oil storage

With Output and Imports Up, U.S. Oil Inventories Climb; Markets Anticipate OPEC, Allies’ Next Move

With Output and Imports Up, U.S. Oil Inventories Climb; Markets Anticipate OPEC, Allies’ Next Move

Domestic crude stocks increased for the fourth time in five weeks as upticks in imports and production more than offset rising demand, the U.S. Energy Information Administration (EIA) said Wednesday. EIA said oil inventories for the week ended Nov. 19, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.0 million bbl from the…

November 24, 2021
U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

Domestic oil stocks increased for a third consecutive week as demand for petroleum products, including gasoline and jet fuel, declined in tandem with soaring prices.   The U.S. Energy Information Administration (EIA) said Thursday oil inventories for the week ended Oct. 8, excluding those in the Strategic Petroleum Reserve, increased by 6.1 million bbl from the…

October 14, 2021
Brent Oil Prices Forecast to Advance, but E&Ps Still Prioritizing Bottom Line

Brent Oil Prices Forecast to Advance, but E&Ps Still Prioritizing Bottom Line

A continued recovery in global oil demand should lead to higher prices going forward, but growth in output may be restrained in 2022 as producers continue to prioritize the balance sheet, Moody’s Investors Service said Thursday. Other analysts also expect to see oil prices climb, as mobility throttles higher and economies recover from the deep…

October 7, 2021
U.S. Petroleum Demand Holds Strong, as Crude Production Flattens, EIA Says

U.S. Petroleum Demand Holds Strong, as Crude Production Flattens, EIA Says

Demand for U.S. petroleum increased last week, while production held well below pre-pandemic levels and continued a summer-long trend, the U.S. Energy Information Administration (EIA) said Wednesday.  Meanwhile, U.S. commercial oil inventories in the week ended July 30 — excluding those in the Strategic Petroleum Reserve – increased by 3.6 million bbl from the previous…

August 5, 2021
U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

As both domestic and global demand for travel fuels derived from oil builds, domestic crude inventories dropped substantially for a third straight week, the U.S. Energy Information Administration (EIA) said Wednesday. Excluding those in the Strategic Petroleum Reserve, domestic oil inventories for the week ended July 2 decreased by 6.9 million bbl from the previous…

July 8, 2021
After Lull, U.S. Petroleum Demand Jumps and Stockpiles Dwindle

After Lull, U.S. Petroleum Demand Jumps and Stockpiles Dwindle

Demand for U.S. petroleum spiked last week as consumption of gasoline and jet fuel jumped alongside a fading pandemic and increased travel. The U.S. Energy Information Administration (EIA) said Wednesday that demand during the week ended June 11 increased 16% week/week, with gasoline demand up 10%, jet fuel consumption ahead 22%, and demand for distillate…

June 17, 2021
Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to ramp up crude production in anticipation of increased demand. The shift comes despite elevated uncertainty about the coronavirus pandemic and its still festering impacts on global travel and economic activity. Saudi Arabia-led OPEC and an allied group of leading…

April 1, 2021
North Dakota Examining Potential for Bakken Natural Gas, Liquids Storage

North Dakota Examining Potential for Bakken Natural Gas, Liquids Storage

North Dakota’s Industrial Commission (IC) has asked the state legislature to authorize pursuing options to add oil and natural gas storage for the Bakken Shale. The governor-led commission “pre-filed a bill for next year’s legislature to take on permitting of oil, gas and natural gas liquids storage,” said Department of Mineral Resources director Lynn Helms.…

December 17, 2020