HOH21.NYM - Heating Oil Mar 21

NY Mercantile - NY Mercantile Delayed Price. Currency in USD
1.7838
-0.0397 (-2.18%)
As of 3:09PM EDT. Market open.
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Pre. SettlementN/A
Settlement Date2021-02-26
Open1.7838
Bid1.7865
Last Price1.8235
Day's Range1.7838 - 1.7838
Volume2
Ask1.8359
  • Crude Prices Hold Steady After Mixed EIA Inventory Data
    Zacks

    Crude Prices Hold Steady After Mixed EIA Inventory Data

    The federal government's EIA report revealed that crude inventories rose by 2.9 million barrels, compared to the 2.4 million barrels increase that energy analysts had expected.

  • The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero Energy, Phillips 66 and Marathon Petroleum
    Zacks

    The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero Energy, Phillips 66 and Marathon Petroleum

    The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero Energy, Phillips 66 and Marathon Petroleum

  • Oil drops to 2-month low on economic woes, as U.S. crude stocks climb a third straight week
    MarketWatch

    Oil drops to 2-month low on economic woes, as U.S. crude stocks climb a third straight week

    Oil prices fall Wednesday, settling at their lowest in about two months, as downbeat U.S. economic data weighed on prospects for energy demand, and U.S. crude stockpiles registered a third straight weekly climb.

  • Oil settles lower as weak U.S. manufacturing activity feeds energy demand concerns
    MarketWatch

    Oil settles lower as weak U.S. manufacturing activity feeds energy demand concerns

    Crude-oil futures settle lower Tuesday as a reading of U.S. manufacturing activity at its lowest level in over a decade fed concerns over a slowdown in energy demand. Ecuador also announced its plan to leave OPEC, leading to expectations that it will add more oil to the world market.

  • Oil prices drop after reports Saudi Aramco has restored output capacity to pre-attack levels
    MarketWatch

    Oil prices drop after reports Saudi Aramco has restored output capacity to pre-attack levels

    Oil futures sink Monday, sending U.S. prices to their lowest settlement in a month, after reports that Saudi Aramco has fully restored production capacity that was lost to the crippling attacks on Saudi oil facilities earlier in September.

  • Oil settles lower, loses nearly 4% for the week
    MarketWatch

    Oil settles lower, loses nearly 4% for the week

    Oil futures finish lower Friday as a spate of news reports tied to Iran sanctions, a cease-fire between Saudi Arabia and Yemen, and the U.S. considering limits on investor portfolio flows into China pressured prices, contributing to a loss of nearly 4% for the week.

  • U.S. oil trims losses, Brent ends higher as Pentagon announces move to support Saudi Arabia following recent attacks
    MarketWatch

    U.S. oil trims losses, Brent ends higher as Pentagon announces move to support Saudi Arabia following recent attacks

    U.S. oil prices trim their losses on Thursday and global benchmark prices finished higher as the Pentagon announced that it would deploy equipment and personnel in support of Saudi Arabia following attacks on its oil facilities earlier this month.

  • Key Reasons Why U.S. Oil Prices Fell for 2nd Straight Day
    Zacks

    Key Reasons Why U.S. Oil Prices Fell for 2nd Straight Day

    The federal government's EIA report revealed that crude inventories rose by 2.4 million barrels, compared to the 190,000 barrels drawdown that energy analysts had expected.

  • Oil finishes lower as U.S. supplies rise a second straight week and Saudi output recovers
    MarketWatch

    Oil finishes lower as U.S. supplies rise a second straight week and Saudi output recovers

    Oil futures finish lower Wednesday as U.S. government data reveal a second weekly climb in domestic crude inventories and reports indicate Saudi Arabia continues to make rapid progress in restoring production after attacks on its facilities earlier this month.

  • Oil ends higher as Middle East tensions outweigh pressure from Saudi output recovery
    MarketWatch

    Oil ends higher as Middle East tensions outweigh pressure from Saudi output recovery

    Crude-oil futures end higher on Monday, finding support from growing tensions in the Middle East even as Saudi Arabia reportedly restores much of the output lost to attacks over a week ago that damaged its oil facilities.

  • Saudi Oil Attack: Where Are We a Week On and What Happens Next?
    Bloomberg

    Saudi Oil Attack: Where Are We a Week On and What Happens Next?

    (Bloomberg) -- On Sept. 14, Saudi Arabia suffered the single-biggest blow to its oil infrastructure in the country’s history when critical processing facilities were attacked.After a roller coaster week for the global oil market, what follows takes stock of everything that happened, where we are now, and what to watch in the weeks ahead.At about 4 a.m. local time, oil processing facilities at Abqaiq and Khurais in Saudi Arabia were attacked by what was initially reported as a swarm of armed drones. The resulting fires were extinguished within hours, but the drama had only just begun.There were at least 17 points of impact at Abqaiq, the world’s largest oil-processing facility, and more at Khurais.Damage to the two sites reduced Saudi Arabia’s oil production by 5.7 million barrels a day, from about 9.8 million. As a single-impact event, it was probably the largest disruption to the oil market ever.Abqaiq is the world’s largest oil-processing facility and handled about half Saudi Aramco’s production last year. It treats the crude from some of Saudi Arabia’s giant onshore fields, removing sulfur and volatile hydrocarbons that vaporize at atmospheric pressure to stabilize the crude before it’s pumped to refineries or export terminals. It was operating at a rate of about 4.5 million barrels a day before the attack.Khurais is Saudi Arabia’s second largest oil field, with the capacity to pump about 1.45 million barrels a day of Arabian Light crude. It was running at a rate of 1.2 million barrels a day before the attack.Most of Saudi Arabia’s lighter crude streams are produced at its onshore fields. Other deposits such as Manifa and Safaniyah, which don’t depend on Abqaiq for processing, produce the heavier grades.Photos of the aftermath of the attacks at Abqaiq, released by the U.S., show puncture marks on tanks that form part of the process to remove gas before the crude can pass to the stabilization towers.Apportioning BlameWithin hours, Houthi rebels in Yemen claimed responsibility, as they did for strikes against Saudi Arabia’s East-West pipeline in May, and the Shaybah oil field in August. Saudi Arabia started a devastating bombing campaign in Yemen in 2015 — with some U.S. backing and weaponry — after the Houthis took control of the capital and other parts of the country. Despite thousands of civilian deaths, terrible human rights abuses on both sides, and a humanitarian catastrophe, the war has settled into an ugly stalemate. Yemen’s Houthi rebels have stepped up retaliatory attacks against Saudi Arabia and say they will target all countries involved in the conflict.U.S. Secretary of State Mike Pompeo dismissed the Houthis’ claim, pinning the blame on Iran. “There is no evidence the attacks came from Yemen,” he tweeted. French Foreign Minister Jean-Yves Le Drian also dismissed the Houthi claims.Iran has denied responsibility.Twenty-five pilotless aircraft and cruise missiles of Iranian origin were used to attack the two sites, the Saudi Defense Ministry said at a press briefing four days after the incidents, where it displayed the remains of some of them. The range and accuracy of the weapons were beyond the capabilities of the Houthis, spokesman Turki al-Maliki said. The kingdom was still working “to determine the exact position of the launch point,” he added.Repairs and RestorationSaudi Arabia initially expected to re-start most lost oil output within days of the attack, but that early optimism was tempered after evaluation of the damage. Energy Minister Prince Abdulaziz bin Salman and Saudi Aramco CEO Amin Nasser still painted a positive picture of the kingdom’s ability to restore oil production and exports after the attack at a briefing on September 17. Here’s a summary of the key takeaways from the briefing:Production from the Khurais field restarted 24 hours after the attack, with output running at about 360,000 barrels a day.Abqaiq was processing 2 million barrels a day - 41% of its pre-attack throughput - and “its entire output is expected to be restored to prior rates by the end of September.”Saudi Arabia’s oil production capacity will be restored to 11 million barrels a day by the end of September and to 12 million by the end of November.Oil production will reach 9.8 million barrels a day in October, in line with the volume the country has been pumping in recent months.There will be zero reduction in flows of crude to customers.Oil analysts have been less optimistic. Repair of the Abqaiq facility is unlikely to be completed by end-September as planned and will instead take months, consultant FGE said in a report September 18, with production likely to average 8 million barrels a day this month. Full restoration of pre-attack capacity at Abqaiq will only be completed “as we approach the end of the year,” according to Rystad Energy.Exports Continue, Saudi Arabia Seeks FuelThe attack could affect flows of both crude oil and refined products, as Saudi Arabia cuts deliveries to its own processing plants in order to maintain exports. It will also shift the balance of Saudi crude supply toward its heavier grades from offshore fields at the expense of the lighter supplies mostly produced onshore and processed at Abqaiq.Saudi Aramco “will be able to meet all its commitments to customers this month by drawing on its crude oil reserves,” the energy minister said during his briefing. Those stood at 180 million barrels at the end of July, according to the Joint Organisations Data Initiative. It’s unclear how much of this will be available for sale and how much is needed as a minimum operating level.But some customers have already been informed of delays to some cargoes scheduled to load in early October, while others have been asked to accept heavier crude grades than those originally specified. Aramco’s head of Japan has assured Japanese refiners that the company will meet its contractual obligations. Aramco has accepted all crude nominations from Japanese refiners for loading in October, but some cargoes for Idemitsu Kosan have been delayed by several days.In order to maintain crude exports, Saudi Arabia’s refineries are expected to run at lower rates as the country scours global fuel markets for refined products. Aramco Trading Co., which buys and sells fuels on behalf of the state oil company, purchased diesel cargoes and also sought one-off supplies of aviation fuel in the days after the attack, according to people involved in those markets. Fuel oil, which can be used instead of crude for power generation, has also been bought, while exports of naphtha -- a building-block product for making gasoline and plastics -- have been disrupted.Few other suppliers have the ability to boost crude production to offset such losses from Saudi Arabia, which was the holder of most of the world’s spare oil production capacity. Two nearby countries that can raise output are the United Arab Emirates and Kuwait. Both have offered to supply more crude to Asian refiners. Saudi Arabia’s cut in supplies of lighter crude grades may favor sales of U.S. barrels as refiners seek comparable replacements.U.S. President Donald Trump authorized the release of crude from the Strategic Petroleum Reserve after the attack. The International Energy Agency Executive Director Fatih Birol said Wednesday that the oil market remains well supplied but that his agency remains vigilant about risk of disruptions and stands ready to act.Oil MarketThe attack created turmoil on oil trading desks from Tokyo to Houston. “Sunday and Monday were probably the most intense day and a half in the oil market I have had since 2008,” said Doug King, co-founder of the commodity hedge fund Merchant Capital. Order volumes were sky high and hedge funds, refiners and oil trading houses had their top traders staffing operations, according to interviews with multiple market participants. Brokers put special teams in place to beef up skeleton weekend crews.Brent crude jumped the most on record in dollar terms when oil markets opened after the attacks, adding as much as $11.73 a barrel to reach an intraday high of $71.95. But that only took it back to a price level last seen in May in a market that remains concerned by the prospect of weakening oil demand growth amid ongoing U.S. trade wars and slowing global economic growth.Asian countries, the biggest buyers of Saudi crude, will be hardest hit by any disruption, with India the most exposed as its own crude stockpiles are the smallest among those of the kingdom’s main customers, according to Wood Mackenzie research director Vima Jayabalan.Impact on SaudiThe attacks had “zero” impact on Saudi Arabia’s revenue and won’t affect its economy, according to Finance Minister Mohammed Al-Jadaan. Growth in the kingdom, where the oil and gas sector accounts for about 50% of gross domestic product, was on track to slow to 1.9% this year even as the non-oil economy showed signs of revival, according to the International Monetary Fund.The fallout could still test Saudi Arabia’s economic defenses. But low public debt and net foreign assets in excess of $500 billion offer significant ammunition. The stockpile of reserves “gives the monetary authority the ability to intervene in the markets at any time,” the central bank’s governor, Ahmed Abdulkarim Alkholifey, said on Tuesday. Saudi Arabia’s central bank said it’s prepared to inject liquidity in the financial system if needed to help the economy cope with the aftermath of this week’s major attacks on Aramco’s oil facilities.The attack could have consequences for a planned Saudi Aramco IPO. A prospectus published in May ahead of the company’s first international bond sale identified the importance of Abqaiq, noting that “the Company also depends on critical assets to process its crude oil, such as the Abqaiq facility which is the Company’s largest oil processing facility and processed approximately 50% of the Company’s crude oil production for the year ended 31 December 2018.”But a successful, deliberate attack was not listed under the operational risks and hazards that could have a significant impact on operations. The vulnerability of the kingdom’s most important oil asset will now be a focal point for investors.Global ImpactThe reverberations of the attack on the heart of Saudi Arabia’s oil industry have potential to drain the remaining risk appetite from global markets.Higher oil prices will inevitably feed through into the prices consumers pay at the pump for gasoline and diesel, and to the cost of home heating oil and feedstocks for making plastics and the other products that depend on oil-based chemicals. But the oil shock alone won’t lead to a global recession, according to RBC Capital Markets’ Global Macro Strategist Peter Schaffrik.Response ScenariosSaudi Arabia’s Crown Prince Mohammed bin Salman and U.S. Secretary of State Mike Pompeo have agreed that Iran must be held accountable for the attack. Possible responses range from doing nothing to open military conflict.The tougher the response, the more oil is likely to move higher. At the same time, a non-response could embolden whoever was responsible for the attacks.President Trump has announced new sanctions on Iran’s “national bank,” but declined to say Friday whether he is planning for military action. Pompeo visited Saudi Arabia and United Arab Emirates to “build out a coalition to develop a plan to deter” Iran.Saudi Arabia could accept the Houthi claims that it launched the attack and step up its military action in Yemen, specifically targeting Houthi drone and missile capabilities, but that “might require a larger military commitment from Saudi Arabia at a time when it wants the opposite,” according to Emily Hawthorne, Middle East and North Africa analyst at Texas-based advisory firm Stratfor Enterprises.Or it might continue to pin the blame on Iran and seek talks with the Houthis to bring the Yemen conflict to an end and deprive Iran of a proxy on its southern border.A call for direct military strikes on Iran, from Republican Senator Lindsey Graham among others, are seen as unlikely to be the preferred avenue for retaliation. U.S. or Saudi military strikes on Iran would lead to “all-out war,” Iran’s foreign minister Javad Zarif said in an interview with CNN.\--With assistance from Paul Abelsky and Anthony DiPaola.To contact the reporter on this story: Julian Lee in London at jlee1627@bloomberg.netTo contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net, Brian WingfieldFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oil posts biggest weekly gain in months after attacks on Saudi facilities
    MarketWatch

    Oil posts biggest weekly gain in months after attacks on Saudi facilities

    Oil futures finish lower on Friday, but register a sharp gain for the week, their largest in months, after attacks on Saudi Arabian production facilities last weekend raised concerns over the amount of spare capacity in the oil market.

  • Crude Prices Drop Amid Surprise Growth in U.S. Stockpiles
    Zacks

    Crude Prices Drop Amid Surprise Growth in U.S. Stockpiles

    Crude traded below $60 a barrel as investors also weighed the prospect of an earlier-than-expected recovery in state-run Saudi Aramco's affected production.

  • Oil stretches losses to 2nd session, with Saudi output on the mend and U.S. supplies on the rise
    MarketWatch

    Oil stretches losses to 2nd session, with Saudi output on the mend and U.S. supplies on the rise

    Oil futures fall on Wednesday, after suffering a sharp loss a day earlier, pressured as Saudi Arabia’s output levels looked to recover much sooner than expected and the U.S. government reported a weekly rise in domestic crude inventories, following four consecutive weeks of declines.

  • Oil ends sharply lower as Saudis project early return to normal for damaged facilities
    MarketWatch

    Oil ends sharply lower as Saudis project early return to normal for damaged facilities

    Oil futures on Tuesday drop by nearly 6%, a day after registering one of the sharpest rallies on record. Saudi Arabia’s energy minister said the kingdom’s production level will return to normal by the end of this month, as it recovers from weekend attacks on major crude facilities that disabled more than half of the nation’s daily crude production.

  • ETF Trends

    Brent Crude Soars Following Attacks in Saudi Arabia

    Brent crude futures soared close to 20 percent in Monday’s opening market session following drone attacks on oil facilities in Saudi Arabia over the weekend, which sparked fears of supply shortages globally. “While in the short term the direct physical impact on the market might be limited, this should move the market away from its bearish macroeconomic cycle and raise the risk premium in the market as funds reduce their short positions,” said Chris Midgley, global head of analytics, S&P Global Platts. U.S. President Donald Trump was quick to react to the attacks by saying that he would tap into emergency reserves if necessary in order to offset any supply disruptions.

  • U.S. oil just saw its biggest price surge since the financial crisis; Brent logs sharpest gain on record
    MarketWatch

    U.S. oil just saw its biggest price surge since the financial crisis; Brent logs sharpest gain on record

    Oil futures head for the sharpest daily rise in about 10 years on Monday after a weekend drone attack on major crude facilities in Saudi Arabia threatened to create a supply crunch that was roiling global crude markets.

  • Attacks on Saudi oil facilities - what will it mean for consumers?
    Reuters

    Attacks on Saudi oil facilities - what will it mean for consumers?

    The attack on Saudi facilities on Saturday caused the biggest oil supply disruption for more than 50 years. Consumers around the world could see costs rise for products ranging from gasoline and diesel to home heating costs and air fares, after this weekend's attacks caused a spike in global oil prices. HOW DOES THE PRICE OF OIL FACTOR INTO THE DIESEL AND GASOLINE PRICE?

  • Oil jumps nearly 15% in record trading after attack on Saudi facilities
    Reuters

    Oil jumps nearly 15% in record trading after attack on Saudi facilities

    Oil ended nearly 15% higher on Monday, with Brent logging its biggest jump in over 30 years amid record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half and fanned fears of retaliation in the Middle East. The attack heightened uncertainty in a market that had become relatively subdued in recent months and now faces the loss of crude from Saudi Arabia, traditionally the world's supplier of last resort. Brent futures saw more than 2 million contracts traded, an all-time daily volume record, Intercontinental Exchange spokeswoman Rebecca Mitchell said.

  • The World’s Oil Glut Is Much Worse Than It Looks
    Bloomberg

    The World’s Oil Glut Is Much Worse Than It Looks

    (Bloomberg Opinion) -- A meeting of ministers from OPEC states and their oil-producing allies will take place in Abu Dhabi this week. It will probably be a subdued affair. Oil prices remain stubbornly low despite big output cuts by the so-called OPEC+ group and geopolitical factors such as the U.S. sanctions on Iran.The meeting of the Joint Ministerial Monitoring Committee, a body set up by OPEC+ to oversee its production-cutting strategy, won’t reset the group’s approach but it might provide some clearer guidance on its goals. The ministers insist that they don’t have a target for how far they want the price of crude to rise, and say instead that their aim is to reduce excess stockpiles.But for market-watchers it’s tough to even get a sense of how big that stockpile is, and hence when the output-cutting exercise may be seen to have done its job.The original target of the output cuts back in November 2016 was to get stockpiles back to their five-year average level. That was never going to be enough, though. The problem is that this average has been inflated by the very excess stockpile that OPEC+ is trying to drain (as the chart below shows).As such, it’s been relatively easy to cut the inventory to close to this inflated figure but that has still left a huge amount of unwanted crude sloshing around. Not a very useful outcome when you’re trying to boost prices.Khalid Al-Falih, the departing Saudi oil minister, has acknowledged that the group needs a new target. The OPEC+ ministerial group concluded at its last meeting in July that the moving five-year average wasn’t working and it has been considering using a new benchmark from the more “normal” period (in global oil inventory terms) of 2010-2014.That leaves the producers with a lot more excess crude to drain. OPEC assessed that commercial oil stockpiles in the industrialized countries of the OECD totaled 2.955 billion barrels at the end of June. That’s 258 million barrels more than the 2010-2014 average for the same month.Using this figure would certainly be a step in the right direction in terms of truly managing the market’s excess inventory. Better still would be having a target that takes into account the growth in oil demand every year, by measuring stockpiles in terms of the number of days’ worth of demand they represent rather than in simple volumes.Measuring the number of barrels held in storage is all well and good, but with demand rising year after year (even if the rate of increase is slowing) the world now needs a bigger stockpile to provide the same amount of forward cover.Still, whether you measure them as simple volumes or in terms of cover for future demand, OECD stockpiles are rising. Admittedly, much of the recent increase comes from natural gas liquids (light oils produced in large quantities from U.S. shale) which are used widely as petrochemical feedstocks. When you strip these out of the numbers, OECD inventories of crude oil plus the major fuel products – gasoline, middle distillates (diesel, heating oil and jet fuel) and fuel oil – are below their five-year average level.Yet the stockpiles calculated on this basis are well above their 2010-2014 average and that’s the real problem for OPEC+ ministers when they meet in Abu Dhabi.Saudi Arabia can’t rescue oil prices on its own. With demand growth weakening and non-OPEC supply rising, the producing nations may to have to consider both longer and deeper cuts.To contact the author of this story: Julian Lee at jlee1627@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Julian Lee is an oil strategist for Bloomberg. Previously he worked as a senior analyst at the Centre for Global Energy Studies.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Investing.com

    Oil Rally Continues as Inventories Drop 4.8M

    Investing.com - A larger-than-expected drawdown in U.S. oil stockpiles added to bullish sentiment and kept prices higher midmorning Thursday.

  • U.S. oil skids more than 3% lower as China tariffs target crude imports
    MarketWatch

    U.S. oil skids more than 3% lower as China tariffs target crude imports

    U.S. oil futures head sharply lower Tuesday as an increase in tariffs, which took hold this weekend, heightened worries about a global recession — a bearish factor for global crude appetite.

  • Oil drops as Russia reportedly cuts output less than expected; U.S. prices lose 6% in August
    MarketWatch

    Oil drops as Russia reportedly cuts output less than expected; U.S. prices lose 6% in August

    Oil futures settled sharply lower Friday, contributing to a loss for the month, after reports that Russian Energy Minister Alexander Novak said Russia’s oil output cuts in August will be slightly smaller those agreed to under the deal between OPEC and non-OPEC producers.