API Data Shows Surprise Crude Build Despite Draw Expectations
The American Petroleum Institute (API) estimated that crude oil inventories in the United...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, growing by an additional 1.5 million barrels in the week ending August 8. Analysts had expected an 800,000 barrel draw.
So far this year, crude oil inventories are up more than 10 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) held steady at 403 million barrels in the week ending August 8.
Gasoline inventory figures were not available at the time of publication. In the week prior, US gasoline stocks fell by 900,000 barrels in the week prior. As of last week, gasoline inventories were 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose again this week, this time by 300,000 barrels after rising by 1.6 million barrels in the week prior. Distillate inventories were 16% below the five-year average as of the week ending August 1, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 600,000 barrels in the week. In the week prior, Cushing inventories had risen by 1.7 million barrels.
S&P 500, Nasdaq score fresh records, Dow gains over 480 points after July CPI report
U.S. stocks finished sharply higher on Tuesday, with...
U.S. stocks finished sharply higher on Tuesday, with the S&P 500 and Nasdaq Composite booking fresh records after the July consumer-price index showed that consumer prices have only risen slightly due to President Donald Trump's tariffs.
The S&P 500 gained 72.31 points, or 1.1% to end at 6,445.76, its 16th record close of the year, according to FactSet data.
The Nasdaq Composite advanced 296.50 points, or 1.4% to finish at 21,681.90, its 19th record close of 2025.
The Dow Jones Industrial Average was up 483.52 points, or 1.1%, ending at 44,458.61. That was the largest one-day point and percentage gain for the blue-chip index in over a week, according to Dow Jones Market Data.
(Reuters) - Oil prices dipped on Tuesday as traders awaited...
(Reuters) - Oil prices dipped on Tuesday as traders awaited an inventory report from the U.S. Energy Information Administration and began looking toward declining demand at the end of the summer driving season in early September.
Brent crude futures settled at $66.12 a barrel, down 51 cents, or 0.77%. U.S. West Texas Intermediate crude futures finished at $63.17, down 79 cents, or 1.24%.
"It really is seasonal factors," said John Kilduff, a partner at Again Capital. "We're not getting any lift from the stock market and the inflation report was positive and points to a rate cut."
U.S. consumer prices increased in July as tariff-induced rising costs for imported goods helped to drive the strongest gain in six months for one measure of underlying inflation.
Kilduff said demand for diesel, which has driven oil demand, appeared to be flagging. Inventory reports from the American Petroleum Institute and EIA on Tuesday and Wednesday, respectively, may show signs of falling demand.
Outlooks issued by OPEC and the EIA pointed to increased production this year, but both expect U.S. output to decline in 2026 while other regions of the globe will increase oil and natural gas production.
Increased heavy crude supplies bode well for U.S. refiners
US refiners are banking...
US refiners are banking on stronger margins in the second half of the year as rising heavy crude production from Canada, the Middle East and California is expected to widen the price spread with lighter grades. Executives from Marathon, Valero and PBF Energy say the rebound, combined with seasonal maintenance, should lift fourth-quarter earnings, though potential Russian oil sanctions remain a wildcard.
FERC ruling in Targa waivers case may set precedent
Pipeline company Targa must resume tariff filing and financial reporting...
Pipeline company Targa must resume tariff filing and financial reporting for its oil pipelines in 120 days after the Federal Energy Regulatory Commission upheld an earlier ruling that it no longer qualifies for temporary waivers. The decision, stemming from a 2020 Enerplus complaint over discriminatory rates, could signal stricter oversight for other pipeline operators.
