EIA: Crude Inventories Decline By 1.4 Million Barrels
On December 11, 2024, EIA released its Weekly Petroleum Status Report....
On December 11, 2024, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by 1.4 million barrels from the previous week, compared to analyst consensus of -1.1 million barrels.
Total motor gasoline inventories increased by 5.1 million barrels, compared to analyst consensus of +1.9 million barrels. Distillate fuel inventories increased by 3.2 million barrels from the previous week.
Crude oil imports declined by 1.3 million bpd, averaging 6.0 million bpd. Over the past four weeks, crude oil imports averaged 6.8 million bpd.
Strategic Petroleum Reserve increased from 391.8 million barrels to 392.5 million barrels as U.S. continued to buy oil for strategic reserves.
Domestic oil production increased from 13.5 million bpd to 13.6 million bpd. Production is rising despite lower oil prices, which is bearish for oil markets
SLB to Manage Construction of Deepwater Wells for Petrobras
SLB said on Dec. 11 that Petrobras has chosen it to handle integrated...
SLB said on Dec. 11 that Petrobras has chosen it to handle integrated services at its offshore fields in Brazil. The energy technology company will oversee the construction of more than 100 deepwater wells on up to nine ultra-deepwater rigs.
"This investment of approximately $800 million will allow us to intensify our activities in several basins,” said Wllisses Menezes Afonso, executive manager of wells at the Brazilian national oil company. The three-year contract period with SLB begins in April 2025.
The services will primarily be provided in the Campos, Santos, and Espírito Santo basins. Operations in the Equatorial Margin are possible.
Elon Musk becomes first person with $400 billion net worth
The multi-hyphenate entrepreneur and confidante of President-elect Trump...
The multi-hyphenate entrepreneur and confidante of President-elect Trump rocketed past the milestone net worth thanks to his stake in the privately held SpaceX. That company has a valuation of $350 billion, which Bloomberg says makes it the most valuable private startup in the world. It also doesn’t hurt that Tesla stock hit an all-time high of nearly $425 per share yesterday. Federal Election Commission filings show that Musk spent $277 million to help Trump win reelection, which, given his net worth, is the equivalent of someone with a net worth of $100,000 donating $70.
Bipartisan lawmakers seek to break up the healthcare industry....
Bipartisan lawmakers seek to break up the healthcare industry. Specifically, legislation in the House and the Senate targets conglomerates like UnitedHealth Group, CVS Health, and Cigna—health insurers that each also own a pharmacy benefits manager (PBM) and a pharmacy business. PBMs act as go-betweens that price drugs. If the legislation passes, the big companies would have three years to divest their pharmacies. Sen. Josh Hawley, who is cosponsoring that chamber’s bill with Sen. Elizabeth Warren, said the legislation would “stop the insurance companies and PBMs from gobbling up even more of American healthcare and charging American families more and more for less.”
The gun seized from Luigi Mangione by law enforcement matches shell casings found at the crime scene in the murder of UnitedHealthcare CEO Brian Thompson.
The NFL approved the sale of minority stakes in the Philadelphia Eagles and the Miami Dolphins to private equity firms.
Hershey rejected Mondelez’s takeover offer as too low.
The Onion cannot buy Alex Jones’s Infowars as it planned to, a bankruptcy judge decided.
Nasdaq closes at record high above 20,000 for first time as Dow falls for fifth session
U.S. stocks finished mostly higher on Wednesday, with the Nasdaq Composite closing at...
U.S. stocks finished mostly higher on Wednesday, with the Nasdaq Composite closing at a record high. Still, the Dow Jones Industrial Average was unable to recover its momentum following the release of as-expected CPI inflation data for November.
According to preliminary data, the Dow Jones Industrial Average closed down by 0.2% at 44,148.56 for its fifth straight session of declines.
The S&P 500 finished up by 0.8% at 6,084.19.
The Nasdaq Composite ended up by 1.8% at 20,034.89.
Wednesday's moves gave the S&P and Nasdaq their first gains in three sessions.
According to economists Andy Schneider and Britney Jackson at BNP Paribas, Wednesday's inflation data was "imperfect, but good enough" for the Federal Reserve to cut the December rate next Wednesday.
