Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 300,000 barrels to 402.1 million barrels in the week ending June 06. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Last year’s oil market was dominated by algorithmic trading, amplifying every headline about market oversupply and Chinese demand into price swings that kept crude trapped in a narrow, disappointing range—well below OPEC+’s lofty production-cut goals. This year may not see much of a change in oil’s price amplitude, but the peaks and troughs could grow […]
Oil markets continue to be lackluster compared with the strength displayed by metals and gas markets.
StanChart has predicted that the bearish sentiment coupled with low market volatility are likely to persist until OPEC+ announces its new policy.
Experts have predicted that positive developments by OPEC+ could trigger another oil price rally.
Oil and gas host communities in the country have decried the persistent non-payment of the three per cent annual contribution that should accrue to them under the Petroleum Industry Act, more than two years after the Act was passed, even as they said the outstanding payment has reached N100 billion.
Last week, oil prices logged a third straight weekly decline, sinking to the lowest level since mid-July as concerns about demand continue to replace the fear of production outages related to the Middle East conflict. Front-month Nymex crude for December delivery rose 1.9% Friday but settled -4.1% for the week to $77.17/bbl, while January Brent crude recorded a similar weekly decline to $81.43/bbl. December gasoline was down -0.5% for the week to $2.19/gal while December diesel fell -6.2% to $2.74/gal.