US-Europe oil trade benefits from wide Brent-WTI spread
A wide spread between West Texas Intermediate and Brent crude oil prices and reduced demand from US refineries...
A wide spread between West Texas Intermediate and Brent crude oil prices and reduced demand from US refineries have helped lift US crude oil exports to Europe to a record 2.1 million barrels per day so far this month, according to ship tracking data. Kpler analyst Matt Smith expects the trend to continue in the coming months if WTI's discount to Brent remains high.
Oil prices edge lower ahead of Fed decision, supply data
Oil futures were slightly lower Wednesday as investors awaited an official reading on U.S. inventories...
Oil futures were slightly lower Wednesday as investors awaited an official reading on U.S. inventories after industry data showed a rise in crude stocks and stood by for a Federal Reserve interest rate decision.
West Texas Intermediate crude for May delivery CL00 fell 27 cents, or 0.4%, to $69.40 a barrel on the New York Mercantile Exchange.
May Brent crude BRN00 was off 32 cents, or 0.4%, at $75 a barrel on ICE Futures Europe.
Back on Nymex, April gasoline RBJ23 edged down 0.2% to $2.535 a gallon, while April heating oil HOJ23 was up 0.8% at $2.711 a gallon.
April natural-gas futures NGJ23 dropped 5% to $2.231 per million British thermal units.
Stocks of the crisis-hit First Republic Bank witnessed a brutal sell-off in the morning...
Stocks of the crisis-hit First Republic Bank witnessed a brutal sell-off in the morning session on Tuesday. But, after the news break of US government's potential backing to encourage buyers, First Republic Bank's share price rebounded strongly and ended 29.50 percent higher at $ 15.77 per share on NYSE.
"First Republic Bank surged almost 30% amid optimism over a new plan under discussion to aid the regional lender," said Marc Despallieres.
The American Petroleum Institute (API) on Tuesday reported a build of 3.262 million barrels,...
The American Petroleum Institute (API) on Tuesday reported a build of 3.262 million barrels, compared to estimates of a 1.448 million barrel draw. The total number of barrels of crude oil gained so far this year is now more than 59 million barrels.
This week, SPR inventory held steady for the tenth week in a row at 371.6 million barrels—the lowest amount of crude oil in the SPR since December 1983.
Distillates fell by 1.84 million barrels after decreasing by 2.886 million bpd in the week prior.
Inventories at Cushing, Oklahoma, decreased by 760,000 barrels—on top of the 946,000 barrel decline that the API reported last week.
Benchmark U.S.crude oilfor April delivery rose $1.69 to $69.33 a barrel Tuesday. Brent crude for May delivery rose $1.53 to $75.32 a barrel.
Wholesale gasoline for April delivery was unchanged at $2.54 a gallon. April heating oilwas also unchanged at $2.69 a gallon. April natural gas rose 13 cents to $2.35 per 1,000 cubic feet.
