Sentences with phrase «oil stockpiles»
"Oil stockpiles" refer to large reserves of oil that are stored or accumulated for later use. Full definition
Oil futures rebounded in Asian trade on Wednesday, buoyed by a less than expected build in crude oil stockpiles last week and a weakening dollar, but concern that a two - month Continue Reading
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Meanwhile, global oil stockpiles in developed countries could actually fall below the five - year average — the level OPEC is targeting — as inventories approach normal levels, oil demand potentially outstrips Goldman's estimate and OPEC possibly cuts output too deeply.
The American Petroleum Institute (API), an industry group, said after the market's close that U.S. oil stockpiles surged by nearly 13 million barrels last week.
Oil prices bounced back on Wednesday, with U.S. crude topping $ 65 a barrel for the first time in more than three yeas, as government data showing a drop in U.S. crude oil stockpiles contradicted an earlier industry report that indicated inventory levels rose.
However, world oil stockpiles are finally dissipating, with the discount narrowing on immediate supplies of Brent crude, a clear indication that surplus is fading.
Several oil drilling and production companies rose on the latest oil stockpiles figures, pushing the S&P 500's energy sector 1.7 percent higher.
The price of oil dropped more than 3 percent after the U.S. government said crude oil stockpiles grew more than expected last week, while gasoline stockpiles didn't shrink as much as investors hoped.
Even with reports of U.S. oil production driving more than 10 million barrels of oil a day, the decline in global oil stockpile continues to support the market.
Prices were supported as US oil stockpiles fell across the board last week with gasoline and distillates drawing down more than expected on stronger demand, according to data from the US Energy Information Administration.
Crude futures held on to strong gains in early Asian trading on Thursday, after the U.S. Federal Reserve kept rates unchanged and a weekly government report on oil stockpiles showed an inventory build that was within expectations.
The American Petroleum Institute reported last Tuesday crude oil stockpiles rose by 1.099 million barrels.
That has forced OPEC and other exporters to band together to cut output in a bid to shrink global oil stockpiles.
We believe the oil price outlook has brightened, due to an unexpected OPEC plan to cut production and surprisingly big drop in U.S. oil stockpiles.
U.S. commercial crude oil stockpiles were seen touching new record highs for the seventh straight week, while gasoline Continue Reading
S&P Platts said at the start of this week that analysts it polled had forecast a 2.4 - million - barrel build in crude oil stockpiles, with the agency warning this would pressure prices, along with a surge in oil imports.
But experts warn that OPEC needs to extend the cuts beyond March 2018 in order to continue depleting crude oil stockpiles.
While those oil stockpiles have fallen this year, they haven't come down as quickly as hoped, because shale drillers promptly ramped back up.
In managing the Strategic Petroleum Reserve Program, the Office of Fossil Energy's overriding objective is to maintain the readiness of the oil stockpile for emergency use at the President's direction.