Twelve Empty Supertankers Reveal The Truth About Today’s Oil Market

by Firat Kayakiran (Bloomberg) They are slowly plowing their way across thousands of miles of ocean toward America’s Gulf of Mexico coastline. As they do, twelve empty supertankers are also revealing a few truths about today’s global oil market. In normal times, the vessels would be filled with heavy, high sulfur Middle East oil for delivery to refineries in places like … [Read more...]

Trump Tweets on ‘Artificially’ High Oil Prices: “Oil all over the place, including the fully loaded ships at sea”

By Susan Heavey and Rania El Gamal WASHINGTON/JEDDAH, Saudi Arabia, April 20 (Reuters) - U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters. "Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices … [Read more...]

Oil Markets Dip As Irma Approaches United States

Henning Gloystein (Reuters) - Oil prices dipped on Wednesday as crude demand remained subdued on the back of refinery closures following Hurricane Harvey which hit the U.S. Gulf coast 10 days ago. Market focus was also being drawn to Hurricane Irma, a record Category 5 storm, which is barreling towards important shipping lanes in the Caribbean. Although many refineries … [Read more...]

Oil Drops as U.S. Drilling Growth Threatens to Counter OPEC Cuts

By Mark Shenk (Bloomberg) -- Oil fell as a U.S. drilling revival undermines the potential for OPEC output curbs to rebalance the market. Futures dropped as much as 1.9 percent in New York. Saudi Arabian Energy Minister Khalid Al-Falih said on March 16 that the kingdom may extend its cuts if supplies stay above the five-year average. A day later, though, data showed … [Read more...]

IEA: Oil Markets to Tighten Slowly After Months of Oversupply

By Dmitry Zhdannikov MOSCOW, Aug 11 (Reuters) - Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC supplies rebound, the International Energy Agency said on Thursday. The IEA, in its monthly report, forecast a healthy draw in global oil stocks in the next few months that would help ease a glut that … [Read more...]