The Energy Information Administration said U.S. crude inventories fell by 3.4 million barrels...
The Energy Information Administration said U.S. crude inventories fell by 3.4 million barrels in the week ended May 13, while gasoline stocks fell 4.8 million barrels and distillate supplies rose by 1.2 million barrels. Analysts surveyed by S&P Global Commodity Insights had expected a 2.1 million barrel rise in oil inventories, while gasoline was expected to slip 100,000 barrels and distillates were forecast to drop by 1 million barrels.
The American Petroleum Institute, an industry trade group, reported late Tuesday that U.S. crude-oil inventories fell 2.4 million barrels last week, while gasoline stocks fell by 5.1 million barrels, according to a source. Distillate inventories were seen up 1 million barrels.
Oil prices fall despite surprise drop in U.S. crude inventories
Oil futures gave up gains Wednesday, turning lower despite data showing an unexpected...
Oil futures gave up gains Wednesday, turning lower despite data showing an unexpected drop in U.S. crude inventories and a further, sharp fall in gasoline supplies.
The turn lower for crude came as equity markets fell sharply, erasing a big Tuesday bounce and affecting demand for other assets perceived as risky.
U.S. stocks are headed lower early Wednesday in wake of Tuesday bounce-back
The U.S. stock market was trading sharply lower Wednesday morning, failing to extend Tuesday's bounce,...
The U.S. stock market was trading sharply lower Wednesday morning, failing to extend Tuesday's bounce, as retailer Target Corp. fell into the spotlight after reporting a big earnings miss for its fiscal first quarter. The Dow Jones Industrial Average DJIA, -1.69% was trading around 1.2 % lower, the S&P 500 SPX, -1.94% was down 1.5% and the Nasdaq Composite COMP, -1.99% had a decline of 1.8%, according to FactSet data, at last check. Shares of Target TGT, -23.90% plunged around 26% after reporting its profit miss, becoming the biggest loser in the S&P 500 index.
The energy sector is poised for a higher start, supported by strength in the underlying commodities even as the major market indices are trading lower following yesterday’s rally. U.S. stock futures edged lower as investors remain worried about aggressive monetary policy tightening and slowing economic growth after digesting comments from Federal Reserve Bank Chair Jerome Powell.
WTI and Brent crude oil futures are up in early trading on expectations that China will be easing COVID-19 restrictions put in place to combat infection rates which will increase demand as supply concerns linger. After seven weeks of being locked down, Shanghai authorities have granted approval to 864 of the city’s financial institutions to resume work. The move is part of the financial hub’s plan to reopen broadly and allow normal life to resume after the lockdown was enacted. Supply concerns are increasing as Russian crude output in April fell by roughly 9% from the previous month due to sanctions imposed on Moscow for their invasion of Ukraine. This is the steepest fall in the country’s output since the one that occurred after the collapse of the Soviet Union in the 1990s.
Natural gas futures inched up on forecasts for warmer weather, higher cooling demand and supply concerns.
Gasoline Tops $4 a Gallon in Every US State for the First Time
Gas prices have risen above $4 a gallon in all 50 US states for the first time ever....
Gas prices have risen above $4 a gallon in all 50 US states for the first time ever. Five states are averaging more than $5 a gallon, and one—California—hit a record of $6.02. [Bloomberg]
