The American Petroleum Institute (API) reported a build this week for crude oil of 4.520 million barrels....
The American Petroleum Institute (API) reported a build this week for crude oil of 4.520 million barrels. U.S. crude inventories have grown by roughly 32 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by six times that figure, at 192 million barrels.
The build in crude oil inventories includes the Department of Energy’s release of 3.4 million barrelsfrom the Strategic Petroleum Reserves in the week ending October 21, leaving the SPR with 401.7 million barrels
Benchmark U.S. crude oil for December delivery rose 74 cents to $85.32 a barrel Tuesday. Brent crudefor December delivery rose 26 cents to $93.52 a barrel.
Wholesale gasolinefor November delivery rose 19 cents to $2.92 a gallon. November heating oilrose 5 cents to $3.97 a gallon. November natural gasrose 41 cents to $5.61 per 1,000 cubic feet.
Chesapeake Energy Trims Workforce Ahead of Oil Properties Sale
U.S. shale gas producer Chesapeake Energy Corp. last week cut...
U.S. shale gas producer Chesapeake Energy Corp. last week cut about 3% of its workforce, according to people familiar with the matter, as it readies a sale of South Texas oil properties.
The company this year said it would exit oil-producing properties in the Eagle Ford shale region of Texas to focus on its mainstay natural gas operations. The Oklahoma City-based company this year has faced pressure from an activist investor to boost its value.
About 40 workers, including geologists and geoscientists, involved in its oil production were dismissed last week, the people said. Chesapeake has about 1,200 employees in total.
Dow ends up over 300 points as stocks gain for third straight session
Stocks rallied sharply on Tuesday, finding support as investors...
Stocks rallied sharply on Tuesday, finding support as investors weighed a stream of earnings and a retreat in Treasury yields.The Dow Jones Industrial Average DJIA, +1.07% rose nearly 340 points, or 1.1%, to close near 31,837, according to preliminary figures, while the S&P 500 SPX, +1.63% advanced around 62 points, or 1.6%, to finish near 3,859. The Nasdaq Composite COMP, 2.25% ended near 11,199, up around 247 points, or 2.3%.
Europe now has too much gas. Here’s how the continent dodged Putin’s energy squeeze so far
Europe’s mad dash for liquefied natural gas (LNG) that drove up the cost of energy and wreaked havoc...
Europe’s mad dash for liquefied natural gas (LNG) that drove up the cost of energy and wreaked havoc on the global economy could now cause a crash in spot market prices.
LNG ships are piling up around Europe, waiting to deliver their precious cargo as storage caverns across the continent are full to the brim and demand remains tepid owing to mild temperatures.
With prices plummeting, floating LNG barges have opted to remain parked near onshore terminals hoping to unload once colder temperatures deplete current reserves. According to the BBC, 51 ships have collected around the continent’s coastal waters.
