US Crude Oil Inventories Down, SPR Still at Historic Lows, But Other Petroleum Inventories Up: EIA
The Nov. 23 weekly report from the Energy...
The Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories.
The EIA’s latest numbers covered the week ending Nov. 18. Notably, the EIA’s commercial crude oil data did not include the latest releases from the Strategic Petroleum Reserve (SPR).
The EIA’s latest report shows that commercial distillate fuel oil stocks have increased. Those inventories include diesel fuels, which are still in short supply nationally and globally as winter looms.
ConocoPhillips has finalized an agreement with Sempra Infrastructure...
ConocoPhillips has finalized an agreement with Sempra Infrastructure for a 30% equity stake in the proposed Port Arthur LNG export project in Texas ahead of a final investment decision planned for early 2023. ConocoPhillips has also agreed to buy 5.5 million short tons per year from the facility over 20 years and supply feed gas for the first phase of the project.
US petroleum demand strengthened in Oct., API says
US petroleum consumption rose by 1.9% month over month to 20.3 million barrels per day in October, driven...
US petroleum consumption rose by 1.9% month over month to 20.3 million barrels per day in October, driven by increases in deliveries of distillates and refinery and petrochemical liquid feedstocks, according to the American Petroleum Institute's latest monthly statistical report. Domestic crude oil production climbed by 1.4% to 12.1 million bpd, while petroleum exports averaged 10.1 million bpd last month, the second highest in monthly data going back to 1947, the report shows.
The energy sector is off to a lower start, pressured by weakness in the crude complex. U.S stocks are expected to open slightly higher ahead of minutes from the Federal Reserve’s November policy meeting.
WTI and Brent crude oil futures are down this morning as the Group of Seven Nations considers a price cap on Russian oil and on demand concerns amid growing COVID-19 cases in China. According to European officials, the group is looking to cap Russian oil at a range of $65-70/bbl. A U.S Treasury official said the price cap will most likely be adjusted a few times a year. As of late Tuesday, China ramped up their COVID-19 containment measures in an effort to control the outbreaks. Today’s losses have been limited by a fall in U.S crude inventories which were down by 4.8 million barrels last week.
Natural gas futures are sharply higher after ending mostly unchanged yesterday amid worries of a possible rail strike and delays in the restart of the Freeport LNG export plant which outweighed forecasts for milder weather than previously expected.
Hamm completes return of Continental Resources to private ownership
Billionaire Harold Hamm’s takeover of Continental...
Billionaire Harold Hamm’s takeover of Continental Resources, Inc. and return to private ownership is for all practical purposes complete.
The Oklahoma City company he founded in the 1960s announced Tuesday it was initiating the final steps in closing its previously announced merger with Omega Acquisition, Inc. Omega is the company created by Hamm and his family to launch the takeover that was started last June.
The announcement stated that shares of Continental common stock are expected to cease trading on the New York Stock Exchange prior to the market open on Wednesday, Nov. 23, and will no longer be listed for trading on the exchange.
