U.S. oil prices settle higher on hopes China will relax COVID curbs
U.S. oil futures settled higher Tuesday, finding support as signs...
U.S. oil futures settled higher Tuesday, finding support as signs China might loosen COVID-19 restrictions helped ease worries about energy demand.
Speculation that major oil producers may agree to cut production at a meeting on Sunday also contributed to the day’s gains for the U.S. crude benchmark, analysts said.
West Texas Intermediate crude for January delivery CL.1 rose 96 cents, or 1.2%, to settle at $78.20 a barrel on the New York Mercantile Exchange. On Monday, prices based on the front-month contracts touched their lowest intraday level since December, but finished higher.
January Brent crude BRNF23 the global benchmark, declined by 16 cents, or 0.2%, to settle at $83.03 a barrel on ICE Futures Europe. February Brent BRN00 the most actively traded contract, rose 36 cents, or 0.4%, to $84.25 a barrel.
December gasoline RBZ22 rose nearly 0.1% to $2.3321 a gallon, while December heating oil gained 2.5% to $3.2959 a gallon.
January natural gasNGF23 rose 0.5% to $7.235 per million British thermal units.
The American Petroleum Institute (API) reported a draw of 7.85 million barrels on Tuesday, after...
The American Petroleum Institute (API) reported a draw of 7.85 million barrels on Tuesday, after dropping 4.2 million barrels in the week prior. Analysis anticipated a 2.487 million barrel draw.
U.S. crude inventories may have grown by roughly 13 million barrels so far this year, according to API data, but crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 16 times that figure so far this year— by 204 million barrels.
Distillate stocks also saw a build this week, of 4.01 million barrels, compared to last week’s 1.1-million-barrel increase.
Cushing inventories fell 150,000 barrels in the week to November 25, compared to last week’s reported decrease of 1.4 million barrels.
U.S. stocks close mostly lower as investors await Fed chief Powell's speech
U.S. stocks ended mostly lower Tuesday, with the S&P 500 and Nasdaq Composite booking a third straight...
U.S. stocks ended mostly lower Tuesday, with the S&P 500 and Nasdaq Composite booking a third straight day of losses as investors assessed downbeat data on U.S. consumer confidence and China's step toward potentially easing its strict COVID policy. The Dow Jones Industrial Average DJIA, +0.01% closed about flat, while the S&P 500 SPX, -0.16% slipped 0.2% and the technology-heavy Nasdaq COMP, -0.59% dropped 0.6%, according to preliminary data from FactSet. The Conference Board said Tuesday that its U.S. consumer confidence index fell in November to a four-month low amid concerns over a slowing economy and high inflation.
Gasoline Prices Sink to Lowest Since February as Demand Sags
Gasoline prices in the US have fallen to their lowest level since before Russia invaded Ukraine back...
Gasoline prices in the US have fallen to their lowest level since before Russia invaded Ukraine back in February.
The average national pump price now stands at $3.546 a gallon, erasing all gains related to war disruptions, according to auto club AAA. The decline follows continued soft demand and growing supply -- the same bearish factors driving sharp losses in oil and gasoline futures.
Prices have weakened as refineries have returned from maintenance, while the country’s fuel consumption lags seasonal norms, according to the most recent US Energy Information Administration data for the week ended Nov. 18.
US Seeks to Limit Flaring, Methane Leaks from Public Lands Drilling
President Joe Biden’s administration on Nov. 28 proposed rules aimed...
President Joe Biden’s administration on Nov. 28 proposed rules aimed at limiting methane leaks from oil and gas drilling on public lands, Washington's latest move to crack down on emissions of the potent greenhouse gas.
The proposal complements new rules the U.S. government already proposed for the industry on private lands. It would place monthly limits on flaring and require oil and gas companies to undertake methane leak detection programs for operations on federal lands, where nearly a tenth of U.S. oil and natural gas production takes place, primarily in Western states.
