U.S. crude stockpiles draw unexpectedly on export, refinery demand: EIA
U.S. crude oil stockpiles...
U.S. crude oil stockpiles fell unexpectedly last week on higher export and refinery demand, while gasoline drew down for a ninth straight week, the Energy Information Administration said on Wednesday.
Crude inventories fell by 2.7 million barrels to 440.4 million barrels in the week ended April 25, the EIA said, compared with analysts’ expectations in a Reuters poll for a 429,000-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub for futures rose by 682,000 barrels in the week, the EIA said.
Gasoline stocks fell by 4 million barrels in the week to 225.5 million barrels, the EIA said, compared with forecasts for a 1 million-barrel draw.
The gasoline draw was the ninth consecutive weekly fall, the longest declining streak in the world’s top fuel-consuming nation since an 11-week slump that ended in June 2022, data showed.
Distillate stockpiles, which include diesel and heating oil, rose by 900,000 barrels in the week to 107.8 million barrels, versus expectations for a 1.6 million-barrel drop, data showed.
Oil settles lower, posts steepest monthly decline since 2021
(Reuters) - Oil prices settled down on Wednesday and recorded the largest...
(Reuters) - Oil prices settled down on Wednesday and recorded the largest monthly drop in almost 3-1/2 years after Saudi Arabia signaled a move toward producing more and expanding its market share, while the global trade war eroded the outlook for fuel demand.
Brent crude futures settled down $1.13, or 1.76%, lower at $63.12 a barrel. U.S. West Texas Intermediate crude futures dropped $2.21, or 3.66%, to close at $58.21, the lowest settlement since March 2021.
For the month, Brent settled down 15% and WTI was down 18%, the biggest monthly percentage declines since November 2021.
Both benchmarks slumped after Saudi Arabia, one of the world's biggest oil producers, signaled it was unwilling to prop up the oil market with further supply cuts and could handle a prolonged period of low prices.
"It raises concern that we could be headed towards another production war," said Phil Flynn, senior analyst with Price Futures Group. "Are the Saudis trying to send a message that they are going to get back their market share? We'll have to wait and see."
U.S. stocks finish higher, with Dow and S&P seeing seventh day of gains
U.S. stocks closed mostly higher on Wednesday, with the...
U.S. stocks closed mostly higher on Wednesday, with the Dow Jones Industrial Average and S&P 500 securing a seventh straight session of gains, despite data that showed a sharp slowdown in first-quarter economic growth.
The Dow had its largest seven-day percentage gain since the period that ended on Oct. 31, 2022. Meanwhile, the S&P 500 had its biggest seven-day percentage gain since the period that ended on Nov. 10, 2020.
The Dow Jones rose 141.74 points, or 0.4%, to finish at 40,669.36, based on preliminary data. It had fallen earlier in the day by as much as 781.99 points to a session low of 39,745.63. The Dow has risen by a total of almost 7% over the last seven trading days.
The S&P 500 rose 8.23 points, or almost 0.2%, to close at 5,569.06. It has risen by almost 8% over the last seven trading days.
The Nasdaq Composite declined 14.98 points, or almost 0.1%, to end at 17,446.34.
Northern Oil and Gas (NOG) completed the cash purchase of 2,275 net...
Northern Oil and Gas (NOG) completed the cash purchase of 2,275 net acres in the Midland Basin on April 1 $61.7 million cash, the company reported in a first-quarter earnings release on April 29.
The deal, accounted for in February, was with an existing private operating partner. Minneapolis-based NOG initially said it would pay $40 million for Upton County, Texas. NOG, a non-op, is engaged in a multi-year joint venture to develop the acquired property.
NOG also completed seven ground game deals during the three months to add more than 1,000 acres and 1.1 net wells for $4.8 million. That compares to the previous quarter when NOG closed on deals valued at $27 million, which added 0.7 net producing wells, 3.2 net in-process wells and some 2,274 net acres. The company did not disclose where the acreage was acquired. NOG holds about 300,000 leasehold acres across the Permian, Williston, Uinta and Appalachian basins.
In the Permian, NOG holds about 43,000 net acres. It spent 57% of its capex during the first three months of the year. Approximately 46% of its wells are located in the Permian Basin.
Not since the early days of the Covid-19 pandemic have US consumers been...
Not since the early days of the Covid-19 pandemic have US consumers been so pessimistic about the economy. The consumer confidence index fell nearly eight points last month to its lowest reading since May 2020, the Conference Board said yesterday. Meanwhile, the expectations index, which measures how consumers see the next six months of the economy going, fell to its lowest mark in over 13 years. The Associated Press noted that April’s short-term expectations reading came in under 80, which typically augurs a recession.
