Iraq oil exports underperforming, hurting war against Islamic State

BAGHDAD (AP) — Iraq's oil exports for last month were below planned levels, the country's Oil Ministry said Wednesday, depriving the nation of badly needed funds for its battle against the Islamic state group.


Record storage at Cushing but room for more


A record 54.4 million barrels of crude is in storage at the key Cushing hub, according to the Energy Information Administration, and an analyst told E&E that the number could climb to 65 million by mid-April.


Oil higher, stocks dip

NEW YORK (AP) — A late turn pulled the stock market to a loss on Monday, as major indexes wavered following a strong run last week.

The price of oil edged up amid signs that the growth in U.S. supply may be slowing. Benchmark U.S. crude rose 88 cents to close at $47.45 a barrel in New York. 


Kuwait oil minister: No plans for emergency OPEC meeting

KUWAIT CITY (AP) — Kuwait's oil minister says his country will stick to existing production targets and sees no reason for an emergency session of OPEC despite the slide in crude prices.

Oil Minister Ali al-Omair was quoted by the official Kuwait News Agency on Thursday saying there is no reason for the 12-nation bloc to reassess strategy before its scheduled June gathering.

Energy Department

House lawmakers press Moniz for Strategic Reserve updates

A group of House lawmakers on Wednesday urged Energy Secretary Ernest Moniz to give updates on the department’s emergency stockpile of crude oil, saying the shift in U.S. energy markets makes proper maintenance of the Strategic Petroleum Reserve more crucial than ever.

In a letter, House Energy and Commerce Chairman Fred Upton, R-Mich., Ranking Member Rep. Frank Pallone, D-N.J. and other committee members pressed Moniz on a number of questions about the SPR and what the department is doing to make sure it is optimized for the current energy market.


Oil falling for seventh straight session

Concerns about the continuing supply glut were keeping pressure on oil prices early Wednesday, as they plumbed fresh six-year lows.

Trading was thin ahead of the Federal Reserve announcement about interest rates, however, according to analyst Kash Kamal at Sucden Financial.


In Libya, clash with Islamic State militants near oil terminal

TRIPOLI, Libya (AP) — A Libyan official says fighting between Islamic State militants and forces loyal to the government based in the country's capital, Tripoli, has killed 10 troops.

Ismail al-Shukri, says Wednesday's clashes took place near the town of Nofaliya, close to the country's main oil terminal overlooking the Mediterranean Sea.


Oil still dropping on rising supply

Oil was declining early Tuesday after hitting a six-year low, as growing supplies appear to be continuing to outpace demand.

Data provider Genscape was estimating that stockpiles at the Cushing hub grew by 3.1 million barrels last week, said Kash Kamal, research analyst at Sucden Financial in London, noting that the increase could mean a “further downside” for West Texas Intermediate prices.


Oil down ahead of Fed meeting

Last week’s bearish oil market trading -– fueled by news of growing stocks -- continued early Monday as investors awaited action by the Federal Reserve later this week. Traders expect the U.S. central bank to raise its benchmark interest rate sooner rather than later and they will be watching to see whether officials signal through their language whether that's the case.

Benchmark U.S. crude was down 38 cents to $44.46 a barrel in electronic trading on the New York Mercantile Exchange, after falling earlier to its lowest level in six years. The contract fell $2.21 to close at $44.84 a barrel on Friday.


Oil steadying ahead of stockpile report

Oil prices have started back up following Tuesday’s dramatic drop of more than three percent, despite the dollar’s continuing gains and ahead of the Energy Information Administration’s weekly data on crude stockpiles.

“The release of the weekly API oil inventories report showed an unexpected small drop of 400,000 barrels in crude oil inventories for the week ending 6th March against analysts’ estimates of a build,” said Myrto Sokou at Sucden Financial Research in London.

“It seems that there might be a potential end to the 8-week build streak of crude oil inventories if the U.S. Department of Energy confirms this trend in today’s report,” Sokou added.


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