The American Petroleum Institute (API) on Tuesday reported a 3.618 million barrel build for the...
The American Petroleum Institute (API) on Tuesday reported a 3.618 million barrel build for the week ending May 5, 2023.
The petroleum industry group had reported a crude drawdown of 3.939M barrels in the prior week to April 28. On the fuel side, API reported a gasoline inventory build of 0.4M barrels and a distillate stock drop of 3.945M barrels.
The net build in crude stockpiles aside, the API noted a 1.316M barrel draw itself at the Cushing, Oklahoma delivery point for U.S. crude.
Crude oil prices recorded small gains on Tuesday. The...
Crude oil prices recorded small gains on Tuesday. The prices reversed a 2% drop earlier in the session to record minor gains after news that the Biden administration plans to refill the Strategic Petroleum Reserve.
West Texas Intermediate crude finished up 24 cents or 0.3% to settle at $73.39 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark managed a 43-cent increase or 0.6% and finished at $77.44 a barrel on ICE Futures Europe
U.S. stocks finish lower ahead of April inflation data
U.S. stocks ended lower Tuesday as investors awaited a key inflation reading and fretted over...
U.S. stocks ended lower Tuesday as investors awaited a key inflation reading and fretted over the debt ceiling, while regional bank stocks saw renewed pressure. The April consumer-price index reading is due Wednesday morning, while a meeting between President Joe Biden and congressional leaders late Tuesday afternoon wasn’t expected to produce a breakthrough on the debt ceiling. The SPDR S&P Regional Banking ETFKRE fell 0.4%. The Dow Jones Industrial AverageDJIA fell around 57 points, or 0.2%, to end near 33,562, according to preliminary figures, while the S&P 500SPX declined 0.5% and the Nasdaq Composite COMP lost 0.6%.
No debt-limit breakthrough forecast as Biden hosts party leaders at White House
As President Joe Biden prepares to host a much-anticipated meeting on the U.S. debt ceiling with the...
As President Joe Biden prepares to host a much-anticipated meeting on the U.S. debt ceiling with the country’s four top lawmakers, analysts are predicting there won’t be a deal yet on this issue.
If the meeting at the White House, scheduled for around 4 p.m. Eastern time Tuesday, were to conclude with an agreement, that would be very surprising, said Chris Krueger, managing director at TD Cowen’s Washington Research Group, in a note on Tuesday.
The best-case outcome from the parley would be a “short-term punt,” Krueger said, referring to a limited suspension of the federal borrowing limit to provide the Biden administration and Congress with more time to come up with a long-term solution.
The energy sector is set for a lower start, tracking losses in crude contracts...
The energy sector is set for a lower start, tracking losses in crude contracts and the broader market futures. U.S equities are down in the pre-market amid downbeat earnings forecasts from Skyworks and PayPal and as investors await key inflation data tomorrow. Earnings continued across the energy sector, with several operators reporting 1Q results, capex, production, and updated guidance.
WTI and Brent crude oil futures are lower on weak Chinese trade data and as market participants remain cautious ahead of the release of April CPI data. China’s crude oil imports fell in April to their lowest level since January as high inventories, refinery maintenance and a weaker domestic economic rebound weighed on demand. Elsewhere, wildfires in Alberta Canada are lending support as the events have forced energy producers to shut in at least 280K bpd, or more than 3% of the nation’s output.
