EIA reports a surprise weekly climb in U.S. crude supplies
The Energy...
The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 3 million barrels for the week ended May 5. On average, analysts forecast a decline of 1.8 million barrels, according to a survey by S&P Global Commodity Insights. The EIA report showed weekly inventory declines of 3.2 million barrels for gasoline and 4.2 million barrels for distillates. The analyst survey had forecast supply declines of 550,000 barrels for gasoline and 1.1 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 400,000 barrels for the week, the EIA said. June West Texas Intermediate crude CLM23, 0.55% was down 83 cents, or 1.1%, at $72.88 a barrel on the New York Mercantile Exchange. Prices traded at $72.58 before the supply data.
Better than expected 1Q results for Tulsa’s Vital Energy
First quarter earnings were posted by Tulsa’s Vital Energy, Inc....
First quarter earnings were posted by Tulsa’s Vital Energy, Inc. showing stronger oil production than predicted and nearly $114 million in net income from its operations in the Permian Basin.
The company reported oil and total production exceeded the high-end of its guidance, producing 38.5 thousand barrels of oil a day and 80.4 thousand barrels of oil equivalent a day.
Reported first-quarter net income was $113.9 million and cash flows from operating activities were $116.1 million. During the quarter, Vital generated consolidated EBITDAX of $214.2 million and a free cash flow of $3.9 million.
U.S. stocks finish choppy session mostly higher after inflation data
U.S. stocks finished mostly higher on Wednesday, with only the Dow lagging...
U.S. stocks finished mostly higher on Wednesday, with only the Dow lagging in the red, following a report on inflation in April that showed price pressures eased about as much as expected. The S&P 500SPX, 0.45% gained 18.40 points, or 0.5%, to 4,137.60, according to preliminary closing data from FactSet. The Dow Jones Industrial AverageDJIA, -0.09% shed 30.68 points, or 0.1%, to 33,531.13. The Nasdaq CompositeCOMP, 1.04% gained 126.69 points, or 1%, to 12,306.44. Headline inflation rose by 4.9% year-over-year in April, while core prices rose by 5.5% year-over-year.
EOG Resources, Coterra Energy to cut gas production
Gas producers EOG Resources and Coterra Energy intend to cut back their...
Gas producers EOG Resources and Coterra Energy intend to cut back their activity in natural gas plays amid falling commodity prices, but say they are upbeat about the outlook for US gas production. EOG chief executive Ezra Yacob said, however, the company remains "constructive" on the "longer-term gas story" in the US and that record demand and new storage capacity bode well for the US's position as a leader in the global LNG market.
BP is ramping up oil exploration and drilling activity in frontier prospects as the...
BP is ramping up oil exploration and drilling activity in frontier prospects as the energy giant tries to stem a decline in its oil and gas output after years of focusing on a shift to renewables to cut carbon emissions.
