EIA reports a bigger-than-expected weekly decline in U.S. crude supplies
The Energy...
The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 4.6 million barrels for the week ended April 14. On average, analysts forecast a decline of 400,000 barrels, according to a survey by S&P Global Commodity Insights. The EIA report showed a weekly inventory gain of 1.3 million barrels for gasoline, while distillate stockpiles edged down by 400,000 barrels. The analyst survey had forecast supply decreases of 1.6 million barrels for gasoline and 600,000 barrels for distillates.
Meanwhile, the amount of crude oil in storage at the Cushing Hub of northern Oklahoma fell again in the past week, reaching its lowest level of 2023. The U.S. Energy Information Administration reported that as of April 14, there were 32.8 million barrels held in storage at the hub. It was a drop of 1 million barrels from April 7 of this year.
Cushing’s storage of crude oil was nearly 40 million barrels at the start of March.
An increase in the nation’s gasoline inventories is blamed for a $2...
An increase in the nation’s gasoline inventories is blamed for a $2 a-barrel drop in crude oil prices on Thursday. The gain in the amount of gasoline added to continuing and nagging fears of a possible recession in the U.S.
West Texas Intermediate crudefell $1.87 or 2.4% to $77.29 a barrel in trading, while global benchmark Brent crudedropped $2.02 or 2.4% and closed at $81.10 a barrel.
The more than 2% fall for each came following a 2% slide in Wednesday’s trading.
Camber Energy, Viking Reach New Agreement to Merge
After working to consummate a deal for several years, Camber Energy and Viking...
After working to consummate a deal for several years, Camber Energy and Viking Energy Group have finally reached a new agreement to fully combine.
Camber, a diversified energy player with non-operated oil and gas interests and other investments, has worked to combine with Viking, a commercial and industrial energy and power services provider, since at least 2020, having already owned a majority stake.
Under an amended merger agreement dated April 18, a subsidiary of Camber will merge with and into Viking, with Viking surviving as a wholly-owned subsidiary of Camber.
Camber will remain the sole publicly traded company following the combination, according to the agreement between the two Houston-based firms.
U.S. stocks end lower as Tesla's decline weighs on Nasdaq
U.S. stocks finished lower on Thursday as Tesla Inc.’s earnings report weighed on shares of...
U.S. stocks finished lower on Thursday as Tesla Inc.’s earnings report weighed on shares of the electric-vehicle giant. The S&P 500SPX fell by 24.64 points, or 0.6%, to 4,129.88, according to preliminary data from FactSet. The Dow Jones Industrial Average DJIA declined by 110.13 points, or 0.3%, to 33,786.88. The Nasdaq Composite COMP shed 97.67 points, or 0.8%, to 12,059.56.
