U.S. crude stockpiles rose 3.8M barrels last week, API says
The American Petroleum Institute (API) estimated that crude oil inventories in the United States...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.76 million barrels in the week ending April 25, after analysts had estimated a much smaller 390,000-barrel build. The API reported a 4.565 million barrel dip in the prior week.
So far this year, crude oil inventories have increased by more than 23 million barrels, according to Oilprice's calculations of API data.
Gasoline inventories fell in the week ending April 25th by 3.14 million barrels, after falling by 2.180 million barrels in the week prior. As of last week, gasoline inventories are now 3% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were also down this week, by 2.52 million barrels in the latest week. In the week prior, distillate inventories fell by 1.640 million barrels. Distillate inventories were already about 13% below the five-year average as of the week ending April 18, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 674,000 barrels, the API data showed, more than offsetting last week’s 354,000 barrel slide.
The Dow Jones Industrial Average rose 300.03 points, or nearly 0.8%, to finish at 40,527.62. The blue-chip index scored its longest winning streak since July 17, 2024, according to Dow Jones Market Data.
The S&P 500 was up 32.09 points, or 0.6%, to end at 5,560.83. The large-cap index has finished higher for six consecutive trading sessions, logging its largest six-day percentage gain since March 2022.
The Nasdaq Composite gained 95.18 points, or nearly 0.6%, ending at 17,461.32.
Oil Prices Fall 2% to 2-Week Low as Trade War Concerns Dampen Demand Outlook
Oil prices fell about 2% to a two-week low on Tuesday...
Oil prices fell about 2% to a two-week low on Tuesday on expectations OPEC+ will boost output even as U.S. President Donald Trump's on-again off-again trade tariffs could reduce global economic growth and demand for the fuel.
Brent crude futuresfell by $1.61 to $64.25 per barrel, while U.S. West Texas Intermediate crudedropped by $1.63 to $60.42.
Trump's push to reshape world trade by imposing tariffs on imports into the U.S. has made it probable that the global economy will slip into recession this year, according to a majority of economists in a Reuters poll.
Improved market conditions boost Haynesville gas output
Haynesville Shale natural gas production has rebounded to 13.9 Bcf/d...
Haynesville Shale natural gas production has rebounded to 13.9 Bcf/d in recent weeks, the highest since last summer, as improved pricing and growing liquefied natural gas demand prompts operators to revive deferred wells. S&P Global Commodity Insights analysts expect low forward gas prices and operators' focus on capital discipline and shareholder returns to delay any substantial increase in drilling activity until the latter half of the year.
Woodside Reaches $17.5B FID on Louisiana LNG Development
Woodside Energy has reached a final investment decision (FID) to develop...
Woodside Energy has reached a final investment decision (FID) to develop the three-train 16.5 million tonne per annum (mtpa) Louisiana LNG facility, according to an April 28 press release.
The forecasted total capital expenditure (CAPEX) for the LNG project, pipeline, and management reserve is $17.5 billion, Australia-based Woodside said. Woodside said it is targeting its first LNG from the development in 2029.
Woodside acquired the LNG plant, which is located in Cameron Parish, Louisiana, in October 2024 through its $900 million buyout of Tellurian Inc. Bechtel is the primary engineering, procurement, and construction contractor on the project.
Louisiana LNG will enable the company to deliver approximately 24 mtpa from its global LNG portfolio in the 2030s and operate over 5% of global LNG supply, Woodside said.
At full capacity, Louisiana LNG is expected to generate approximately $2 billion of annual net operating cash in the 2030s, the release stated.
