Connection

popular articles

Modernization of CHP power plants in Romania with high-efficiency gas engines
Alternus and Hover finalize three new wind microgrid contracts
Expansion of geothermal energy: prospects and challenges for EGS
Avaada Group obtains India’s first pre-certification for green hydrogen
First application for SMR approval in France

USA: smaller than expected drop in crude oil inventories

U.S. crude oil inventories down. Rebound in demand for distillates, despite a slight fall in diesel compared with last year.

Please share:

Commercial crude oil reserves fell last week in the United States, according to data released Wednesday by the U.S. Energy Information Administration (EIA). However, this reduction was well below market expectations.

Crude oil inventories down 700,000 barrels, market disappointment

In the week ending July 14, these inventories contracted by 700,000 barrels, less than a third of the 2.5 million barrels projected by analysts. This figure was based on a consensus drawn up by the Bloomberg agency. This disappointment for the market cut into price momentum. At around 15:00 GMT, a barrel of US West Texas Intermediate (WTI) for August delivery was up by just 0.76% at $76.33, compared with double that figure shortly before publication. The discrepancy between the published figure and forecasts is explained in part by a statistical adjustment, which added 5.7 million barrels to the volumes arriving on the US market during the week under review.

Rebound in demand for petroleum products: EIA corrects past approximations

These adjustments enable EIA to correct approximations observed for previous weeks, and do not reflect market movements during the previous week. Strategic reserves remained unchanged. The period was marked by a rebound in demand, with a marked increase (+11% over one week) in deliveries of petroleum products.

Significant rebound in distillates, diesel demand up despite slight comparative decline

Demand for gasoline remained buoyant, but it was above all the surge in demand for distillates (+23%), including diesel fuel, that drove the rebound. Demand for diesel fuel, often considered a leading indicator of economic activity since most American trucks run on diesel, nevertheless remains 8% below its level at the same time last year, taking the four-week average, the indicator favored by analysts. Another indicator of demand was the refinery utilization rate, which rose to 94.3% from 93.7% the previous week, the highest since early June. On the supply side, production remained unchanged at 12.3 million barrels per day.

Register free of charge for uninterrupted access.

Publicite

Latest news

COP29: Climate Promises Under Tension, Developing Countries Demand More
Oil Spill at Donges: TotalEnergies Mobilizes to Contain Pollution in the Loire
The Relaunch of Three Mile Island: Economic Hope or Nuclear Risk?
France and Chile: An Ambitious Call to Protect the Oceans
Russian refineries face squeezed margins and major logistical challenges

Recently published in

Oil Spill at Donges: TotalEnergies Mobilizes to Contain Pollution in the Loire

An oil spill from the TotalEnergies refinery in Donges polluted a 500 m² area of the Loire. Authorities and the company claim to have partially contained the incident while continuing environmental impact assessments.
Russian refineries face squeezed margins and major logistical challenges
Between low margins, rising taxes, and rail delays, Russian refineries struggle to sustain operations, while modernization projects are hindered by high interest rates and Western sanctions.
en_1140551540
Russian refineries face squeezed margins and major logistical challenges
Between low margins, rising taxes, and rail delays, Russian refineries struggle to sustain operations, while modernization projects are hindered by high interest rates and Western sanctions.
en_1140551540
New Mexico Oil Auctions Generate $5.5 Million: A Mixed Success
New Mexico Oil Auctions Generate $5.5 Million: A Mixed Success
en_1140513540
New Mexico Oil Auctions Generate $5.5 Million: A Mixed Success
New Mexico Oil Auctions Generate $5.5 Million: A Mixed Success
en_1140513540
Africa Redefines Its Refining Future: Opportunities and Challenges Amid Global Competition
Despite pressure on refining margins, Africa is accelerating refinery projects to meet growing demand and enhance energy security, while facing competition from global giants.
en_1140532540
Africa Redefines Its Refining Future: Opportunities and Challenges Amid Global Competition
Despite pressure on refining margins, Africa is accelerating refinery projects to meet growing demand and enhance energy security, while facing competition from global giants.
en_1140532540

India’s Oil Demand Rebounds with a 3% Rise in October

India's oil product consumption grew by 3% in October, marking a recovery after the monsoon season, driven by diesel demand and robust vehicle sales during the festive season.
Aramco and Sinopec Launch Petrochemical Complex in China
Aramco, Sinopec, and Fujian Petrochemical break ground on an integrated refining and petrochemical complex in China, aiming for an annual production of 16 million tons to meet the rising global demand for chemicals.
en_1140489540
Aramco and Sinopec Launch Petrochemical Complex in China
Aramco, Sinopec, and Fujian Petrochemical break ground on an integrated refining and petrochemical complex in China, aiming for an annual production of 16 million tons to meet the rising global demand for chemicals.
en_1140489540
Singapore: 17 Years in Prison for Former Oil Tycoon O.K. Lim in $100 Million Fraud
O.K. Lim, a former oil tycoon in Singapore, has been sentenced to 17 and a half years in prison for a massive financial fraud that defrauded HSBC of $100 million, tarnishing the city-state's commercial reputation.
en_1140490540
Singapore: 17 Years in Prison for Former Oil Tycoon O.K. Lim in $100 Million Fraud
O.K. Lim, a former oil tycoon in Singapore, has been sentenced to 17 and a half years in prison for a massive financial fraud that defrauded HSBC of $100 million, tarnishing the city-state's commercial reputation.
en_1140490540
TotalEnergies awards major contracts to TechnipFMC and Saipem for an oil project in Suriname
TechnipFMC and Saipem secure contracts exceeding one billion dollars each for TotalEnergies’ offshore oil project, GranMorgu, aimed at exploiting fields off the Suriname coast.
en_1140432540
TotalEnergies awards major contracts to TechnipFMC and Saipem for an oil project in Suriname
TechnipFMC and Saipem secure contracts exceeding one billion dollars each for TotalEnergies’ offshore oil project, GranMorgu, aimed at exploiting fields off the Suriname coast.
en_1140432540

Launch of Sinopec’s Ethylene Complex in Tianjin: A Strategic Step for China’s Petrochemical Industry

Sinopec's Tianjin Nangang complex, developed with INEOS, enhances China's petrochemical capabilities with integrated production of 1.2 million tons annually. This project marks a turning point in strategic partnerships and industrial self-sufficiency.
ENEOS explores increased Canadian oil imports facilitated by the TMX pipeline expansion
ENEOS, Japan's leading refiner, intensifies spot market oil purchases, including Canadian crude, leveraging the Trans Mountain pipeline expansion. This shift reduces Japan's energy dependence on the Middle East.
en_1140436540
ENEOS explores increased Canadian oil imports facilitated by the TMX pipeline expansion
ENEOS, Japan's leading refiner, intensifies spot market oil purchases, including Canadian crude, leveraging the Trans Mountain pipeline expansion. This shift reduces Japan's energy dependence on the Middle East.
en_1140436540
Oil and gas companies spend $61 billion per year on exploration, says NGO
Despite growing calls to reduce hydrocarbon production, a report by the NGO Urgewald reveals that the oil and gas industry has invested an average of $61.1 billion annually in exploration over the past three years.
en_1140442540
Oil and gas companies spend $61 billion per year on exploration, says NGO
Despite growing calls to reduce hydrocarbon production, a report by the NGO Urgewald reveals that the oil and gas industry has invested an average of $61.1 billion annually in exploration over the past three years.
en_1140442540
Mexico: A Long-Term Plan for Pemex Amid Critical Challenges
The Mexican government is set to unveil a long-term strategy for Pemex as the state-owned company faces structural challenges. Experts and investors discuss the necessary solutions, including opening up to private capital.
en_1140419540
Mexico: A Long-Term Plan for Pemex Amid Critical Challenges
The Mexican government is set to unveil a long-term strategy for Pemex as the state-owned company faces structural challenges. Experts and investors discuss the necessary solutions, including opening up to private capital.
en_1140419540

Nigeria’s Dangote refinery: Fuel exports as local market struggles

Despite high expectations, Dangote refinery faces difficulties selling gasoline domestically and begins exporting to ease stock and diversify its markets.
Libya and Kazakhstan: Contrasting Production Efforts within the OPEC+ Alliance
OPEC+ recorded an increase of 30,000 barrels per day in October, marked by Libya’s production surge and Kazakhstan’s reduction. Compliance remains a key challenge for the group.
en_1140397540
Libya and Kazakhstan: Contrasting Production Efforts within the OPEC+ Alliance
OPEC+ recorded an increase of 30,000 barrels per day in October, marked by Libya’s production surge and Kazakhstan’s reduction. Compliance remains a key challenge for the group.
en_1140397540
Dutch court rejects climate NGOs’ appeal against Shell
The Hague's Court of Appeal overturned a historic decision obliging Shell to reduce its CO2 emissions, rejecting the environmental NGOs' appeal, which denounced the multinational's inaction on climate.
en_1140398540
Dutch court rejects climate NGOs’ appeal against Shell
The Hague's Court of Appeal overturned a historic decision obliging Shell to reduce its CO2 emissions, rejecting the environmental NGOs' appeal, which denounced the multinational's inaction on climate.
en_1140398540
Civitas Resources improves its productivity in the Permian and sets a record in the Colorado Basin
A year after its strategic acquisitions in the Permian Basin, Civitas Resources records a strong increase in productivity and strengthens its positions, notably through innovations in simultaneous fracturing and a production record in Colorado.
en_1140367540
Civitas Resources improves its productivity in the Permian and sets a record in the Colorado Basin
A year after its strategic acquisitions in the Permian Basin, Civitas Resources records a strong increase in productivity and strengthens its positions, notably through innovations in simultaneous fracturing and a production record in Colorado.
en_1140367540

Vietnam: Nghi Son refinery seeks to import more Kuwaiti oil

Facing growing domestic demand, Vietnam's Nghi Son refinery seeks government approval to increase its Kuwaiti oil imports, thereby exceeding its annual tax-free quota.
Russian and Kazakh Refineries Conclude Maintenance: An Impact on the Energy Market
As Russian and Kazakh refineries resume operations following maintenance periods, the energy market anticipates potential effects on fuel supply. Uncertainty remains around gasoline exports in Russia.
en_1140358540
Russian and Kazakh Refineries Conclude Maintenance: An Impact on the Energy Market
As Russian and Kazakh refineries resume operations following maintenance periods, the energy market anticipates potential effects on fuel supply. Uncertainty remains around gasoline exports in Russia.
en_1140358540
CNOOC launches production of the Long Lake NW project in Canada
CNOOC Group has announced the start of production for its Long Lake NW project in Canada, which is expected to reach a peak of 8,200 barrels per day in 2025, utilizing SAGD technology.
en_1140342540
CNOOC launches production of the Long Lake NW project in Canada
CNOOC Group has announced the start of production for its Long Lake NW project in Canada, which is expected to reach a peak of 8,200 barrels per day in 2025, utilizing SAGD technology.
en_1140342540
European Banks Criticized for Supporting Fossil Fuel Expansion
A report by Reclaim Finance accuses 20 European banks of promoting oil and gas expansion through significant financing, hindering energy transition goals.
en_1140355540
European Banks Criticized for Supporting Fossil Fuel Expansion
A report by Reclaim Finance accuses 20 European banks of promoting oil and gas expansion through significant financing, hindering energy transition goals.
en_1140355540

Marathon Petroleum: Strong Financial Results Driven by Optimized Refining Strategy

Marathon Petroleum exceeded financial forecasts by increasing its refinery throughput and maximizing utilization rates. This strategy leverages fluctuations in the oil market to enhance profitability.
Legal Battle for Mbanie Island: Gabon and Equatorial Guinea Clash over Oil Wealth
As oil reserves dwindle, Gabon and Equatorial Guinea vie for control over Mbanie Island, a strategic economic asset. A ruling from the International Court of Justice is expected in 2025.
en_1140268540
Legal Battle for Mbanie Island: Gabon and Equatorial Guinea Clash over Oil Wealth
As oil reserves dwindle, Gabon and Equatorial Guinea vie for control over Mbanie Island, a strategic economic asset. A ruling from the International Court of Justice is expected in 2025.
en_1140268540
Aramco’s Net Profit Declines by 15% in Third Quarter 2024
Saudi oil giant Aramco reports a 15% drop in net profit in the third quarter, driven by falling oil prices and reduced production, adding uncertainty to the global energy market outlook.
en_1140276540
Aramco’s Net Profit Declines by 15% in Third Quarter 2024
Saudi oil giant Aramco reports a 15% drop in net profit in the third quarter, driven by falling oil prices and reduced production, adding uncertainty to the global energy market outlook.
en_1140276540
ExxonMobil sells Fos-sur-Mer refinery to Swiss consortium Rhône Energies
The American group ExxonMobil has finalized the sale of the Fos-sur-Mer refinery to Rhône Energies, a consortium led by Trafigura, marking a step in its strategy to reduce activities in France.
en_1140220540
ExxonMobil sells Fos-sur-Mer refinery to Swiss consortium Rhône Energies
The American group ExxonMobil has finalized the sale of the Fos-sur-Mer refinery to Rhône Energies, a consortium led by Trafigura, marking a step in its strategy to reduce activities in France.
en_1140220540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS