The American Petroleum Institute (API) reported a large build this week for crude oil of 4.762...
The American Petroleum Institute (API) reported a large build this week for crude oil of 4.762 million barrels, while analysts predicted a draw of 1.933 million barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in Week Ending July 8, to 485.1 million barrels.
U.S. crude inventories have shed some 63 million barrels since the start of 2021 but the net losses have been negligible since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 3.825 million barrels after analysts had predicted a draw of 1.1 million barrels.
Distillate stocks followed with a build of its own of 3.262 million barrels for the week, compared to last week's 635,000-barrel decrease.
Cushing finished out the inventory gains with an increase of 298,000 barrels this week, compared to law week's draw. Official EIA Cushing inventories for the week ending July 1 were 21.330 million, up slightly from 21.261 in the prior week.
Petrobras, BP Confirm ‘Good’ Productivity at Wildcat Well
Brazil’s state-owned Petrobras, along with partner BP Plc, announced...
Brazil’s state-owned Petrobras, along with partner BP Plc, announced the completion of a drillstem test at the presalt 1-BRSA-1383A-RJS wildcat well in the northeast portion of the Alto de Cabo Frio Central block which “confirmed good productivity.”
The drillstem test evaluated a thick interval of presalt carbonate reservoir rocks, and oil samples collected during the test will be subsequently characterized by laboratory analyses, Rio de Janeiro-based Petrobras announced July 11 in a press statement. No further details were revealed.
The partners continue with activities in the block and look to assess the dimensions of the new accumulation. Petrobras said the result was due to the “consortium’s strategy of maximizing the use of the data and of applying new solutions.”
Growing worries about a possible recession resulted in crude oil prices tumbling Tuesday to a three-month...
Growing worries about a possible recession resulted in crude oil prices tumbling Tuesday to a three-month low. Oil prices ended down 4% while natural gas prices fell nearly 8%.
West Texas Intermediate crude for August delivery plunged $8.25 to settle at $95.84 a barrel.
Global benchmark Brent crude for September crude also took a drive, dropping $7.61 to close at $99.49 a barrel.
August natural gas fell 27 cents to $6.16 per 1,000 cubic feet.
Dow ends nearly 200 points lower as stocks fall ahead of inflation reading
Stocks ended lower Tuesday, losing ground in afternoon trade as investors appeared reluctant...
Stocks ended lower Tuesday, losing ground in afternoon trade as investors appeared reluctant to hold equities ahead of the release of an eagerly anticipated June consumer price index reading. The CPI is expected to show a large 1.1% jump in June when the report is released at 8:30 a.m. ET Wednesday. The increase in inflation over the past year, meanwhile, is forecast to climb to 8.8% from 8.6%. The Dow Jones Industrial Average DJIA, -0.62% ended around 189 points lower, down 0.6%, near 30,985, according to preliminary figures. The S&P 500 SPX, -0.92% fell 0.9% to close near 3,819, while the Nasdaq Composite COMP, -0.95% dropped 0.9% to close near 11,265.
Natural gas futures (+16 cents @ $6.59) continued to build on...
Natural gas futures (+16 cents @ $6.59) continued to build on yesterday’s rally, surging to another one-week high as power generators burned more of the fuel to keep air conditioners humming during a brutal heat wave that has boosted electric demand to record highs in several parts of the country. Texas's power grid operator warned of potential rolling blackouts amid predictions demand would hit all-time highs on Monday and Tuesday on the increased cooling demand. Power demand also broke records in the Southwest Power Pool and in several parts of the U.S. Southeast over the past week. Traders also noted the ongoing outage at Freeport LNG's LNG export plant in Texas will leave more gas in the United States for utilities to quickly refill low stockpiles for the winter.
