US crude oil stocks saw a far bigger than expected draw in the...
US crude oil stocks saw a far bigger than expected draw in the week to 28 July, with the Energy Information Administration (EIA) saying privately held inventories fell 17 million barrels over the week to their lowest levels since the start of the year.
Weekly figures from the EIA’s closely watched Petroleum Status Report on Wednesday showed the largest weekly drop in crude stocks on record.
All of that fall came from privately held inventories, which were down to 439.8 million barrels last week, which left available supply at its lowest level since early January, according to the EIA’s analysis.
The week’s move exceeded even a surprise 15.4-million-barrel draw seen in API figures overnight, as well as a more modest 1.37 million barrels average analysts polled by Reuters, had given prior to both reports.
Kimmeridge Closes $1B Fund for Unconventional North American Assets
Kimmeridge Energy Management Co., an energy alternative asset...
Kimmeridge Energy Management Co., an energy alternative asset manager, closed a $1 billion fund for the acquisition and development of unconventional assets in North America.
The company said its new fund is 25% larger than the last fund it raised in 2019. Funds of this size have become extremely rare in the last five years. Kimmeridge said its new Fund VI is supported by institutional investors including endowments, foundations, public pensions, family offices and sovereign wealth funds.
Kimmeridge was founded in 2012 and has more than $5 billion of limited partner commitments across 10 funds. It has offices in New York City and Denver, Colorado.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery fell $1.88 to $79.49 a barrel Wednesday. Brent crudefor October delivery fell $1.71 to $83.20 a barrel.
Wholesale gasolinefor September delivery fell 9 cents to $2.78 a gallon. September heating oil fell 2 cents to $3 a gallon. September natural gas fell 8 cents to $2.48 per 1,000 cubic feet.
S&P 500 books biggest drop since April after U.S. loses AAA ratings
Stocks fell on Wednesday, a day after Fitch Ratings lowered its...
Stocks fell on Wednesday, a day after Fitch Ratings lowered its U.S. debt ratings to AA+ from the top AAA category, pointing to its growing debt burden and “erosion of governance” over the past two decades. The S&P 500SPX fell about 63 points, or 1.4%, ending near 4,513, booking its biggest daily percentage decline since April 25, according to preliminary Dow Jones Market Data. The Dow Jones Industrial AverageDJIA shed about 1%, while the Nasdaq Composite Index COMP closed 2.2% lower. Stocks already had been taking a breather from their march toward record levels when Fitch on Tuesday evening made good on a threat to downgrade its U.S. debt rating a notch to AA+.
Venture Global's proposed 22-million-short-ton-per-year CP2 liquefied natural gas export facility in Cameron Parish, La., would have some adverse effects on the environment, but most could be lowered to less-than-significant levels with mitigation measures, according to a final environmental impact statement published by the Federal Energy Regulatory Commission. "This is a major regulatory milestone for the project that puts us on track for a Commission vote and the commencement of construction later this year," said Venture Global CEO Mike Sabel.
