The EIA reported that commercial crude inventories climbed by...
The EIA reported that commercial crude inventories climbed by 1.4 million barrels for the week that ended March 14. The government agency has now reported three consecutive weekly gains in crude supplies.
According to analysts surveyed by Platts, part of S&P Global Commodity Insights, the data were expected to show an average rise of 1.2 million barrels. Late Tuesday, however, the American Petroleum Institute reported a crude-inventory rise of 4.6 million barrels, according to a source citing the data.Â
The EIA also reported weekly supply declines of 500,000 barrels of gasoline and 2.8 million barrels of distillates. The survey forecast supply decreases of 2.3 million barrels of gasoline and 370,000 barrels of distillates.
The smaller-than-expected drawdown in gasoline inventories could indicate a “more healthy U.S. appetite for air travel,” said Tradition Energy’s Cunningham, especially in light of the larger-than-expected draw in distillates, which include jet fuel.
The EIA said gasoline demand fell, with total finished motor gasoline supplied, a proxy for demand, at 8.817 million barrels per day in the latest week, versus 9.182 million bpd a week earlier.
U.S. oil production changed little, at 13.57 million bpd in the latest week, the EIA said, while crude stocks at the Cushing, Okla., Nymex delivery hub declined by 1 million barrels to 23.5 million barrels.
Oil settles higher after latest U.S. supply data, Russia-Ukraine cease-fire on energy infrastructure
Oil futures posted a gain on Wednesday, giving up early...
Oil futures posted a gain on Wednesday, giving up early losses after official U.S. data revealed weekly declines in petroleum-product stockpiles and a third consecutive weekly rise in commercial crude inventories.
Crude prices had traded lower early Wednesday, pressured after Russian President Vladimir Putin rejected on Tuesday a full cease-fire in the country’s war against Ukraine but agreed to a mutual halt on attacks on energy infrastructure for 30 days.
West Texas Intermediate crude for April delivery increased by 26 cents, or 0.4%, to settle at $67.16 a barrel on the New York Mercantile Exchange.
May Brent crude, the global benchmark, climbed 22 cents, or 0.3%, at $70.78 a barrel on ICE Futures Europe. Brent and WTI have ended higher in seven of the last 10 trading sessions.
April gasoline added nearly 0.1% to $2.17 a gallon, while April heating oil rose 1.7% to $2.23 a gallon.
Natural gas for April delivery settled at $4.25 per million British thermal units, up 4.8%.
U.S. stocks finished higher on Wednesday after the Federal...
U.S. stocks finished higher on Wednesday after the Federal Reserve decided to leave interest rates unchanged at a range of 4.25% to 4.50% for a second straight meeting.
Meanwhile, the central bank's so-called dot plot, used by Fed officials to indicate their new projections on the economy and the future path of rates, showed policymakers still penciled in two rate reductions this year. They also saw lower economic growth and higher inflation for 2025, which could raise fears of stagflation.
The Dow Jones Industrial Average rose 383.32 points, or 0.9%, to end at 41,964.63, according to FactSet data.
The S&P 500 was up 60.63 points, or 1.1%, to end at 5,675.29.
The Nasdaq Composite popped 246.67 points, or 1.4%, ending at 17,750.79.
"The Fed meeting delivered a dovish surprise that stock-market bulls have welcomed. They kept rates on hold, and as expected, they revised down their growth outlook and revised up their inflation outlook. This does not sound like the basis for a dovish surprise..." said Kathleen Brooks, research director at XTB.
Stocks bounced back this week from their sharp selloff over the past month, after uncertainty around President Donald Trump's tariff plans sent financial markets into a tailspin.
Zelensky Agrees to Limited Cease-Fire in Call With Trump
President Volodymyr Zelensky of Ukraine agreed to halt strikes on energy...
President Volodymyr Zelensky of Ukraine agreed to halt strikes on energy infrastructure in a limited cease-fire deal also backed by Russia, according to a statement from the Trump administration after a call between the Ukrainian leader and President Trump. The statement said the two leaders also discussed the possibility of American ownership of Ukrainian energy facilities, including nuclear plants. Mr. Trump said such an arrangement would best protect those sites. They spoke a day after a call between Mr. Trump and President Vladimir V. Putin of Russia.
Fed Holds Rates Steady and Signals 2 Cuts This Year
The Federal Reserve left interest rates unchanged on...
The Federal Reserve left interest rates unchanged on Wednesday for a second straight meeting, as officials stuck to their previous forecast for two more cuts this year despite bracing for higher inflation and slower growth.
The central bank’s decision to hold interest rates at 4.25 percent to 4.5 percent extends a pause that has been in place since January following a series of cuts in late 2024 that lowered borrowing costs by a percentage point.
