Oil demand

U.S. oil consumption in the final stretch of January dipped lower week/week as harsh winter weather in the eastern stretches of the country imposed travel delays. Production crept lower in tandem, the U.S. Energy Information Administration (EIA) said Wednesday. A fierce winter storm pummeled major markets across the Northeast late last week with crippling snowfall…

Petroleum consumption increased in the United States last week amid rising gasoline and distillate production, the U.S. Energy Information Administration (EIA) said Wednesday. Demand hit 22.4 million b/d for the period ended Jan. 21, representing a 2.3% week/week increase. The overall gain stemmed largely from a 3.4% increase in gasoline consumption and a 4.3% jump…

With demand rising in the United States and forecasts calling for robust increases in crude consumption globally through 2022, more analysts are betting that oil prices this year could exceed $100/bbl. Bank of America (BofA) and Morgan Stanley analysts both said they expect Brent crude, the international benchmark, to reach triple digits in 2022, as…

Consumption of U.S. petroleum climbed last week, fueled by a surge in gasoline and distillate consumption, while crude production held even, the U.S. Energy Information Administration (EIA) said Thursday. Demand climbed 5% week/week and reached 21.9 million b/d for the period ended Jan. 14. The overall gain was driven by a 4% increase in gasoline…

With global benchmark oil prices already hovering around $80/bbl on strong demand early in the year — despite a surge in coronavirus cases — analysts said consumption could reach record levels this year and potentially drive the cost of crude into the triple digits.

Despite a November lull imposed by the Omicron variant of the coronavirus, crude prices in the United States and globally were positioned Thursday to finish 2021 up more than 50% on the year, led upward by mounting demand for travel fuels and heating oil that outshined modestly increased production levels. West Texas Intermediate (WTI) oil…

Americans pulled back on distillate fuel, gasoline and jet fuel consumption last week as spread of the Omicron variant of the coronavirus accelerated, data from the U.S. Energy Information Administration (EIA) showed. EIA said Wednesday that total petroleum demand for the week ended Dec. 17 dropped 12% week/week to 20.5 million b/d. Demand for gasoline…

Domestic oil stocks increased for a third straight week as producers held output at elevated levels – at least by 2021 standards — while high prices curbed gasoline and jet fuel demand. The U.S. Energy Information Administration (EIA) said Wednesday crude inventories for the week ended Nov. 5, excluding those in the Strategic Petroleum Reserve…

As oil and natural gas prices surged, drilling and energy business activity across the Federal Reserve Bank of Kansas City’s footprint hastened in the third quarter, results of a new survey show. The Kansas City Fed, as it is commonly known, said its quarterly Tenth District Energy Survey found that oil and gas firms collectively…