The American Petroleum Institute (API) reported a build this week for crude...
The American Petroleum Institute (API) reported a build this week for crude oil of 6.035 million barrels, while analysts predicted a draw of 200,000 barrels.
In the week prior, the API reported a surprise build in crude oil inventories of 3.645 million barrels after analysts had predicted a draw of 733,000 barrels.
Distillate stocks saw a build of 1.75 million barrels for the week, on top of last week's 1.833-million-barrel increase.
Cushing inventories were up by 101,000 barrels this week. Last week, the API saw a Cushing decrease of 772,000 barrels. Official EIA Cushing inventory for the week ending September 2 was 24.783 million barrels, down from 25.284 million barrels in the prior week.
Dow posts near 1,300-point drop Tuesday, stocks book worst day since June 2020
U.S. stocks finished sharply lower Tuesday, with all three major...
U.S. stocks finished sharply lower Tuesday, with all three major indexes posting their worst daily drop since June 2020 as high U.S. inflation has proven hard for the Federal Reserve to tame through rate hikes. The Dow Jones Industrial Average DJIA, -3.94% fell about 1,276 points, or 3.9%, ending near 31,104. The S&P 500 index SPX, -4.32% shed 4.3% and the Nasdaq Composite Index COMP, -5.16% tumbled 5.2%. While off the session's worst levels, the plunge for stocks still was the worst daily percentage drop for all three indexes since June 11, 2020, according to Dow Jones Market Data. Investors hit the sell button on equities after the August consumer-price index, or CPI, rose 0.1% in August, though the year-over-year rate slowed to 8.3% from 8.5% in July. That was a higher reading than many on Wall Street expected, spurring some to warn the Fed could raise its benchmark policy rate by as much as 1% at its meeting next week, something the central bank hasn't done since the 1980s.
Judge Richard Leon of the US District Court for the District of Columbia has restored an oil and natural...
Judge Richard Leon of the US District Court for the District of Columbia has restored an oil and natural gas lease and drilling permit on 6,200 acres of land in northwestern Montana that is sacred to the Blackfeet Nation. The judge ruled that the Obama-era Interior Department wrongfully canceled the lease, originally granted in 1982 to Louisiana-based Solenex.
Okla. company extracting more oil from legacy rock
Lynx Oklahoma Operating is using modern, unconventional technology for horizontal drilling in legacy...
Lynx Oklahoma Operating is using modern, unconventional technology for horizontal drilling in legacy rock in the Anadarko Basin, writes Chief Operating Officer Matthew Hatami. Many legacy Hoxbar Marchand vertical wells the company is targeting "are marginal vertical producers and vertical wells drilled but never completed for various reasons," Hatami writes.
The Interior Department on Monday announced beefed-up regulations for offshore oil and natural gas drilling,...
The Interior Department on Monday announced beefed-up regulations for offshore oil and natural gas drilling, including tougher standards for blowout preventers and a requirement that operators send data about equipment failures directly to the Bureau of Safety and Environmental Enforcement. In response, American Petroleum Institute Vice President of Upstream Policy Cole Ramsey said, "The politicization of this rule and subsequent shift in policy from administration to administration only increases uncertainty for producers and fails to meaningfully improve offshore safety."
