Oil Markets Shocked By Across the Board Inventory Builds
Crude oil inventories in the United rose this week by 5.202 million...
Crude oil inventories in the United rose this week by 5.202 million barrels, the American Petroleum Institute (API) data showed on Wednesday, with analysts expecting a 1.22 million barrel dip. The rise in crude oil inventories doesn’t fully offset the 6+ million barrel drop last week.
The total number of barrels of crude oil gained so far this year is just over 40 million barrels.
This week, SPR inventory dropped for the ninth week in a rowas another 2.6 million barrels of congressionally mandated crude oil was sold during the week ending May 26. There are now 355.4 million barrels—the lowest amount of crude oil in the SPR since September 1983.
Inventories at Cushing, Oklahoma, rose by 1.777 million barrels—after rising by 1.711 million barrels last week.
Despite criticism from environmental groups, Ohio has started...
Despite criticism from environmental groups, Ohio has started to accept applications from oil and gas companies to drill underneath state parks and other state-owned lands,and Texas-based Encino Energy has offered the state a $115 million signing bonus and the prospect of $2 billion in royalties. Some state officials want to use the money from leases to eliminate the state income tax but the Ohio Division of State Parks and Watercraft says the money is theirs to spend.
API reports modest rise in US petroleum demand in April
US petroleum consumption reached 19.8 million barrels per day in April, which marks a 17,000-bpd increase...
US petroleum consumption reached 19.8 million barrels per day in April, which marks a 17,000-bpd increase from the previous month but a 0.8% decline compared to the same period last year, continuing a five-month trend of year-over-year decreases, the American Petroleum Institute's latest monthly statistical report shows. US crude oil production rose marginally by 2,000 bpd month over month to 12.4 million bpd in April, while petroleum imports climbed by 7.1% and exports dropped by over 800,000 bpd compared to March.
U.S. stocks end lower as investors await House debt-ceiling vote
U.S. stocks finished lower Wednesday, with the S&P 500 closing...
U.S. stocks finished lower Wednesday, with the S&P 500 closing out May with a small gain, as investors weighed remarks from Federal Reserve officials on monetary policy while awaiting a debt-ceiling vote by Congress.
The Dow Jones Industrial Average closed 0.4% lower on Wednesday, while the S&P 500and the Nasdaq Compositeeach shed 0.6%, according to preliminary data.
The tech-heavy Nasdaq logged a 5.8% monthly rise in May, aided by gains for artificial intelligence-related stocks. The S&P 500eked out a 0.3% rise for May, while the Dow suffered a monthly loss of 3.5%.
The energy sector is off to a lower start, pressured by further weakness...
The energy sector is off to a lower start, pressured by further weakness in the underlying commodities and in the major equity futures fell as the search for a debt ceiling resolution continues and will advance to the House of Representatives for debate today.
WTI and Brent crude oil are trading sharply lower on weak economic data from China and a stronger dollar. China’s manufacturing data contracted more than expected and stayed below the 50-point mark that separates expansion from contraction as demand weakened. Additionally, the U.S dollar rose to its highest in over two months which saw support from cooling European inflation and progress on the U.S. debt ceiling negotiations. The market will be keeping an eye on Friday’s U.S. may non-farm payrolls data which may increase the possibility of further rate hikes if it comes in stronger than expected.
Natural gas futures are extending their losses on record output and forecasts for milder weather than previously expected.
