EUR/USD 1.15931
-0.106%
Gold 5100.42
-1.026%
Oil 93.862
6.011%
USD/JPY 158.084
0.115%
GBP/USD 1.33953
0.034%
GBP/JPY 211.763
0.149%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: The money market is currently only fully pricing in one 25 basis point rate hike by the European Central Bank before the end of the year, whereas earlier today it was expected to raise rates twice.Mexican President: Will meet with Finance Minister to discuss soaring oil prices.Mexican President: Mexico may lower fuel taxes to offset the impact of rising global oil prices.1. United States: As of February 27, data from the U.S. Energy Information Administration (EIA) showed that the U.S. Strategic Petroleum Reserve held 415.4 million barrels of crude oil. In addition, U.S. private commercial reserves held 439.3 million barrels of crude oil. 2. Japan: As of the end of last year, the Japanese government held 260 million barrels of crude oil in stockpiles, with total national oil equivalent stockpiles of approximately 470 million barrels. The Agency for Natural Resources and Energy of Japan stated that the governments stockpiles were equivalent to 146 days of imports. In addition, private reserves held 180 million barrels of oil equivalent fuel (of which 90 million barrels were crude oil). 3. Germany: The German Ministry of Economic Affairs stated that the government held 110 million barrels of crude oil and 67 million barrels of refined petroleum products in stockpiles. 4. France: The latest publicly available data shows that as of the end of 2024, France will have approximately 120 million barrels of crude oil and refined petroleum products in stockpiles, of which approximately 97 million barrels are held by the government-authorized agency SAGESS. The composition is roughly 30% crude oil, 50% diesel, 9% gasoline, 7.8% aviation fuel, and some heating oil. Another 39 million barrels are held by the countrys oil companies. 5. Italy: By law, Italy is required to maintain approximately 76 million barrels in inventory, equivalent to about 90 days of average net oil imports in 2024. 6. UK: Data from the UK Department for Energy Security and Net-Zero Emissions shows that as of February 26, the UK held approximately 38 million barrels of crude oil and 30 million barrels of refined products in inventory. 7. Canada: Canada does not have a strategic petroleum reserve, and as a net oil exporter, the IEA does not require it to establish one. As the worlds fourth-largest crude oil producer, Canadas daily production exceeded 5 million barrels in December last year, with most of its exports going to the United States.Market news: Traders no longer expect the Bank of England to raise interest rates this year.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


Suggestion