The American Petroleum Institute (API) estimated that crude oil...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose again, this time by 2.499 million barrels in the week ending May 16 after analysts had estimated a 1.85-million-barrel draw. The API reported a 4.287 million barrel inventory increase in the prior week. So far this year, crude oil inventories are up more than 25 million barrels, according to Oilprice calculations of API data.
Gasoline inventories fell in the week ending May 16, by 3.238 million barrels, after falling by 1.374 million barrels in the week prior. As of last week, gasoline inventories were already 3% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were also down this week, by 1.401 million barrels. In the week prior, distillate inventories slid by 3.675 million barrels. Distillate inventories were already a startling 16% below the five-year average as of the week ending May 9, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 443,000 barrels, the API data showed, compared to last week’s 850,000 barrel dip.
Oil prices little changed on geopolitical uncertainty, weak China demand signals
Oil prices changed little on Tuesday due to uncertainty in U.S.-Iran...
Oil prices changed little on Tuesday due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude importer China's economy.
Brent futures slid 16 cents, or 0.2%, to settle at $65.38 a barrel, while U.S. West Texas Intermediate (WTI) crude slid 13 cents, or 0.2%, to settle at $62.56.
Iran's Supreme Leader Ayatollah Ali Khamenei said U.S. demands that Tehran stop enriching uranium are "excessive and outrageous," voicing doubts whether talks on a new nuclear deal will succeed.
A deal between Iran and the U.S. would allow Iran to raise oil exports by 300,000 to 400,000 barrels per day if sanctions were eased, StoneX analyst Alex Hodes said.
Iran was the third-biggest crude producer in the Organization of the Petroleum Exporting Countries (OPEC) group in 2024 behind Saudi Arabia and Iraq, according to U.S. federal energy data.
U.S. stocks finish lower as S&P 500 snaps 6-day winning streak
U.S. stocks finished modestly lower in quiet trading...
U.S. stocks finished modestly lower in quiet trading on Tuesday as investors digested corporate earnings and developments on President Donald Trump's tax bill.
The Dow Jones Industrial Average lost over 100 points, or 0.3%, to end near 42,677, according to preliminary data from FactSet.
The S&P 500 was off 0.4%, to finish around 5,940.
The Nasdaq Composite slid 0.4%, ending near 19,142
U.S. shale output nears peak amid stagnant oil prices
Economic uncertainty and suppressed crude prices are causing forecasters...
Economic uncertainty and suppressed crude prices are causing forecasters and major energy firms to anticipate an earlier plateau or even decline in US oil output. This trend is evident in most shale regions, though the Permian Basin still shows some potential for increased drilling activity.
U.S. targets LNG exports despite tariffs, other challenges
US energy firms are poised...
US energy firms are poised to approve new liquefied natural gas export capacity of more than 99 million short tons this year, significantly boosting the nation's status as a leading global supplier. This planned expansion proceeds despite potential financial pressures from trade tariffs and increasing construction expenses.
