OklahomaMinerals.com

Snippets

• U.S. Crude Oil, Gasoline Inventories See Sizable Gains
  Crude oil inventories in the United States rose this week by...
  Crude oil inventories in the United States rose this week by 2.48 million barrels for the week ending May 10, according to The American Petroleum Institute (API).  For the week prior, the API reported a 3.104 million barrel dip in crude inventories.
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of May 17. Inventories are now at 368.8 million barrels—the highest point since last April, but well below the 656 million barrels in inventory in June 2020.
  
  Gasoline inventories rose this week as well, by 2.088 million barrels, more than countering last week’s 1.269 million barrel dropoff. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories fell this week by 320,000 barrels, offsetting last week’s 349,000-barrel build. Distillates were 7% below the five-year average for the week ending May 10, the latest EIA data shows.
  
  Cushing inventories saw a build this week, according to API data, adding 1.77 million barrels after decreasing by 601,000 barrels in the previous week.
  Read More
• S&P 500, Nasdaq inch up to close at records ahead of Nvidia earnings
  U.S. stocks finished higher, with the S&P 500 and the Nasdaq Composite...
  U.S. stocks finished higher, with the S&P 500 and the Nasdaq Composite notching new all-time closing highs as investors digested a slew of quarterly results from big retailers.
  
  The S&P 500 was up 0.3%, to end near 5,321, posting its 24th record high so far in 2024.
  
  The Nasdaq Composite rose 0.2%, to finish around 16,832. The tech-heavy index scored its 10th all-time high this year.
  
  The Dow Jones Industrial Average ended below the 40,000 milestone. It advanced 0.2%, finishing around 39,873 on Tuesday.
  
  U.S. stocks drifted around their record levels in quiet trading on Tuesday while a batch of earnings reports from some of the country's biggest retailers offered some insights into the state of the consumer.
  
  Shares of Macy’s Inc. were up 5.2%, while the Lowe's Companies dropped by 2%.
  Read More
• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for June delivery ...
  Benchmark U.S. crude oil for June delivery fell 54 cents to $79.26 per barrel Tuesday. Brent crude for July delivery fell 83 cents to $82.88 per barrel.
  
  Wholesale gasoline for June delivery fell 3 cents to $2.51 a gallon. June heating oil fell 3 cents to $2.46 a gallon. June natural gas fell 8 cents to $2.67 per 1,000 cubic feet.
  
  
  Read More
• Tanker to take on first load from Trans Mountain expansion
  The first crude oil cargo from the Trans Mountain Pipeline expansion...
  The first crude oil cargo from the Trans Mountain Pipeline expansion project in Canada is being loaded in Vancouver this week, according to shipping data. The load of 550,000 barrels of Access Western Blend is being exported to China, according to the data.
  Read More
• La. CCS plans may be complicated by abandoned wells
  Capturing and storing carbon dioxide underground in Louisiana may be...
  Capturing and storing carbon dioxide underground in Louisiana may be challenging due to the number of possibly leaky abandoned wells in the state, which could result in some of the stored CO2 escaping and well water being contaminated. Most CO2 injection sites have to be reviewed by the Environmental Protection Agency, but Louisiana is one of three states that have been given authority to issue their own permits and Louisiana Department of Energy and Natural Resources spokesperson Patrick Courreges says project safety is "baked into the process."
  Read More

• Prev
• Next