• 35 mins Oil Production Cuts Taking A Toll On Russia’s Economy
  • 3 hours Aramco In Talks With Chinese Petrochemical Producers
  • 4 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 5 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 12 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 17 hours Keystone Pipeline Restart Still Unknown
  • 21 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 23 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
Alt Text

Shale Hedges Threaten The Oil Rally

The recent increase in oil…

Alt Text

Short Bets On Oil Spike Ahead Of OPEC Meeting

Short positions in Brent futures…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Oil Prices Fall To 3-Week Lows On Flurry Of Bearish News

Oil

Oil prices continued to fall on Tuesday morning, following a sell-off on Monday triggered by a stronger U.S. dollar, concerns over growing supply from non-OPEC producers, and signs of potential slower oil demand growth in China.

(Click to enlarge)

At 09:18 am CST on Tuesday, WTI was down 0.88 percent at US$47.17. For more crude oil prices, please head over to our Oil Price Charts page. 

On Monday, oil prices dropped by 2.5 percent to their lowest close in three weeks, with WTI Crude settling at US$47.59, the lowest level since July 24.  

At 10.71 million bpd, China’s crude refineries saw in July their lowest daily throughput rate since September last year amid oversupply of fuels on the domestic market.

Now, the lowest refinery runs in 10 months, at a peak demand season, is creating some concern about Chinese oil demand growth.

Earlier on Monday, oil prices inched up on the news that the Zueitina oil terminal in Libya had ceased loading cargos as port workers protest, demanding better working conditions. 

Also on the supply side, however, Shell’s Nigerian unit on Monday lifted  the force majeure on Bonny Light crude oil exports that had been in place since the middle of July. This added to the global oversupply concerns.

In the U.S., shale output is expected to further grow in September, by 117,000 bpd compared to August, with the Permian production jumping by 64,000 bpd and accounting for more than half of the expected increase. Related: China Prepares For A Natural Gas Import Boom

According to a Reuters poll, U.S. crude stockpiles dropped last week for the seventh week in a row, and gasoline and distillate inventories were also likely down.

API is reporting industry data later on Tuesday, with the closely-watched EIA inventory report due out on Wednesday.

Last week, the EIA reported a draw in U.S. commercial crude oil inventories of 6.5 million barrels for the week to August 4, but on a more troubling note, the EIA calculated gasoline inventories had gone up by 3.4 million barrels, with daily production averaging 10.3 million barrels, basically flat on the previous week, when refineries processed some 17.4 million barrels of crude daily.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News