The American Petroleum Institute (API) on Tuesday reported a 6.7 million barrel draw of crude...
The American Petroleum Institute (API) on Tuesday reported a 6.7 million barrel draw of crude oil inventories while they were expecting a 525,000 barrel build. The total number of barrels of crude oil gained so far this year is just over 35 million barrels.
This week, SPR inventory dropped for the eighth week in a row as another 1.6 million barrels of congressionally mandated crude oil was sold during the week ending May 19. There are now 358 million barrels—the lowest amount of crude oil in the SPR since September 1983. There are additional sales of crude oil from the SPR planned yet this month.
Gasoline inventories fell by 6.398 million barrels after falling in the week prior by 2.46 million barrels. Distillate inventories fell by 1.771 million barrels after decreasing by 886,000 barrels in the week prior.
Inventories at Cushing, Oklahoma, rose by 1.711 million barrels—after rising by 2.87 million barrels last week.
Benchmark U.S. crudeoil for July delivery rose 86 cents to $72.91 a barrel Tuesday. Brent crudefor July delivery rose 85 cents to $76.84 a barrel.
Wholesale gasolinefor June delivery rose 1 cent to $2.66 a gallon. June heating oilfell 1 cent to $2.36 a gallon. June natural gasfell 8 cents to $2.32 per 1,000 cubic feet.
The Dow Jones Industrial Average on Tuesday closed at the lowest level in a week, as...
The Dow Jones Industrial Average on Tuesday closed at the lowest level in a week, as worries about the debt ceiling negotiations in Washington outweighed data suggesting economic growth remains resilient, while yields on Treasury bills maturing between early and mid-June climbed toward 6% on Tuesday.
The DowDJIA finished 231.07 points, or 0.7% lower, at 33,055.51, posting the third consecutive trading day of decline
The S&P 500SPX ended down 47.05 points, or 1.1%, to 4,145.58
The Nasdaq CompositeCOMP dropped 160.53 points, or 1.3%, to 12,560.25
On Monday, the Dow fell 140 points, or 0.42%, to 33287, the S&P 500 increased 1 points, or 0.02%, to 4193, and the Nasdaq Composite gained 63 points, or 0.5%, to 12721.
ExxonMobil reportedly has spent $100 million for 120,000 acres...
ExxonMobil reportedly has spent $100 million for 120,000 acres in Arkansasto use as its testing ground for mining lithium, a key component in batteries for electric vehicles. Work could begin within a few months and, if successful, might mean further diversity and a slice of EV the power pie for ExxonMobil.
The three lower basin states of the Colorado River—...
The three lower basin states of the Colorado River—California, Nevada, and Arizona—agreed to cut their water usage by 3 million acre-feet through 2026 in a boost to the system's historically low levels (see chart). The proposal, which comes after a historic winter of precipitation provided some relief, caps a year of negotiations between a federal agency and the impacted states.
All seven states approved the latest agreement ahead of a May 30 deadline triggering federal mandatory cuts, the first ever. Negotiations are expected to begin later this year on a longer-term deal to reach system stability. See a timeline of the Colorado River's history here.
