EIA Backs up API With Shocking Rise of US Crude Oil Inventories
Crude oil inventories in the United States increased...
Crude oil inventories in the United States increased by 7.1 million barrels during the week ending July 4, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426 million barrels, still 8% below the five-year average for this time of year.
The American Petroleum Institute (API) on Tuesday estimated a surprise 7.1-million-barrel build for the week ending July 4 after analysts had estimated a 2.8-million-barrel draw.
For total motor gasoline, the EIA reported a decline of 2.7 million barrels, with daily production rising to 9.9 million barrels. For middle distillates, inventories dipped by 800,000 barrels, with production increasing to 5.1 million barrels daily. Distillate inventories are now 23% below the five-year average.
Additionally, stocks at the Cushing, Oklahoma, delivery hub decreased by 464 thousand barrels.
EIA trims oil outlook, sees steady gas output through 2026
The Energy Information Administration...
The Energy Information Administration has lowered its US oil production outlook for 2025 to 13.37 million barrels per day and expects marketed natural gas production to hover around 116 Bcf/d through 2026. Henry Hub gas prices are forecast to average $3.67 per million British thermal units in 2025 and $4.41/MMBtu in 2026, while West Texas Intermediate crude is seen averaging $65.22 per barrel in 2025 and $54.82 per barrel next year.
Utah oil facility expansion receives federal approval
Coal Energy Group 2 has secured Bureau of Land Management approval to...
Coal Energy Group 2 has secured Bureau of Land Management approval to expand its Wildcat Loadout Facility in Helper, Utah, which will enable it to ship an additional 100,000 barrels of crude oil per day by rail to Gulf Coast refineries. The fast-tracked approval was granted under an expedited environmental review process tied to President Donald Trump's national energy emergency declaration.
The Federal Reserve released the minutes from its June meeting, and the...
The Federal Reserve released the minutes from its June meeting, and the good news is that the majority of its officials see interest rate cuts coming this year. But other than that, they agree about as much as feuding contestants on Love Island—the minutes show officials have differing opinions over how many times they’ll do it and when they should start, even as the president has ramped up pressure for lower rates. Although some officials remained concerned that tariffs may spur inflation, the tally shows 10 committee members expect two or more cuts, two expect just one, and seven anticipate none.
US measles cases have reached a 33-year high. A little...
US measles cases have reached a 33-year high. A little more than halfway into 2025, the US has reported 1,288 measles cases, marking the highest yearly total since 1992, according to data from the Centers for Disease Control and Prevention. An outbreak in Texas contributed to both the high number of cases and the first measles-related US deaths in a decade, though cases have been reported in 39 states. The US declared measles eliminated in 2000, but cases have been spiking as vaccination rates have waned. Of the people in the US infected this year, 92% were unvaccinated or had an unknown vaccination status.
WK Kellogg, the company that makes your 5-year-old self’s favorite foods like Froot Loops and Frosted Flakes, is said to be nearing a deal to be acquired by chocolate company Ferrero for ~$3 billion.
OpenAI is reportedly preparing to launch a web browser to compete with Google Chrome. The company also closed its deal to buy former Apple designer Jony Ive’s hardware startup.
Merck is buying UK-based Verona Pharma for $10 billion as it seeks to move beyond its profitable cancer drug, whose patent is due to expire in 2028.
A federal appeals court blocked the FTC’s “click to cancel” rule, which would have forced companies to make it easier to cancel subscriptions and memberships.
Christian Horner has been fired from his role as Red Bull team principal after 20 years in the position and leading the team to F1 dominance.
