EIA Settles Market With Reports of US Oil Inventories Falling
Crude oil inventories in the United States decreased...
Crude oil inventories in the United States decreased by 3.9 million barrels during the week ending July 11, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 422.2 million barrels according to government data, which is still 8% below the five-year average for this time of year.
The EIA’s data release follows a rocky Tuesday after conflicting API inventory data shook oil bulls to their core, with initial reports on X suggesting that crude oil inventories had grown by 19.1 million bpd—a figure that would have been the largest recorded inventory build in API’s history. With the markets still reeling, a different, more sober figure emerged, showing an 800,000-barrel build in crude inventories.
Oil settles down; build in US fuel inventories offsets signs demand growing
(Reuters) - Oil prices settled marginally lower on Wednesday as U.S....
(Reuters) - Oil prices settled marginally lower on Wednesday as U.S. fuel inventory builds and concerns about wider economic impact from U.S. tariffs outweighed some signs of increasing demand.
Brent crude futures settled down 19 cents, or 0.3% lower, at $68.52 a barrel. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $66.38.
Nasdaq closes at record as stocks climb after Trump denies plan to fire Powell
U.S. stocks closed higher on Wednesday, with the Nasdaq Composite at another record close,...
U.S. stocks closed higher on Wednesday, with the Nasdaq Composite at another record close, after President Donald Trump said he's not thinking about firing Federal Reserve Chair Jerome Powell despite reports to the contrary.
The Dow Jones Industrial Average rose 231.49 points, or 0.5%, to close at 44,254.78, based on preliminary data.
The S&P 500 advanced 19.94 points, or 0.3%, to end at 6,263.70.
The Nasdaq Composite rose 52.69 points, or 0.3%, to finish at 20,730.49. It finished with its ninth record close of the year.
Drilling in the San Juan Basin has surged to its highest level in a decade,...
Drilling in the San Juan Basin has surged to its highest level in a decade, fueled by a rise in natural gas prices.
Private San Juan operators are currently running six rigs across the basin, the most since 2015, according to East Daley Analytics. Four rigs are drilling in the San Juan’s gas window to the north, while two rigs are targeting the basin’s “Gallup” oil play to the south.
Drilling activity is picking up, and operators are increasingly landing in the deeper, richer Mancos Shale, where IPs can range between 2.3 MMcf/d and 2.5 MMcf/d, according to East Daley.
The latest inflation numbers show a situation akin to an ironed button-down...
The latest inflation numbers show a situation akin to an ironed button-down with a pea-sized mustard stain—looks suitable, but noticeably blemished.
Prices rose 2.7% in the year leading up to June, up from 2.4% in May, according to government data released yesterday. Though it’s not far above the Fed’s target of 2% annual inflation, economists who dug into the inflation report’s nitty-gritty see signs that tariffs might be starting to show up at the checkout, with prices in import-dependent shopping categories growing faster than others.
