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.
U.S. stocks close higher as regional banks rally ahead of Fed rate decision
The S&P 500 on Tuesday posted its highest close since the collapse of Silicon Valley Bank earlier...
The S&P 500 on Tuesday posted its highest close since the collapse of Silicon Valley Bank earlier this month, which sent shockwaves through financial markets and raised concerns about the stability of the U.S. banking system. The S&P 500 index SPX closed up about 51 points, or 1.3%, ending near 4,003, according to preliminary data from FactSet. That was its highest close since May 6, four days before the failure of Silicon Valley, the biggest bank collapse since the 2008 global financial crisis. The Dow Jones Industrial Average DJIA, rose 1% Tuesday, while the Nasdaq Composite IndexCOMP swept to a 1.6% gain. Banks and companies with heavy exposure to rate-sensitive assets, including property loans, have been under pressure since Silicon Valley Bank’s implosion.
Phillips 66 moves ahead with conversion of refinery in California
Phillips 66, the company that got its start in Bartlesville, Oklahoma, and now headquartered in Houston,...
Phillips 66, the company that got its start in Bartlesville, Oklahoma, and now headquartered in Houston, is putting a lot of money on the line in revamping a California refinery and making it a massive renewable diesel plant.
The project involves its 127-year-old complex in Rodeo, California and while Phillips 66 proclaims it as a greener future, it has its detractors who question the company’s motives and claims reported Reuters.
The project could also mean more train traffic, thus resulting in increased emissions and the risk of spills.
US petroleum product exports increased by 7% year over...
US petroleum product exports increased by 7% year over year to an all-time high of 5.97 million barrels per day in 2022, with distillate fuel oil driving the growth, according to the Energy Information Administration's latest Petroleum Supply Monthly report. Altered trade flows in the wake of Russia's invasion of Ukraine and strong petroleum product refining economics have contributed to the rise.
