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Oil Markets Panic After EIA Reports Surging Gasoline Inventories
Commercial crude oil stockpiles in the U.S. fell by 2.3 million barrels in the week to July 15, the Energy Information Administration reported . This is a rare perfect match with API figures, which this week included numbers largely in line with expectations, with a 2.3-million-barrel draw. The total tally was 519.5 million barrels, excluding strategic inventories, an unusually high amount for this time of year. Even though crude inventories shrunk, gasoline inventories showed a larger build than had been anticipated, increasing 911,000 barrels, while a draw of 500,000 barrels was expected. Distillate stockpiles were 200,000 barrels lower than in the previous week but are still above the average for the season. Refinery inputs in the country over the seven-day reporting period averaged 16.9 million barrels a day, compared with 16.5 million barrels a day in the previous week, when refineries operated at 92.3 percent of capacity. […]
2016 set to be hottest year yet, CO2 on rise: WMO
The world is on track for its hottest year on record and levels of carbon dioxide have reached new highs, further fuelling global warming, the World Meteorological Organization (WMO) said on Thursday. June marked the 14th straight month of record heat for land and oceans, the United Nations agency said. It called for speedy implementation of a pact reached last December to limit climate change by shifting from fossil fuels to green energy by 2100. A strong El Nino weather event in the Pacific Ocean, a phenomenon associated with extreme droughts, storms and floods, “has now disappeared”, the WMO said in a statement. (Reporting by Stephanie Nebehay; editing by Jermey Gaunt)
Top 10 Countries With The Cheapest And Most Expensive Gas
Oil Storage From The Sky The U.S. consumes more gasoline than any other country, and the average household spends about $2,000 a year on gas. But in the last few years, low gas prices have given millions of drivers extra money to spend or save. In the rest of the world, gas prices tend to be higher. But the nominal price of gasoline doesn’t provide a complete picture of how expensive the fuel really is in a given country. In order to determine the affordability of gasoline (or any other product), you have to compare the price to income. A recent Bloomberg report compared gas prices in different counties to the average national paycheck to find where gas really is the most, and least, affordable. In high-wage nations, expensive gas prices are by and large affordable for the population. For example, Norway’s gasoline price of $6.53 a gallon is […]
Saudi Arabia Boosts Natural-Gas Output
The world’s top crude-oil exporter, Saudi Arabia, has long lagged behind its rivals in natural-gas production. Now, after years of stumbles and missed deadlines, the kingdom is making progress in boosting gas capacity, top officials said Wednesday, initiating major new projects meant to reduce the country’s reliance on crude oil for producing electricity. Saudi Arabian Oil Co., the state-owned energy firm, said it had signed contracts to carry out a $13.33 billion gas project announced last year. When completed in 2019, the Fadhili project, in an isolated stretch of desert in the Eastern Province, will be the country’s first to treat gas from both onshore and offshore fields, said Amin Nasser, chief executive of Saudí Aramco, as the state oil company is commonly known. The start of the Fadhili project comes after […]
Oil Rally Hopes Crushed As Inventories Hit All-Time High
Oil prices sank on Thursday following fresh data showing oil and product stocks rising to an all-time high. The EIA released its weekly data on July 20, revealing a slight drawdown in crude oil inventories. Crude oil stocks were down 2.3 million barrels, posting the ninth straight week of declines and adding momentum to a slow but steady oil market balancing. Still, oil inventories stood at 519.5 million barrels as of mid-July, about 60 million barrels higher than year-ago levels. Combined, all U.S. crude oil and refined product stocks jumped to 2.08 billion barrels, an all-time high. This comes at a time of year when peak demand is supposed to draw down on inventories. Part of the increase came because gasoline stocks unexpectedly rose yet again, rising by 0.9 million barrels to 241 million barrels, the highest level since April. It was also the fourth weekly increase in five […]
