US crude and fuel inventories fall, Nigerian crude imports jump, EIA says
(Reuters) - U.S. crude and fuel inventories all fell last week, while...
(Reuters) - U.S. crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years, the Energy Information Administration said on Thursday.
The EIA said that crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23 compared with analysts' expectations in a Reuters poll for a 118,000-barrel rise.
U.S. crude exports rose during the week by 794,000 barrels per day (bpd) to 4.3 million bpd, helping push inventories lower.
"I found it a supportive report, with higher U.S. crude exports resulting in a crude draw," said Giovanni Staunovo, an analyst at UBS.
"Pumping stations demanding more gasoline and diesel last week ahead of the Memorial Day resulted in higher implied demand and draws for gasoline and distillates," he added, referring to a U.S. holiday this week.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 75,000 barrels, the EIA said.
U.S. gasoline stocksfell by 2.4 million barrels in the week to 223.1 million barrels, the EIA said, compared with analysts' expectations for a 527,000-barrel draw.
The EIA data showed that distillate stockpiles, which include diesel and heating oil, fell by 724,000 barrels in the week to 103.4 million barrels, versus expectations for a 481,000-barrel rise.
Oil prices fall as investors assess US court ruling on Trump tariffs
(Reuters) - Oil prices fell over 1% on Thursday, retreating from earlier...
(Reuters) - Oil prices fell over 1% on Thursday, retreating from earlier gains, as investors weighed the potential effects of a U.S. court ruling blocking President Donald Trump's most sweeping tariffs.
The market also watched for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.
Brent crude futures settled down 75 cents, or 1.2%, to $64.15 a barrel.U.S. West Texas Intermediate crude fell 90 cents, or 1.5%, to $60.94 a barrel.
U.S. stocks end higher despite appeals court reinstating Trump tariffs — for now
U.S. stocks ended slightly higher Thursday, hanging on...
U.S. stocks ended slightly higher Thursday, hanging on to small gains after an appeals court ruled President Donald Trump's tariff measures could remain in place, pending an appeal of a trade-court ruling that would block them.
The Dow Jones Industrial Average rose 117.03 points, or 0.3%, to close at 42,215.73.
The S&P 500 gained 23.62 points, or 0.4%, to finish at 5,912.17.
The Nasdaq Composite added 74.93 points, or 0.4%, to end at 19,175.87.
Shares of Nvidia Corp. finished with a gain of 3.3%, leading Dow gainers and buoying the S&P 500 and Nasdaq, after the chip giant and artificial-intelligence bellwether reported earnings after Wednesday's closing bell.
Stocks had already tempered earlier gains due to uncertainty around the fate of the trade court's ruling, which had sparked sharp gains for equity-index futures Wednesday night.
Thursday's market action reflected increased uncertainty around tariff policy as investors wait to see how the administration's appeals of the trade court's ruling pans out. Trump is also expected to pursue tariffs via other means if the ruling — which pertained to his reliance on emergency powers under a 1977 law to impose tariffs — is upheld.
Data Suggest BPX Worth at Least $10B in BP Merger Carve-Out
According to a Hart Energy analysis, new U.S. onshore M&A deal values...
According to a Hart Energy analysis, new U.S. onshore M&A deal values suggest BP Plc’s shale properties could fetch at least $10 billion if carved out in a BP merger. The figure is on a flowing boe/d basis only. It added that the Denver-based unit’s daily net production averaged 434,000 boe/d in 2024.
The supermajor’s BPX Energy shale unit also has 1.5 Bboe of proved reserves, 0.8 million net developed acres among its total 1 million net acres and some 1,600 gross operated wells, BP reported in its annual 20-F filing with the U.S. Securities and Exchange Commission in March.
Shell Plc is a rumored merger suitor. The international energy company exited the onshore U.S. E&P space in 2021 when it sold its Permian Basin property, its last remaining Lower 48 onshore upstream asset, to ConocoPhillips for $9.5 billion.
In the U.S. upstream, Shell operates in the conventional, deepwater offshore instead along with BP.
You may not have heard of the Court of International Trade before, but...
You may not have heard of the Court of International Trade before, but you’re about to hear about it a lot: A three-judge panel knocked down most of President Trump’s tariffs yesterday, saying the emergency law he invoked to impose them (the International Emergency Economic Powers Act of 1977) didn’t give him the power to do so. The panel said Congress couldn’t delegate “unbounded tariff power” to the president and that the US trade deficit didn’t meet the law’s definition of an extraordinary threat. The president used the law to impose the so-called reciprocal tariffs on almost all trading partners, as well as additional tariffs on Mexico, Canada, and China. The Trump administration filed a notice saying it plans to appeal, and final say is likely to rest with the Supreme Court.
