A potential catalyst for this week awaits with Thursday’s U.S. Energy Information...
A potential catalyst for this week awaits with Thursday’s U.S. Energy Information Administration (EIA) inventory report covering the first week of December. Frigid air descended from Canada during the period, boosting gas demand to power furnaces.
As such, analysts have braced for the steepest storage pull of the young withdrawal season. NGI modeled a pull of 176 Bcf, which is bullish in contrast to the five-year average decrease of 71 Bcf.
Preliminary draw estimates submitted to Reuters for the Dec. 6 period averaged 138 Bcf. The polling ranged fromwithdrawals of 49 Bcf to 187 Bcf.
Still, inventories started December at an 8% surplus relative to the five-year average. This followed a withdrawal of 30 Bcf in the final week of November. Inventories stood at 3,937 Bcf.
U.S. crude stockpiles rose 500K barrels last week, API says
The American Petroleum Institute reportedly showed a surprise build of...
The American Petroleum Institute reportedly showed a surprise build of 499K barrels of oil in U.S. commercial stockpiles for the week ending December 6, after API reported an unexpected 1.23M-barrel build a week earlier.
Strategic Petroleum Reserve (SPR): Increased by 0.7 million barrels as of December 6.
‣Current SPR inventory: 392.5 million barrels.
‣Up 46 million barrels from last summer's low.
‣Down 242 million barrels since President Biden took office.
Gasoline Inventories: Rose by 2.852 million barrels this week.
‣Previous week: Increase of 4.623 million barrels.
‣Currently 4% below the five-year average.
Distillate Inventories: Rose by 2.452 million barrels this week.
‣Previous week: Increase of 1.014 million barrels.
‣Currently 5% below the five-year average.
Cushing Inventories: Decreased by 1.517 million barrels.
Thousands of people were forced to evacuate yesterday as a fast-moving...
Thousands of people were forced to evacuate yesterday as a fast-moving wildfire cut through the wealthy coastal area, threatening nearby Pepperdine University and the Malibu Pier. The Los Angeles Times reported that the blaze burned more than 2,600 acres, bolstered by heavy winds that are making it difficult for the 700+ firefighters to contain it. The cause of the fire was unclear, but the region—already prone to wildfires—has received very little rain in recent weeks.
Amazon sells cars now. Well, just Hyundais, but still....
Amazon sells cars now. Well, just Hyundais, but still. The e-commerce giant officially launched its Amazon Autos service yesterday, empowering online shoppers in 48 US cities to buy exclusively Hyundai vehicles from participating dealers. Users can also finance their purchases, schedule pickups, and trade in existing cars all from within the Amazon site or app. Amazon plans to add more manufacturers next year, but until then, it hopes you will consider procuring a 2025 Elantra SE in Serenity White the next time you’re stocking up on toilet paper.
Micron will receive a $6.2 billion subsidy from the Biden administration to boost semiconductor manufacturing in New York and Idaho.
Brazilian President Lula is reportedly recovering after undergoing emergency surgery for an intracranial hemorrhage.
Israel expanded airstrikes at military targets across Syria, which Prime Minister Benjamin Netanyahu said was to “guarantee our security.”
McKinsey promoted its smallest partner group in years as part of an effort to rein in its inflated leadership, the Wall Street Journal reported.
“MOM, THE PIZZA ROLLS!” is something you or your child might yell after watching Totino’s first-ever Super Bowl ad next year, which the brand says is also a first for the frozen pizza category.
Oil prices rise on China stimulus, possible tight supply in Europe
(Reuters) -Oil prices rose on Tuesday as markets looked to rising demand...
(Reuters) -Oil prices rose on Tuesday as markets looked to rising demand in China, the world's largest buyer, and possible tight supply in Europe this coming winter and away from the overthrow of Syria's president.
Brent crude futures settled at $72.19 a barrel, up 5 cents or 0.07%. U.S. West Texas Intermediate finished at $68.59 a barrel, up 22 cents or 0.32%. Both benchmarks had risen more than 1% on Monday.
Support came from reports that China will adopt an "appropriately loose" monetary policy in 2025 as Beijing tries to spur economic growth. This would be the first easing of its stance in 14 years, though details remain thin.
Chinese crude imports also grew annually for the first time in seven months, jumping in November from the year-earlier period.
