Category: Highlights

Higher net crude oil imports are set to make the United States a net petroleum importer this year again, as in 2021, after a historic shift of being a net petroleum exporter in 2020, the U.S. Energy Information Administration (EIA) said on Friday. A net petroleum importer is a country that imports more crude oil and refined products than the crude and products it exports. While the U.S. has been a net petroleum products exporter for more than a decade, it has always been a net crude oil importer, that…

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Crude oil prices moved slightly higher today after the Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to February 11. This compares with a draw of 4.8 million barrels estimated for the previous week and an estimated 1.076-million-barrel inventory decline for last week as reported by the American Petroleum Institute on Tuesday. In gasoline, the EIA estimated an inventory decline of 1.3 million barrels for the week to February 11, which compared with a draw of 1.6 million barrels for the previous…

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 The ongoing gas crisis is unlikely to subside when the mercury rises as LNG trading companies, Italy-based ENI and Singapore-based GUNVOR, have cancelled their term LNG cargoes, which were scheduled to be delivered in the first and second week of March 2022 respectively. This will be the fourth time when ENI will back out of delivering the term LNG cargo. However, GUNVOR will default for the second time as it earlier defaulted in November 2021. Both the LNG trading companies have emerged as habitual defaulters, which is simply unacceptable,” a…

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Europe is now on the “safe side” with regard to gas supply this winter despite concerns over Russian deliveries, European Commission President Ursula von der Leyen said Feb. 16, amid the continued standoff between Moscow and the West over Ukraine. We have, during the last weeks, looked into all possible disruption scenarios in case Russia decides to partially or completely disrupt gas supplies to the EU,” von der Leyen said. “And I can say today that our models show, with all the measures we have taken, that we are now…

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After a torrid run, oil has barely managed to squeak out a second week of gains in a volatile session as risk-off sentiment spreads in broader markets. Predictably, the bears have started coming out of the woods, with Citigroup recently predicting an oil price crash to $65 this year. But luckily for the oil bulls, there’s no shortage of positive catalysts in this market. Stewart Glickman, energy equity analyst at CFRA Research in New York, says traders are now seeking refuge in commodities, including oil, as a hedge against inflation.…

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