EIA reports weekly gains for U.S. crude and distillate supplies
The Energy...
The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories climbed by 5.9 million barrels for the week ended July 7. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decline of 1 million barrels. The EIA report also revealed that weekly inventories of gasoline were generally unchanged last week, while distillate supplies increased by 4.8 million barrels. Analysts had forecast a weekly fall of 1.1 million barrels for gasoline and an increase of 150,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.6 million barrels for the week, the EIA said.
Working gas in storage was 2,930 Bcf as of Friday, July 7, 2023, according to EIA estimates. This represents...
Working gas in storage was 2,930 Bcf as of Friday, July 7, 2023, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week. Stocks were 569 Bcf higher than last year at this time and 364 Bcf above the five-year average of 2,566 Bcf. At 2,930 Bcf, total working gas is within the five-year historical range.
S&P 500 ends above 4,500 level for first time in 15 months
Stocks rose for a fourth day in a row on Thursday, a day ahead...
Stocks rose for a fourth day in a row on Thursday, a day ahead of second-quarter earnings from America’s biggest lenders.
The Dow Jones Industrial AverageDJIA rose about 46 points, or 0.1%, ending near 34,394, according to preliminary data from FactSet. But the S&P 500 indexSPX gained 0.9% to end at 4,509, clearing the 4,500 mark for the first time since April 5, 2022 when it ended at 4,545.86, according to Dow Jones Market Data. The Nasdaq Composite IndexCOMP scored another blockbuster day, up 1.6%. Investors have been optimistic as inflation pressures ease and as perhaps the best-telegraphed U.S. economic recession in recent history has yet to materialize. The S&P 500 and Nasdaq have been charging higher on buzz about AI technology, with much of this year’s stock-market gains fueled by a small group of stocks.
SandRidge Energy Grows Ownership Interest in Midcontinent Play
Midcontinent E&P SandRidge...
Midcontinent E&P SandRidge Energy Inc. is expanding its portfolio of operated interests in the northwest STACK play.
SandRidge closed an acquisition to increase its interest in 26 producing wells operated by the company in the northwest STACK for $11.25 million, the Oklahoma City-based E&Pannounced July 12.
The average production associated with the acquired interests was about 500 boe/d (~30% oil) during the first quarter.
The Energy Information Administration has lowered its forecast for US crude oil production this year...
The Energy Information Administration has lowered its forecast for US crude oil production this year by 50,000 barrels per day, following the decision by members of the Organization of the Petroleum Exporting Countries and other leading oil producers to reduce output through to next year. These cuts are projected to weigh on global oil stocks into 2024 and support higher crude prices against the backdrop of higher global demand for oil.
