China buys 26 million barrels of Gulf crude after Saudi discount China has purchased more than 26 million barrels of Gulf crude in a matter of days. This purchase is in addition to its normal daily buying of around 5.5 million barrels. The buying surge comes afte
Germany refills strategic diesel reserves amid tight European supply Germany's oil stockpiling agency is refilling strategic diesel reserves via tender. The agency issued a tender for more than 760,000 barrels of diesel to address the tight European supply. The dies
Expectations of a global oil glut by 2027 drive projections for prices to fall to $60 per barrel. Oil prices have retreated to pre-war levels following a U.S.-Iran agreement to reopen the Strait of Hormuz, easing supply constraints. Analysts and traders now anticipate a re
US crude stockpiles fell 400K barrels last week The US commercial stockpiles of oil have decreased by 400K barrels for the week ending June 3. This marks the 12th consecutive weekly decline in stockpiles. The previous week saw a 6.1M-barrel draw in stockpiles.</p
Washington revoked Iran’s crude export license following tanker strikes, halting a key revenue concession from last month’s talks. The US Treasury revoked Iran’s general license for crude oil sales on Tuesday, terminating the shortest sanctions relief in recent history. Th
NY Fed President Williams cites falling energy costs as a key factor in improving near-term inflation outlook without policy shift. New York Fed President John Williams said declining oil prices should push inflation lower in the coming months, softening his tone on price
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 399,000 barrels in the week ending July 3. In the week prior, US crude oil inventories fell by 6.072 million barrels Although commercial crude oil inventories ex
Crude stockpiles fell less than expected while gasoline draws exceeded estimates, amid renewed Iran sanctions lifting oil markets. Oil prices climbed after a private inventory survey showed a smaller-than-expected crude draw of 1.5 million barrels, missing forecasts. Disti
Rising tanker flows from the Persian Gulf spark oversupply concerns, offsetting earlier fears of Hormuz transit disruptions in oil markets. Oil markets are shifting focus from geopolitical risks to potential oversupply as tanker traffic out of the Persian Gulf increases. A
WTI climbs over 2% as Strait of Hormuz attacks revive supply concerns West Texas Intermediate (WTI) crude Oil edges higher on Tuesday as fresh attacks near the Strait of Hormuz threaten the recovery in shipping seen in recent weeks following the interim US-Iran peace deal. <p
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