U.S. crude stocks rose on the back of a sharp drop in oil exports, while gasoline and distillate inventories...
U.S. crude stocks rose on the back of a sharp drop in oil exports, while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
Crude inventories rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hubrose by 159,000 barrels in the week to Aug 4, EIA said.
U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day, according to the data. Net U.S. crude imports rose by 2.94 million barrels per day, EIA said.
New oil, gas discoveries down in first half of year
Oil and natural gas explorers found 2.6 billion barrels of oil equivalent in the first half of the year,...
Oil and natural gas explorers found 2.6 billion barrels of oil equivalent in the first half of the year, down 42% from the first six months of 2022, according to Rystad Energy research. Companies made 55 discoveries in the first half of 2023, compared to 80 during the same period of 2022, according to Rystad, which points out that Guyana has the most discovered BOE so far this year, followed by Turkey and Nigeria.
Some Maui residents jumped into the ocean to escape wildfires. The people were “transported...
Some Maui residents jumped into the ocean to escape wildfires. The people were “transported by the Coast Guard to safe areas,” officials said. Meanwhile, 911 service, cell service, and some landlines were down on parts of the island. Richard Bissen, the mayor of Maui County, said Wednesday that at least six people were killed as a result of the wildfires. The death toll has since been reported as high as 36.
Energy stocks are opening in the green, with higher broader index futures set to offset slightly lower energy commodity prices. News flow and earnings are slowly beginning to wind down, with late August seasonal trends on the horizon. July inflation data came in as expected, with a 0.2% rise month-over-month and a 3.2% increase from 12 months ago. Probabilities for Fed rate increases at the upcoming meetings in September and November declined following the inflationary data.
Oil prices are marginally lower,consolidating near 2023 highs. Both benchmarks have been on a sustained rally since June, with WTI trading at its highest this year on Thursday and Brent hitting its highest price since January. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for tensions between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments.
Natural gas futures are down by a nickel, trading around $2.91, ahead of weekly inventory data.
U.S. consumer prices rose 3.2 percent in the year through July, a slight uptick in the inflation rate.
The Consumer Price Index climbed 3.2 percent in the year through...
The Consumer Price Index climbed 3.2 percent in the year through July, according to a report released on Thursday. That marked the first acceleration in 13 months and followed a 3 percent reading in June.
But that pickup required context. Inflation was rapid in June of last year and slightly slower the following month. That means that when this year’s numbers were measured against 2022 readings, June looked lower and July appeared higher than if the year-ago figures had been more stable.
