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WTI Holds Losses Despite Across-The-Board Inventory Draws Oil prices tumbled today after Russia said some troops are starting to return to their permanent bases, removing some of the geopolitical risk premium that has been embedded recently. “Profit-taking with oil was inevitable after Russia’s Defense Ministry stated that some troops are starting to return to their regular bases after completing drills,” said Ed Moya, Oanda’s senior market analyst for the Americas. “The Ukraine situation still remains tense and oil prices could swing $10 in either direction. ” But for now, the next leg will be governed by any potential surprise in tonight''s inventory data. API Crude -1.076mm (-220k exp) Cushing -546k Gasoline -923k (-900k exp) Distillates -2.382mm (-1mm exp) This is the 6th straight week of falling stocks at the Cushing hub as API reported inventory draws across the board… Source: Bloomberg Having neared $96 amid Friday''s panic-fear-mongering of an imminent invasion by the Biden administration, today''s Putin headlines sent WTI back to a $90 handle briefly before it bounced back to $92 after Biden spoke again and reiterated the threats.

Islamabad [Pakistan], February 16 (ANI): Pakistan government on Tuesday dropped a “petrol bomb” on the masses by increasing the prices of petroleum products by up to Rs 12.03 per litre. According to the notification, petrol price has been increased by Rs 12.03 per litre and high-speed diesel price by Rs 9.53 per litre. Similarly, the […]

A combination of high taxes and constrained supply continues to push fuel prices ever upwards, with average prices at the pump reaching a dizzying new high in the United Kingdom, with petroleum selling on average for £1.48 a litre — $7.60 a U.S. gallon — for the first time. Britain’s Automobile Association (AA) has revealed that average vehicle fuel prices over the weekend had hit new highs, with petrol (gas) on sale at 148.02 pence a litre ($7.60 a U.S. gallon) and diesel at 151.57 pence ($7.76 a U.S. gallon). These are new historic highs, nudging out the previous high at the end of last year. The steady rise in price for auto fuels is being driven by stronger demand for energy as the global economy re-opens after years of lockdowns imposed by national governments and the state of relations with Russia, The Guardian rep …

The prices of oil continued to decline on Tuesday following Russia''s decision to withdraw some of its troops from its border with Ukraine, which the North Atlantic Treaty Organization (NATO) descr…

The prices of oil continued to decline on Tuesday following Russia''s decision to withdraw some of its troops from its border with Ukraine, which the North Atlantic Treaty Organization (NATO) descr…

The oil and gas industry has witnessed a strong rebound since hitting lows in 2020, with oil prices now hovering around a six year high. Despite a better than expected recovery, uncertainty still remains over market dynamics. Amid such a backdrop, let’s take a look at the ten biggest crude oil production companies. Q4 2021 […]

The Ukraine premium is quickly coming out of oil. It''s trading at $90.76 from a high of $95.80 yesterday. That''s more than $5 from the high and more than $4 today. The vast majority of it has come in the past few hours with Putin''s comments pointing to a de-escalation. That said, there ar

(Adds field''s reserves estimate made by company) CAIRO, Feb 15 (Reuters) - United Arab Emirates-based Dragon Oil has made its first oil discovery in the Gulf of Suez, the Egyptian petroleum ministry said in a statement on Tuesday. The discovery is…

Oil prices have pulled back sharply from Monday’s multi-year highs, with front-month WTI futures now trading back to the south of the $92.00 level, do

With oil-price strategists recently calling for $100+ oil, prices up ~$10 in the past month, and an apparent cooling of tensions between Russia and Ukraine Tuesday, it''s worth…

Oil retreated from the highest since 2014 after Russia said some troops are starting to return to their permanent bases after completing drills.

Oil futures fell Feb. 15 across the board amid signs a diplomatic solution to the crisis in Ukraine remains possible despite US and European officials continuing to warn of potential sanctions. At 2.36 pm Singapore time (0636 GMT), the ICE April Brent futures contract was down 65 cents/b (0.67%) from the previous close at $95.83/b, while the NYMEX March light…

The move comes at a time when edible oil prices have remained at higher level for last several months.

Russia has repeatedly denied it plans to invade Ukraine and its foreign minister said he would propose to continue diplomatic talks with the West. By Julia FanzeresBloomberg Published On 14 Feb 202214 Feb 2022 Oil jumped as simmering geopolitical tensions between Russia and Ukraine kept the market on edge and volatility high. West Texas Intermediate surged …

Citi says even if there is military activity the long-term thesis is bearish oil: we don''t think Russia is going to stop exporting oil and gas The comments were made in a video interview that can be viewed here for more. Oil has been supported by fears over the potential for a Russian invasi