The American Petroleum Institute (API) reported a draw this week for crude...
The American Petroleum Institute (API) reported a draw this week for crude oil of 448,000 barrels, while analysts predicted a smaller draw of 117,000 barrels. The draw comes as the Department of Energy released 3.4 million barrels from the Strategic Petroleum Reserves in the week ending August 12, to 461.2 million barrels.
U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 1.7 million barrel gain since the start of 2020, according to API data.
Cushing inventories rose by 250,000 barrels this week.Last week, the API saw a build of 910,000 barrels. Official EIA Cushing inventories for the week ending August 5 were 25.189 million barrels, up from 24.466 million barrels in the prior week.
Benchmark U.S. crude oil for September delivery fell $2.88 to $86.53 a barrel Tuesday. Brent crude for October delivery fell $2.76 to $92.34 a barrel.
Wholesale gasoline for September delivery fell 5 cents to $2.90 a gallon. September heating oil rose 4 cents to $3.48 a gallon. September natural gas rose 60 cents to $9.33 per 1,000 cubic feet.
Dow, S&P 500 notch highest close in more than 3 months
Stocks ended mostly higher Tuesday, with the Dow Jones Industrial Average lifted after upbeat earnings...
Stocks ended mostly higher Tuesday, with the Dow Jones Industrial Average lifted after upbeat earnings from retailing heavyweights Walmart Inc. and Home Depot Inc. The Dow DJIA, +0.71% rose around 239 points or 0.7%, to finish near 34,152, according to preliminary figures, while the S&P 500 SPX, +0.19% gained around 8 points, or 0.2%, to close near 4,305. The Nasdaq Composite COMP, -0.19% lagged behind, falling around 26 points, or 0.2%, to 13,103.
Oil futures fell Tuesday morning, extending a slide for crude tied to worries over the global economic...
Oil futures fell Tuesday morning, extending a slide for crude tied to worries over the global economic outlook after weak economic data out of China on Monday.
West Texas Intermediate crude for September delivery CL1 fell 55 cents, or 0.6%, to $88.86 a barrel on the New York Mercantile Exchange.
October Brent crude BRN00, 0.18%BRNV22, 0.17%, the global benchmark, was down 64 cents, or 0.7%, at $94.46 a barrel on ICE Futures Europe.
Back on Nymex, September gasoline RBU22, 0.01% fell 0.5% to $2.938 a gallon, while September heating oil HOU22, 1.12% was up 1% at $3.473 a gallon.
September natural-gas futures NGU22, 5.55% rose 3.4% to $9.024 per million British thermal units.
Kimmeridge Builds Stake in California Resources to Push for Changes
Kimmeridge Energy Management Co. LLC has amassed a stake in California Resources...
Kimmeridge Energy Management Co. LLC has amassed a stake in California Resources Corp. and is pushing the oil and gas producer to make changes that include selling some acreage to real estate developers, people familiar with the matter said.
The energy-focused activist investment firm owns more than 3 million shares in California Resources, equivalent to about a 4% stake and has been in talks with the company's management in recent weeks about how to boost its valuation, the sources said.
The ideas pushed by Kimmeridge include divesting California Resources' Huntington Beach acreage in Orange County, which it believes could fetch around $800 million if sold for conversion to residential real estate, according to the sources.
