Crude Oil Inventory Balloons but Gasoline, Diesel Inventories Fall

Crude oil inventories in the United States rose again this week, adding 9.05 million barrels into inventory for week ending November 17, according to The American Petroleum Institute (API), after a 1.335-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 1.467 million barrel build. API data shows a net build.

UAE Oil Giant and Australian Santos Team Up to Develop Carbon Capture Tech

The national oil producer of the United Arab Emirates and Australia’s energy group Santos have teamed up to jointly explore the development of a global carbon management platform to help customers in the Asia Pacific region cut emissions. Abu Dhabi National Oil Company, which pumps nearly all the oil in OPEC’s third-largest producer, the UAE,.

Decommissioning Costs Could Overtake Oil and Gas Capex in the UK by 2040

The costs of decommissioning oil and gas platforms in the UK’s North Sea could overtake capital expenditure in the industry by 2040, a new report from Offshore Energies UK has suggested. At the moment, decommissioning costs represent a relatively small part of oil and gas companies’ total spending. Last year saw decommissioning costs accounted for.

JP Morgan Expects Brent Crude to Average $83 in 2024

JP Morgan has forecast an average price for Brent crude of $83 per barrel next year amid a stable market. The forecast is based on the analysts’ expectations of resilient demand for oil in the United States, strong demand growth in emerging markets, and stability in European markets. For 2025, JP Morgan analysts said they.

China Starts Building Oil Inventories Again

Chinese refiners switched from drawing to building oil inventories again in October, at a rate of over half a million barrels daily. That’s according to calculations made by Reuters’ Clyde Russell and based on official import and processing figures from Beijing. Russell reported that Chinese refiners were adding crude to inventories at a rate of.

Oil Gains Over 4% Likely On Profit-Taking, Short Covering

While fundamentals took over from the war-risk premium this week, pummeling oil prices, Brent crude was gaining over 4% by midday Friday, but analysts told Bloomberg that there is little chance for oil to top $90 in the current market atmosphere. At 1:49 p.m. ET on Friday, Brent crude was up 4.31% at $80.76, for.

Research in Lake Superior reveals how sulfur might have cycled in Earth’s ancient oceans

Geochemist Alexandra Phillips has sulfur on her mind. The yellow element is a vital macronutrient, and she’s trying to understand how it cycles through the environment. Specifically, she’s curious about the sulfur cycle in Earth’s ancient ocean, some 3 billion years ago. Fortunately, the nutrient-poor waters of Lake Superior offer a welcome glimpse into the.

Warning over fuel prices as oil hits 10-month high

Drivers have been warned of rising fuel costs after global oil prices surged to their highest level for 10 months. Brent crude, a benchmark for prices, breached $95 a barrel on Tuesday amid predictions of shorter supplies. It came as the International Energy Agency (IEA) said a decision by Saudi Arabia and Russia to cut.

Petrol prices: Why are they going back up?

What is happening to petrol prices? Petrol and diesel prices have been on a rollercoaster ride this year. Recent data from 13 August puts petrol at an average of 149.1p per litre on UK forecourts. In just two weeks, it has shot up by more than 4p and it marks the highest price seen since.

Saudi Arabia may raise Sept crude prices for a third month

Saudi Arabia, the world’s biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of high-sulphur, or sour, crude. State-owned Saudi Aramco may raise the official selling price (OSP) for its flagship Arab.

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