Market News

U.S. Crude Stockpiles Shrink as Middle East Supply Risks Intensify

The Middle East conflict disrupted more than one billion barrels of global oil supply, yet crude oil prices were prevented from rising even further thanks to China's substantial strategic petroleum reserves. By drawing on these reserves, China significantly reduced its crude oil imports, easing pressure on the global oil market during the crisis.

The Countdown to a Major Global Oil Price Surge Has Begun

Crude oil inventories in the United States decreased by 3.4 million barrels during the week ending November 14, after gaining 6.4 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 424.2 million barrels according to...

Crude oil inventories in the United States decreased by 1 million barrels during the week ending October 17, after gaining 3.5 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 422.8 million barrels according to...

Turkey and India ramp up fuel supply to the EU

The OPEC+ group continues its cautious strategy of returning modest volumes of supply to the market, a move cemented by the decision on October 5 to implement another 137,000 barrels per day (bpd) production hike for November. This measured approach aims to avoid sinking oil prices, which currently hover around the mid-$60s per barrel, as...

TotalEnergies said this week it would cut its capital spending by $1 billion annually over the next four years. Chevron and ConocoPhillips are cutting jobs—as are many others in the industry. Shale majors are cutting spending, as well. It is not looking good for the oil industry right now—but it won't last forever.