Benchmark U.S. crude oil for July delivery fell 60 cents to $121.51 a barrel Thursday. Brent crude for...
Benchmark U.S. crude oil for July delivery fell 60 cents to $121.51 a barrel Thursday. Brent crude for August delivery fell 51 cents to $123.07 a barrel.
Wholesale gasoline for July delivery rose 6 cents to $4.28 a gallon. July heating oil rose 9 cents to $4.40 a gallon. July natural gas rose 26 cents to $8.96 per 1,000 cubic feet.
US natural gas storage rises 97 Bcf to 1.999 Tcf as NYMEX futures rebound
The US Energy Information Administration on June 9 reported a 97 Bcf injection to US inventories for...
The US Energy Information Administration on June 9 reported a 97 Bcf injection to US inventories for the week ended June 3. The addition to stocks was closely aligned with S&P Global Commodity Insights' storage survey result, which called for an injection of 96 Bcf. The weekly build was also much closer to historical averages, just barely undershooting the year-ago injection of 98 Bcf and the five-year average of 100 Bcf in the corresponding week, data from the EIA showed.
As a result, the US working gas inventories climbed to 1.999 Tcf, while the shortfall to 2021 widened to 398 Bcf, leaving stocks about 17% below the year-ago level of 2.397 Tcf. The inventory deficit to the prior five-year average also expanded to its widest yet this season, pushing stocks to 340 Bcf, or almost 15%, below the historical average of 2.339 Tcf.
Immediately following the EIA storage report's release, the Henry Hub July contract jumped about 25 cents to $8.45/MMBtu, followed by continued price gains throughout the morning and early afternoon that left the prompt-month contract just shy of $9/MMBtu at settlement, data from CME Group showed.
British and Dutch wholesale gas prices rose sharply on Thursday morning, driven predominately...
British and Dutch wholesale gas prices rose sharply on Thursday morning, driven predominately by news of an outage at the Freeport LNG plant in the United States, a key supply point for European customers.
In the British gas market, the contract for next day delivery was up by 9 pence to 95 pence per therm by 0843 GMT, while the contract for within-day delivery rose by 17 pence to 105 p/therm. The winter contract was up by 17.21 pence to 250 p/therm.
In the Dutch gas market, the day-ahead contract jumped by 10.65 euros to 87.50 euros per megawatt-hour (MWh), while the July contract rose by 6.70 euros to 85.50 euros/MWh.
Dow drops more than 600 points as U.S. stocks end sharply lower ahead of highly-anticipated inflation data
All three major stock benchmarks closed sharply lower Thursday, with the Nasdaq Composite...
All three major stock benchmarks closed sharply lower Thursday, with the Nasdaq Composite suffering the biggest loss as investors worry about slowing growth and inflation data that will be released Friday. The Dow Jones Industrial Average DJIA, -1.94% dropped around 639 points to close 1.9% lower, while the S&P 500 SPX, -2.38% fell 2.4% and the technology-heavy Nasdaq COMP, -2.75% slid almost 2.8%, according to preliminary FactSet data. The U.S. government will release on Friday morning May inflation data measured by the consumer-price index. All 11 sectors of the S&P 500 closed lower Thursday, FactSet data show.
US petroleum output edges closer to pre-pandemic levels
The US produced an estimated 19.9 million barrels per day of crude and other liquids in May, just 3%...
The US produced an estimated 19.9 million barrels per day of crude and other liquids in May, just 3% below the 20.5-million-bpd record set in January 2020, while global production of petroleum and other liquids rebounded to 99% of pre-pandemic levels to average 99.5 million bpd, the Energy Information Administration reported. The agency also forecast that US crude oil production will climb to 11.92 million bpd this year and 12.97 million bpd in 2023, while demand for petroleum and other liquid fuels is seen rising to 20.53 million bpd in 2022 and 20.73 million bpd in 2023.
