Crude oil inventories in the United States increased by 3.5 million barrels...
Crude oil inventories in the United States increased by 3.5 million barrels during the week ending October 10, after gaining 3.7 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 423.8 million barrels according to government data, which is still 4% below the five-year average for this time of year.
For total motor gasoline, the EIA reported that inventories had contracted by 300,000 barrels, after the week prior’s 1.6-million-barrel decrease. The most recent figures showed average daily gasoline production decreasing to 9.4 million barrels. For middle distillates, inventories decreased by 4.5 million barrels, with production decreasing by 577,000 barrels daily to an average of 4.6 million barrels daily. Distillate inventories had increased 600,000 barrels in the week prior and are now 7% below the five-year average for this time of year.
Oil drops 1%, settles at 5-month lows as Trump-Putin summit looms
(Reuters) - Oil prices fell more than 1% on Thursday after U.S. President...
(Reuters) - Oil prices fell more than 1% on Thursday after U.S. President Donald Trump said he and Russian President Vladimir Putin agreed to meet in Hungary soon to discuss ending the war in Ukraine, casting uncertainty over global energy supplies.
Brent crude futures settled down 85 cents, or 1.37%, at $61.06 a barrel. U.S. West Texas Intermediate futures closed down 81 cents, or 1.39%, at $57.46. Those were the lowest settlements for both benchmarks since May 5.
Trump said he and Putin agreed on Thursday to meet in Budapest soon to discuss ending the war in Ukraine, one day before the U.S. president was due to speak with Ukrainian leader Volodymyr Zelenskiy. The summit's date was not provided.
"The geopolitical tension between Russia, the United States and Ukraine is beginning to redevelop," said Tim Snyder, chief economist at Matador Economics, pushing some market participants to unwind their positions.
Exxon awaits market recovery for Baytown H2 project FID
ExxonMobil CEO Darren Woods has indicated that a final investment decision...
ExxonMobil CEO Darren Woods has indicated that a final investment decision on the company's Baytown blue hydrogen and ammonia project is unlikely this year because the market for low-carbon products remains too weak and customers are not yet willing to pay a premium. He added that recent changes that shorten hydrogen tax-credit eligibility undermine the development of a low-carbon hydrogen ecosystem. At the same time, Woods expressed optimism about US tight oil production, pointing to technological advances that could boost shale recovery rates.
Commonwealth LNG project faces new legal roadblock
A Louisiana state court voided the coastal-use permit for Commonwealth...
A Louisiana state court voided the coastal-use permit for Commonwealth LNG's proposed export terminal after determining that the state's Office of Coastal Management violated Louisiana law by failing to consider cumulative impacts, climate change and environmental justice concerns. The decision is a win for conservation groups and another setback for Commonwealth, which is already contending with federal litigation and project delays from earlier executive actions.
BlackRock and tech giants to buy data center company for $40 billion
There was a significant deal announced yesterday in the AI space. A...
There was a significant deal announced yesterday in the AI space. A consortium of investors that includes BlackRock’s Global Infrastructure Partners, Nvidia, Microsoft, and xAI, among others, is buying Aligned Data Centers. Aligned, currently owned by Macquarie Asset Management, designs and operates data centers in North and South America. The deal, expected to close next year, comes amid a race to build more data centers as AI models hoover up computing power.
