Demand for jet fuel propelled a rebound in U.S. petroleum consumption last week, while production eased slightly from pandemic-era highs. The U.S. Energy Information Administration (EIA) said Wednesday overall demand for petroleum products for the week ended Dec. 9 rose 2% from the prior week, led higher by a 27% jump in jet fuel consumption…
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Domestic Crude Production Flat as Demand Dips, Global Economic Headwinds Gather
U.S. oil production held steady last week, just shy of the pandemic-era high, even as demand slowed amid warnings of economic headwinds. The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 11 was on par with the previous week at 12.1 million b/d. That kept production levels within 100,000 b/d…
IEA Sees Continued Oil Market Tightening as Inventories Well Below Five-Year Average
The International Energy Agency (IEA) expects continued tightening of the global oil market this month, driven by factors on both the supply and demand sides of the equation. In its latest monthly Oil Market Report, the global energy watchdog said it now expects global oil demand to rise by 5.2 million b/d this year, and…
Gulf Coast Refiners Facing Hit to Bottom Line After Deadly Mexico Blast; WTI Crude Prices Rise
Oil prices rose on Tuesday after a fire on a Petróleos Mexicanos (Pemex) processing platform in the Gulf of Mexico slashed 421,000 b/d from Mexico’s oil supply. West Texas Intermediate (WTI) for October settled at $67.54 on Tuesday, up $1.90 day/day. “Bottom pickers jumped into the void on the open on Sunday night, and then…