The American Petroleum Institute (API) reported a huge draw this week for crude oil of 6.53...
The American Petroleum Institute (API) reported a huge draw this week for crude oil of 6.53 million barrels. U.S. crude inventories have grown by roughly 25 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by more than seven times that figure, at 194 million barrels.
The draw in crude oil inventories was despite the Department of Energy’s release of 1.9 million barrels from the Strategic Petroleum Reserves in the week ending October 28, leaving the SPR with 399.8 million barrels.
Distillate stocks saw a build this week of 865,000 barrels, compared to last week’s 635,000-barrel increase.
Cushing inventories rose 883,000 barrels in the week to October 28. In the week prior, the API saw a Cushing increase of 70,000 barrels.
U.S. stocks end lower as investors weigh latest data, brace for Fed decision
U.S. stocks finished lower Tuesday for a second straight session,...
U.S. stocks finished lower Tuesday for a second straight session, with risk appetite waning a day before the conclusion of a two-day Federal Reserve meeting that is expected to produce another jumbo increase to the central bank's policy rate.The Dow Jones Industrial Average DJIA, -0.24% shed about 82 points, or 0.3%, ending near 32,650. The S&P 500 index SPX, -0.41% closed down 0.4% and the Nasdaq Composite Index COMP, -0.89% declined by 0.9%, according to FactSet. Earlier gains for major equity benchmarks were erased Tuesday after an economic report showed the number of jobs openings for September rose to 10.7 million, which was below the 11.9 million record in March but likely still too high for Fed officials hoping that previous rate hikes would have helped to cool inflation and bring job openings back down to a historical norm. Higher rates this year have dramatically cooled the U.S. housing market, putting record prices in some regions in retreat. Borrowing costs also have shot higher for households and companies. Ford Motor Credit, the financing arm of Ford Motor Co., F, +0.19% was looking to borrow at least $1 billion on Tuesday in the bond market, despite corporate bond yields that have hit their highest level since 2009.
Oil-price gains intensify on report of potential Iranian attack on Saudi Arabia
Oil futures climbed toward session highs on Tuesday after The Wall Street Journal reported that Saudi...
Oil futures climbed toward session highs on Tuesday after The Wall Street Journal reported that Saudi Arabia shared intelligence with the U.S. warning of a possible Iranian attack on targets in the kingdom. In response to the warning, Saudi Arabia, the U.S. and several other neighboring states raised alert levels for their military forces, the report said. Iran was poised to carry out attacks on Saudi Arabia, as well as Erbil, Iraq, to distract attention from domestic protests in the nation that began in September, the report said, citing Saudi officials.
ExxonMobil and Chevron have revised their full-year forecasts for Permian...
ExxonMobil and Chevron have revised their full-year forecasts for Permian Basin oil and natural gas production as declining well productivity weighs on volume growth. Pioneer Natural Resources, meanwhile, plans to shake up its drilling portfolio next year to focus on more productive assets after recording a roughly 9% year-over-year decline in oil volumes during the third quarter.
Permian drillers go mobile to fulfill frack sand needs
Permian Basin producers are saving hundreds of thousands of dollars, mitigating supply chain...
Permian Basin producers are saving hundreds of thousands of dollars, mitigating supply chain risk and cutting emissions by deploying mobile in-basin frack sand mines, which have come to account for more than one-third of the 24 sand mines operating in West Texas, according to Rystad Energy. Devon Energy's mobile sand mine, launched in April in the Delaware Basin with help from frack sand company Hi-Crush, produces around 2,200 tons of sand per day and helped the company cut costs per fracked well by about $250,000, said Devon's John Raines.
