Oil rises to over $80/bbl as dollar slumps on slowing inflation
Oil settled over $80 a barrel on Tuesday and recorded its biggest daily gains in over...
Oil settled over $80 a barrel on Tuesday and recorded its biggest daily gains in over a month, as investors bought up risk assets after U.S. data pointed to slowing inflation.
The market was also buoyed by concerns about supply disruptions, including the ongoing shutdown of the Canada-to-United States Keystone crude pipeline following a massive leak last week.
Brent crude futures settled at $80.68 per barrel, up $2.69, or 3.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $75.39 per barrel, up by $2.22, or 3%. Both contracts recorded their biggest daily gains since Nov. 4.
The American Petroleum Institute (API) reported a build of 7.819 million barrels this week ending...
The American Petroleum Institute (API) reported a build of 7.819 million barrels this week ending a four-week streak of draws. Analysts anticipated a 3.913 million barrel draw.
U.S. crude inventories have grown by 14 million barrels so far this year, according to API data. Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 15 times that figure so far this year—by 211 million barrels.
The build in commercial crude oil inventories came only as the Department of Energy released 4.7 million barrels from the Strategic Petroleum Reserves in the week ending December 9, leaving the SPR with just 382 million barrels.
Distillate stocks also saw a build this week, of 3.9 million barrels, on top of last week’s 3.55-million-barrel increase.
Cushing inventories rounded out this week’s gains, adding 640,000 barrels in the week to December 9, compared to last week’s reported increase of 30,000 barrels.
U.S. stocks closed higher Tuesday in a choppy session after a...
U.S. stocks closed higher Tuesday in a choppy session after a gauge of consumer prices showed inflation continued to retreat from its June peak. The Dow Jones Industrial Average DJIA, rose about 105 points, or 0.3%, ending near 34,110, according to FactSet, after initially climbing about 700 points in early trade. The S&P 500 index SPX, gained 0.7% and the Nasdaq Composite Index COMP, advanced 1%. The latest consumer-price index for November showed annual inflation slowed to 7.1% from 7.7% a month before, adding to the retreat in the cost of living from a pandemic peak of 9.1% in June. Lower inflation, though still painfully high, gave more hope to investors that the Federal Reserve might be able to increase rates at a less dramatic pace than earlier in 2022, while potentially pausing at a "terminal," or peak, a rate that produces a soft-ish landing for the U.S. economy. Bond yields fell Tuesday after the inflation reading, with the 10-year Treasury rate tumbling 11.1 basis points to 3.5%, the biggest daily yield decline for the benchmark rate since Dec. 1, according to Dow Jones Market Data. The focus remains on Wednesday's Fed rate decision, with expectations running high for a 50 basis point increase, a step down from the recent series of four 75 basis point hikes.
Drilling can take place again in polluted Pa. village
The Pennsylvania Department of Environmental Protection ended its moratorium on natural gas drilling...
The Pennsylvania Department of Environmental Protection ended its moratorium on natural gas drilling in the village of Dimock as part of an agreement with producer Coterra Energy, which last month pleaded no contest in a criminal water pollution case stemming from accusations that its wells leaked flammable methane into Dimock's aquifer. The move angered residents, who fear new drilling will bring about more leaks and problems.
The Energy Information Administration on Monday reported that the US inventory of drilled-but-uncompleted...
The Energy Information Administration on Monday reported that the US inventory of drilled-but-uncompleted oil and natural gas wells climbed by 22, month over month to 4,443 in November. It was the second consecutive monthly increase in the DUC well count after 27 months of declines.
