Tag Archives: Energy Information Administration

The global oil market remains in a state of flux, with prices hovering near 14-month lows. A combination of factors, including unexpected inventory draws, OPEC+ decisions, and persistent demand concerns, have contributed to this volatile landscape.Inventory Dynamics and OPEC+ InterventionA significant factor influencing oil prices has been the recent dynamics …

A larger-than-expected weekly decline in US crude stockpiles and a weaker US currency overcame hints of slower Chinese economic growth as oil prices rose by almost 2% on Wednesday. By 1:33 p.m. EDT (1733 GMT), Brent futures had increased by $1.35, or 1.6%, to $85.08 per barrel, while US West …

Oil prices experienced a slight uptick on Tuesday, driven by escalating conflict in the Middle East. Ship tracking data indicated an increased number of tankers diverting away from the Red Sea following attacks by Yemen’s Houthi movement in the region. Brent crude futures saw a rise of 12 cents, approximately …

WTI is in the red territory after losing -0.39% on Monday, hovering around $72.50. The fundamentals for crude oil are still weakening, and output is still going strong worldwide. The supply routes between Europe and Asia are still being impeded by the Houthi rebels. Earlier on Monday, US crude oil …

An optimistic prognosis for oil consumption and a tighter supply have caused the WTI crude price to rise to $88.40. Global oil production is expected to increase to 101.2 million barrels per day (bpd) in 2023 and 102.9 million bpd in 2024, according to the US Energy Information Administration.According to …

For the past week, the US Energy Information Administration (EIA) reports a drop in inventory. Imports of US crude oil fall to their lowest level since March 2021. WTI is trading at $73.203 per barrel at the time of writing. If it breaks above $75.00, it will start moving up …

The Western Texas Intermediate crude prices advance more than 2%, trimming its Wednesday losses that were mainly the result of the stronger US dollar. US stockpiles have increased the most since 2021, as reported by the US Energy Information Agency. The US crude is trading at $75.43 at the time …

The GBP/USD pair trades around 1.2070, holding on to modest intraday gains. The Euro is one of the weakest rivals of the US dollar. The shared currency is trading at 1.0716 as ECB policymakers repeated their hawkish language. ECB’s Klaas Knot said that headline inflation appears to have peaked but …

Oil prices fell by more than one dollar on Thursday, as more countries ponder new restrictions on flight passengers coming from Chinese airports. This news is raising concerns over demand during a prevalent state of uncertainty about COVID-19 infections spreading in China.Conflicting headlines about demand from top oil importer China …

The USD/CAD pair staged a goodish intraday bounce from over a one-week low set earlier this Thursday. Weaker oil prices undermined the CAD and extended support amid resurgent USD demand. Bulls seemed rather unaffected by the disappointing release of the US Retail Sales figures.The USD/CAD pair recovered nearly 70 pips …