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The Environmental Protection Agency is reconsidering California's authority to enforce strict vehicle emission standards, according to a Supreme Court filing. The motion, which seeks to pause related litigation, reflects the EPA's review of a 2022 Biden-era decision supporting California's zero-emission vehicle mandates to ban gas-powered car sales by 2035.
The EIA reported Wednesday that commercial crude inventories climbed by 3.5 million barrels for the week that ended Jan. 24. That was the first weekly increase in 10 weeks, though domestic production edged lower.
The data were expected to show a crude supply climb of 2.6 million barrels on average, according to a survey of analysts conducted by S&P Global Commodity Insights. Late Tuesday, the American Petroleum Institute reported a crude inventory gain of 2.9 million barrels, according to a source citing the data.
Total domestic oil production fell by 237,000 barrels per day to 13.24 million bpd, the EIA said. Crude stocks at the Cushing, Okla., Nymex delivery hub added 300,000 barrels to 21 million barrels.
The report also showed a weekly supply increase of 3 million barrels for gasoline, while distillate inventories fell by 5 million barrels. The survey forecast an inventory increase of 1.4 million barrels for gasoline and a supply decline of 2.4 million barrels for distillates.
Demand for gasoline rose, with total finished motor gasoline supplied, a proxy for demand, at 8.302 million barrels per day in the latest week, versus 8.086 million bpd from a week earlier.
A long-overlooked shale play in South Texas might finally be showing signs of promise,...
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By Irina Slav for Oilprice.com | Oil prices have been on the mend this...
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