Oil Rises on Softer Dollar, Shipping Attack
02.22.2024 By Tank Terminals - NEWS

February 22, 2024 [Reuters]- Oil prices rose for a second day on Thursday, buoyed by a softer dollar and another attack on shipping near Yemen.

 

Brent crude futures rose 35 cents, or 0.4%, to $83.38 a barrel at 1036 GMT. U.S. West Texas Intermediate crude futures climbed 37 cents, or 0.5%, to $78.28 a barrel.

The dollar index slipped 0.3% to 103.66, supporting prices. A weaker dollar usually boosts oil prices, making it cheaper for buyers holding other currencies.

Two missiles were fired at a vessel off the southeast coast of Yemen on Thursday, causing a fire onboard, British maritime agencies said, as Houthis keep up attacks on shipping to show support for the Palestinians in the Gaza war.

“…. [Hostilities] in and around the Red Sea by Iran-backed Houthi rebels on commercial ships are guaranteed to continue keeping the geopolitical risk premium at an elevated level,” PVM Oil’s Tamas Varga said.

A rise in U.S. crude inventories, however, tempered further price gains.

U.S. crude stocks rose 7.17 million barrels in the week ended Feb. 16, market sources citing American Petroleum Institute figures said on Wednesday. Gasoline stockpiles also rose while distillate fuel inventories declined.

U.S. crude inventories have climbed amid outages at large refineries that have left utilisation rates at the lowest level in two years, though the plants are resuming output.

BP’s 435,000 barrel-per-day (bpd) refinery in Indiana, the largest in the U.S. Midwest, will return to full production in March, according to people familiar with plant operations, after a power outage from Feb. 1.

TotalEnergies’ 238,000-bpd refinery in Port Arthur, Texas, is also working to complete a restart, though it is still operating minimally following a weather-related power outage.

Analysts expect U.S. refinery run rates to have risen to 81.5% last week from 80.6% of total capacity in the previous week, according to a Reuters poll.

Investors await official inventory data from the U.S. Energy Information Administration (EIA) due at 1600 GMT on Thursday, having been delayed by one day due to a U.S. holiday.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More