Crude oil inventories in the United States unexpectedly rose unexpectedly this week by 4.067...
Crude oil inventories in the United States unexpectedly rose unexpectedly this week by 4.067 million barrels, the American Petroleum Institute (API) data showed on Tuesday—just one week after seeing the largest dip in inventories ever of 15.4 million barrels.
Analysts were expecting a draw of 233,000 barrels in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 24 million barrels, according to API data, although there is a net draw in crude inventories since April of 23 million barrels.
On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels in the week ending August 4, with the SPR inventory still sitting at a near 40-year low of 347.80 million barrels.
Inventories at Cushing, Oklahoma, fell by another 112,000 barrels, after falling by 1.76 million barrels in the previous week.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose 98 cents to $82.92 a barrel Tuesday. Brent crude for October delivery rose 83 cents to $86.17 a barrel.
Wholesale gasoline for September delivery rose 5 cents to $2.85 a gallon. September heating oil rose 7 cents to $3.09 a gallon. September natural gasrose 5 cents to $2.78 per 1,000 cubic feet.
Dow ends 160 points lower, but stocks trim losses after Moody’s bank downgrades
U.S. stocks finished lower on Tuesday but were off the session’s...
U.S. stocks finished lower on Tuesday but were off the session’s worst levels after Moody’s Investors Service late Monday cut its credit ratings for several U.S. regional banks and threatened other major lenders with downgrades.The Dow Jones Industrial Averageshed about 158 points ending near 35,314, according to preliminary FactSet data. The blue-chip index traded about 300 points lower earlier in the session. The S&P 500 Index shed 0.4% and the Nasdaq Composite Index lost 0.8%.
The S&P 500’s financial and materials sectors led stocks lower Tuesday, ending down 0.9% and 1.1%, respectively, as investors digested Moody’s decision to lower its credit rating on almost a dozen regional banks, and threatened to downgrade six other major U.S. lenders. The credit rating firm pointed to exposure to commercial real estate at smaller and medium-size banks and overall interest-rate risks as reasons for its negative rating actions. Investors also were monitoring a deepening economic slowdown in China.
US Oil Output to Hit Record This Year, Helping Counter Saudi Cuts
(Bloomberg) US oil production this year will rise faster than previously expected,...
(Bloomberg) US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast.
Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday. The US averaged about 11.9 million barrels a day in 2022.
WTI Midland's addition to dated Brent is reshaping the global oil market in 2023, driving US crude oil...
WTI Midland's addition to dated Brent is reshaping the global oil market in 2023, driving US crude oil exports higher and consequently putting downward pressure on oil prices in Europe, Asia, Brazil, and Africa. "As Midland becomes more and more important in the dated Brent assessment, it has a knock-on effect on other grades having to price themselves lower to compete with WTI Midland," explained Vortexa market analyst Rohit Rathod.
