The American Petroleum Institute (API) reported a build this week...
The American Petroleum Institute (API) reported a build this week for crude oil of 3.645 million barrels, while analysts predicted a draw of 733,000 barrels.
The build comes as the Department of Energy released 7.5 million barrels from the Strategic Petroleum Reserves in the week ending September 2, leaving the SPR with just 442.5 million barrels.
In the week prior, the API reported a build in crude oil inventories of 593,000 barrels after analysts had predicted a draw of 633,000 barrels.
The government’s latest report shows crude oil storage at the Cushing...
The government’s latest report shows crude oil storage at the Cushing hub in Oklahomacontinued to drop after a slight gain from two weeks ago.
The U.S. Energy Information Administrationreported that as of August 26, Cushing maintained a total of 25,284,000 barrels of crude oil in storage. It was a decline of more than one-half million barrels of oil from the 25,807,000 million barrels reported in storage on August 19.
The latest report is still higher than the July 22 total of 23,540,000 barrels in storage at the northern Oklahoma site. However, the lowest amount reported so far in 2022 by the EIA was 21,261,000 million barrels on June 24.
The highest total held at the Cushing hub in 2022 was 34,838,000 million barrelsrecorded on January 7.
Benchmark U.S. crude oil for October delivery fell $4.94 to $81.94 a barrel Wednesday. Brent crude for November delivery fell $4.83 to $88 a barrel.
Wholesale gasolinefor October delivery fell 11 cents to $2.31 a gallon. October heating oil rose 2 cents to $3.59 a gallon. October natural gas fell 31 cents to $7.84 per 1,000 cubic feet.
Spain's Repsol Sells 25% of Oil and Gas Unit to EIG for $4.8 Billion
Spanish energy group Repsol is selling a 25% stake in its oil and gas exploration division to...
Spanish energy group Repsol is selling a 25% stake in its oil and gas exploration division to U.S. fund EIG for $4.8 billion, building up a war chest for renewables projects as the energy industry moves to a lower-carbon future.
The deal, first reported by Reuters earlier this year, values the whole business at $19 billion including debt, and may lead to a U.S. stock market listing of a stake in the unit after 2026, Repsol said in a statement.
The process started with an unsolicited offer from EIG, Reuters reported in June, sending Repsol's shares to a 14-year high.
Shares rose after an announcement on Sept. 7 before falling 1.8% by 7:46 GMT. They nonetheless outperformed the European oil and gas index, which was down 2.3%.
