The American Petroleum Institute (API) reported a large build this week for crude oil of 5.618...
The American Petroleum Institute (API) reported a large build this week for crude oil of 5.618 million barrels. U.S. crude inventories have grown by roughly 31 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by more than six times that figure, at 197 million barrels.
The build in crude oil inventories was partially due to the Department of Energy’s release of 3.6 million barrels from the Strategic Petroleum Reserves in the week ending November 4, leaving the SPR with 396.2 million barrels.
Cushing inventories fell 1.848 million barrels in the week to Nov 4. In the week prior, the API saw a Cushing increase of 883,000 barrels.
Oil prices could drop to the $70 range after this winter as current levels are unsustainable, OPEC+ member says
Oil prices could see a steep drop after this winter, as current levels are unsustainable, according to...
Oil prices could see a steep drop after this winter, as current levels are unsustainable, according to Oman's energy minister Salim al-Aufi.
"We don't believe that the current prices are sustainable comfortably," the OPEC+ member told Reuters at the United Nations Climate Change Conference on Tuesday. He predicted prices to ease to "a much more comfortable position" around $70. Oman has prepared for prices to fall to $55 a barrel, although Aufi believed that target was unlikely.
A price drop is contrary to what others in the industry have predicted, with UBS warning that crude oil could touch $125 a barrel if Russia retaliates against US-led plans to cap Russian oil prices, and Citi bank warning oil could hit $120 if supply continues to tighten ahead of winter.
Oil prices log back-to-back losses as investors assess China demand outlook
Oil futures finished lower on Tuesday for a second straight session...
Oil futures finished lower on Tuesday for a second straight session in a row, as investors remained uncertain about the outlook for crude demand from China.
CLOSING OIL & GAS PRICES
West Texas Intermediate crudefor December delivery CL00, fell $2.88, or 3.1%, to settle at $88.91 a barrel on the New York Mercantile Exchange after posting a loss of 0.9% on Monday.
January Brent crudeBRN00, the global benchmark, was down $2.56, or 2.6%, to settle at $95.36 a barrel on ICE Futures Europe.
Back on Nymex, December gasolineRBZ22 fell 0.6% to $2.6367 a gallon, while December heating oil HOZ22, lost 0.3% at $3.7707 a gallon.
December natural gasNGZ22, dropped 11.6% to $6.138 per million British thermal units after getting colder weather-related boost to settle 8.5% higher on Monday.
Dow ends up over 300 points as stocks extend win streak with midterms under way
U.S. stock indexes ended with gains Tuesday as investors awaited...
U.S. stock indexes ended with gains Tuesday as investors awaited the outcome of midterm congressional elections and looked ahead to a consumer price index reading later this week. Equities shrugged off a mid-afternoon dip that came as crypto assets fell sharply in the wake of a planned Binance-FTX merger that investors feared could sow more chaos into the market for digital assets. The Dow Jones Industrial Average DJIA, 1.02% rose around 334 points, or 1%, to end near 33,161, according to preliminary figures, while the S&P 500 SPX, 0.56% advanced around 21 points, or 0.6%, to finish near 3,828. The Nasdaq Composite COMP, 0.49% finished near 10,616, up 52 points, or near 0.5%.
The energy sector is off to a mixed to lower start, weighed down by mild...
The energy sector is off to a mixed to lower start, weighed down by mild weakness in the crude complex but supported by strength in the major equity futures which were slightly higher as investors looked ahead to U.S. midterm elections.
WTI and Brent crude oil futures continued to slide lower, weighed down by recession concerns and worsening COVID-19 outbreaks in China that heightened fears of lower fuel demand. Traders are also eyeing the next round of settlement reports which analysts expect to show U.S. crude oil stockpiles rose last week while distillate and gasoline inventories were seen dropping. Market participants will also be eyeing U.S. CPI data on Friday, given high inflation and rising interest rates highlight the possibility of a global economic recession.
Natural gas futures turned lower this morning,retreating following two-consecutive days of heavy gains that brought futures to highs last seen in mid-September. Traders are eyeing the weekly storage report as the next major catalyst. Consensus for EIA weekly storage data due Thursday has a build of +84 Bcf vs the 5-year average of +20 Bcf. Europe's TTF was up +8% in early trading following declines in the prior three sessions.
