EIA Reports Increase in Crude Inventories, Declines in Gasoline and Distillates
The U.S. Energy Information Administration reported weekly...
The U.S. Energy Information Administration reported weekly supply declines of 5.7 million barrels for U.S. gasoline and 1.6 million barrels for distillates. Analysts surveyed by Platts, part of S&P Global Commodity Insights, had forecast a supply decline of 1.6 million barrels for gasoline and an increase of 180,000 barrels for distillates. Demand for gasoline, meanwhile, climbed, with total finished motor gasoline supplied, a proxy for demand, at 9.182 million barrels per day in the latest week, versus 8.877 million bpd from a week earlier.
Commercial crude inventories climbed by 1.4 million barrels for the week that ended March 7, the EIA said. The data were expected to show a rise of 2 million barrels on average, according to the Platts survey. Late Tuesday, the American Petroleum Institute reported a crude inventory rise of 4.25 million barrels, according to a source citing the data.
Oil futures settled higher Wednesday, finding support from overall weakness in U.S. dollar, as well as data from the Energy Information Administration showing a notable weekly rise in gasoline demand and a nearly 6-million-barrel drop in supplies of the motor fuel.
The rise in gasoline demand helped offset global economic growth worries as investors navigated intensifying trade tensions.
West Texas Intermediate crude for April delivery rose $1.43, or 2.2%, to settle at $67.68 a barrel on the New York Mercantile Exchange.
May Brent crude, the global benchmark, added $1.39, or 2%, at $70.95 a barrel on ICE Futures Europe.
April gasoline climbed 2.1% to $2.15 a gallon, while April heating oil tacked on 0.4% to $2.21 a gallon.
Natural gas for April delivery settled at $4.08 per million British thermal units, down 8.3%.
Dow ends lower, Nasdaq jumps 1.2% as Big Tech rebounds from tariff-induced slide
U.S. stocks finished mostly higher on Wednesday afternoon...
U.S. stocks finished mostly higher on Wednesday afternoon after February's consumer-price index report showed inflation cooled more than expected last month.
The Nasdaq Composite surged 212.35 points, or 1.2%, to end at 17,648.45 after two days of heavy losses, according to FactSet data. Gains for tech heavyweights, including Nvidia Corp., Tesla Inc. and others helped lift the index, which remains down 3% so far this week.
The S&P 500 gained 27.23 points, or 0.5%, to finish at 5,599.30, after back-to-back losses.
The Dow Jones Industrial Average notched a third straight loss, falling 82.55 points, or 0.2%, to 41,350.93.
Despite the rebound in technology stocks, uncertainty around President Donald Trump’s trade policies continued to weigh on market sentiment on Wednesday. The president officially imposed sweeping 25% tariffs on all steel and aluminum imported into the U.S. on Wednesday, while Canada said it will impose 25% tariffs on more than $20 billion worth of U.S. products.
House Republicans pass bill to avert government shutdown
The House passed a bill yesterday to keep the government funded through...
The House passed a bill yesterday to keep the government funded through September, mostly at last year’s funding level, as a Friday deadline to secure new funding or shut down the government looms. It passed essentially along party lines, with one Republican voting against it and one Democrat voting for it. The measure now heads to the Senate, where Republicans will need at least seven votes from Democrats to prevent a filibuster that could block it. The Democrats have their own proposal that aims to give Congress more power over spending as Elon Musk’s DOGE makes cuts.
US to resume aid to Ukraine after progress on potential ceasefire deal
The Trump administration lifted its pause on military...
The Trump administration lifted its pause on military aid and intelligence sharing with Ukraine after Ukraine agreed to an immediate 30-day ceasefire negotiated by the United States—if Russia also agrees. The announcements came following talks between US officials and a Ukrainian delegation in Saudi Arabia. The US said it would present the plan to Russia, where President Donald Trump’s special envoy, Steve Witkoff is expected to travel later this week.
