EIA: Oil, Oil Product Inventories Continue to Plummet in the U.S.
Crude oil inventories in the United States decreased...
Crude oil inventories in the United States decreased by 6.9 million barrels during the week ending October 24, after losing 1 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles down to 416 million barrels according to government data, which is 6% below the five-year average for this time of year.
The EIA’s data release follows API’s figuresreleased a day earlier, which suggested that crude oil inventories declined by 4 million barrels.
For total motor gasoline, the EIA reported that inventories had contracted by 5.9 million barrels, after the week prior’s 2.1-million-barrel decrease. The most recent figures showed average daily gasoline production decreasing slightly to 9.6 million barrels. For middle distillates, inventories decreased by another 3.4 million barrels, while production fell by 134,000 barrels daily to an average of 4.5 million barrels. Distillate inventories drew down by 1.5 million barrels in the week prior and are now 8% below the five-year average for this time of year.
Atlantic drilling dropped from 5-year offshore leasing plan
The Trump administration is backing away from a proposal to auction offshore...
The Trump administration is backing away from a proposal to auction offshore oil and natural gas leases along the US East Coast, following backlash from Republican coastal states worried about tourism losses and environmental harm. The latest version of the Interior Department's draft five-year offshore leasing program includes potential lease sales in the Gulf of America, the West Coast and Alaska, though revisions are still possible.
The Federal Reserve on Wednesday cut its benchmark interest rate by a quarter-point for the second time this year,a move that could bring financial relief to consumers and businesses — but also carries risk as inflation ticks up.
In its statement accompanying the rate-cut announcement, the central bank said that although economic activity has been expanding, jobs growth had slowed while inflation had increased.
Fed Chair Jerome Powell cautioned in a press conference following the announcement that the government shutdown, which started Oct. 1, would weigh on economic activity as it drags on, although he said those effects would likely reverse once it ends. Deadlines for funding food assistance and salaries for federal workers including air-traffic controllers and TSA agents are set to hit this week, while Congress remains in a stalemate.
Fed interest-rate cut on table amid historic government shutdown
Federal Reserve Chair Jerome Powell will seek to retain...
Federal Reserve Chair Jerome Powell will seek to retain some flexibility heading into the Dec. 10 meeting, according to Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets.
At the moment, traders in derivative markets think a December cut is a done deal, with expectations of a rate cut as high as an 85% probability.
Expand Energy Pushes into Emerging Western Haynesville with M&A
Leading U.S. natural gas producer Expand...
Leading U.S. natural gas producer Expand Energy is pushing into the emerging far western Haynesville play in Texas.
Expand has quietly established a 75,000-acre position in the western Haynesville through targeted leasing and an undeveloped leasehold acquisition, the company reported Oct. 28 in third-quarter earnings.
In the western Haynesville, Oklahoma City-based Expand invested approximately $178 million in land acquisitions and capital carry in 2025, mainly in the second half. The consideration for these transactions included $117 million in cash and an additional $29 million in capital carry expected to be incurred over the next two years.
Expand said the acreage shows the potential to unlock more than 200 new Haynesville drilling locations.
