distillates stocks near 8yr low as demand for jet fuel and diesel took off. SPR lowest in 20 years. EIA reported US Crude last week grew +2421bbl (incl +1654kbbl Build at Cushing). Gasoline stocks drew -2041kbbl. Utilization rose .04% to 92.7%. Production +100k at 11,800 kbpd. Around The Barrel Contents Click on the links below … Continue reading “Around The Barrel – US Crude Oil Storage Builds as IEA Countries Release 120M Bbls of Oil from Reserves”

Around The Barrel – Crude Oil Storage Falls as Products Try and Rebuild with Russian Tensions

Oil prices volatility continues unabated in the last week as the Russian situation deepened as Russia wants to be paid in Rouble. There is added uncertainty with the Iran Nuclear Deal and supply and demand functionality all in the price matrix. Last week Cushing oil inventory fell back towards the lowest since 2018. Distillates stocks near 8yr low as demand for jet fuel and diesel took off. SPR lowest in 20 years. EIA reported US Crude last week crude drew … Continue reading “Around The Barrel – Crude Oil Storage Falls as Products Try and Rebuild with Russian Tensions”