First U.S. oil inventory rise in three weeks adds to crude price pressure By Andres Guerra Luz on 5/19/2021
U.S. strategic petroleum reserve
(Bloomberg) Oil extended losses after an increase in U.S. crude inventories added to concerns around the prospect of more Iranian oil returning to the market under a potential revival of the nuclear deal.
Futures in New York tumbled as much as 5.2% on Wednesday. Domestic oil stockpiles grew by 1.32 million barrels last week, the largest increase since mid-March, according to a U.S. government report. Traders had been expecting a much smaller inventory rise.
Prices were already under pressure as broader markets tumbled on inflation concerns and as talks continue on the Iran nuclear deal. Iran said it will soon export oil from a new port, while the Persian Gulf countryâs deputy foreign minister told state television he sees âgood progressâ being made in the talks. Still, some key issues remain,
Crude prices extend gains on hopes for a summer oil demand recovery By Alex Longley and Andres Guerra Luz on 5/17/2021
(Bloomberg) Oil advanced as rising optimism around a demand recovery in regions such as the U.S. offset Covid-19 flare-ups in parts of Asia.
Futures in New York climbed as much as 1.4% on Monday. The U.S. and China, along with parts of Europe, are rapidly recovering from the pandemic as vaccinations accelerate. In the U.S., passengers at airports jumped to the highest since the pandemic began. However, Indian fuel demand continued to weaken in the first half of May.
Bloomberg Reports Says Gas Stations Run Dry as Pipeline Races to Recover From Hacking
Bloomberg May 11, 2021; Joe Carroll, Andres Guerra Luz and Jill R. ShahGas reported that gas stations along the U.S. East Coast are beginning to run out of fuel as North America’s biggest petroleum pipeline races to recover from a paralyzing cyberattack that has kept it shut for days.
From Virginia to Florida and Alabama, stations are reporting that they’ve sold out of gasoline as supplies in the region dwindle and panic buying sets in. An estimated 7% of gas stations in Virginia were out of fuel as of late Monday, according to GasBuddy analyst Patrick DeHaan.
Publishing date: May 11, 2021 • 2 days ago • 6 minute read • Four days into the crisis, Colonial Pipeline Co. has only managed to manually operate a small segment of the pipeline as a stopgap measure and doesn t expect to be able to substantially restore service before the weekend. Photo by Jim Watson/AFP via Getty Images
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Gas stations along the U.S. East Coast are starting to run out of fuel as North America’s biggest petroleum pipeline fights to recover from a cyberattack that has paralyzed it for days.
From Virginia to Florida and Alabama, fuel stations are reporting that they’ve sold out of gasoline as supplies in the region dwindle and panic buying sets in. The White House said it was aware of shortages in the Southeast of the country and was trying to alleviate the problem.
Oil rose to the highest intraday in a week as expectations strengthened for a revival in global consumption despite the resurgent pandemic in India and Brazil.