The EIA reported Wednesday that commercial crude inventories...
The EIA reported Wednesday that commercial crude inventories climbed by 3.5 million barrels for the week that ended Jan. 24. That was the first weekly increase in 10 weeks, though domestic production edged lower.
The data were expected to show a crude supply climb of 2.6 million barrels on average, according to a survey of analysts conducted by S&P Global Commodity Insights. Late Tuesday, the American Petroleum Institute reported a crude inventory gain of 2.9 million barrels, according to a source citing the data.
Total domestic oil production fell by 237,000 barrels per day to 13.24 million bpd, the EIA said. Crude stocks at the Cushing, Okla., Nymex delivery hub added 300,000 barrels to 21 million barrels.
The report also showed a weekly supply increase of 3 million barrels for gasoline, while distillate inventories fell by 5 million barrels. The survey forecast an inventory increase of 1.4 million barrels for gasoline and a supply decline of 2.4 million barrels for distillates.
Demand for gasoline rose, with total finished motor gasoline supplied, a proxy for demand, at 8.302 million barrels per day in the latest week, versus 8.086 million bpd from a week earlier.
Oil prices end lower as U.S. crude supplies post first weekly rise in 10 weeks
U.S. oil futures on Wednesday marked their lowest settlement...
U.S. oil futures on Wednesday marked their lowest settlement price of the year so far after official data revealed a weekly rise in commercial crude inventories following nine consecutive weekly declines.
Oil traders, meanwhile, continued to weigh the outlook for demand — and the possibility that President Donald Trump will implement tariffs as soon as this weekend on Canada and Mexico that may disrupt the flow of crude supplies.
West Texas Intermediate crude for March delivery fell $1.15, or 1.6%, to settle at $72.62 a barrel on the New York Mercantile Exchange, the lowest front-month finish since Dec. 31, according to Dow Jones Market Data.
March Brent crude the global benchmark, lost 91 cents, or 1.2%, to $76.58 a barrel on ICE Futures Europe. The more actively traded April contract declined by 88 cents, or nearly 1.2%, to $75.61 a barrel.
February gasoline settled 0.8% lower at $2.04 a gallon, while February heating oil added 0.2% to $2.45 a gallon.
Natural gas for February delivery ended at $3.54 per million British thermal units, up 1.8% on the contract’s expiration day. The March contract which is now the front month, added 1.5% to settle at $3.17.
U.S. stocks end lower as Fed signals no hurry to resume interest-rate cuts
U.S. stocks finished lower on Wednesday after the Federal...
U.S. stocks finished lower on Wednesday after the Federal Reserve left its policy interest-rate target unchanged for the first time since delivering its initial rate cut in September.
At first, stocks declined after the Fed's decision was announced following the conclusion of the central bank's two-day January policy meeting. Major indexes added to their losses from earlier in the day.
The S&P 500 and Dow touched their lowest levels of the session as investors appeared to focus on language in the latest Fed policy statement that removed a reference to inflation steadily returning to the central bank's 2% target.
However, after taking the podium, Powell quickly clarified that this change wasn't intended as a policy signal, and stocks soon reversed. While major indexes still finished lower, they ended well off their session lows. And declines weren't nearly as severe as what followed the Fed's December policy meeting.
"After the market fireworks that followed the December meeting, when the committee pulled back on rate-cut expectations, this was a steady message of neutrality that should be received OK by markets," said Scott Helfstein, Global X's head of investment strategy, in emailed commentary.
Here's where major indexes finished up, according to FactSet data:
The S&P 500 was off by 28.39 points, or 0.5%, at 6,039.31.
The Nasdaq Compositefell by 101.26 points, or 0.5%, to 19,632.32.
The Dow Jones fell by 136.83 points, or 0.3%, at 44,713.52.
The Lunar New Year begins today, marking the start of...
The Lunar New Year begins today, marking the start of the Year of the Wood Snake in the Chinese zodiac. The 15-day celebration, observed by millions across Asian communities worldwide, begins with the new moon and concludes with the Lantern Festival on Feb. 12. China anticipates 9 billion trips during the 40-day travel period, the world’s largest annual human migration.
The snake—the sixth animal in the 12-year zodiac cycle—symbolizes wisdom, growth, and transformation. People born in snake years are traditionally regarded as charismatic, intelligent, and creative, but also strategic, mysterious, and stubborn. The wood element adds qualities such as growth, flexibility, and charm. Notable figures born in snake years include Chinese President Xi Jinping, former US President John F. Kennedy, and Taylor Swift; see which zodiac animal you are here.
Calif. bill would make oil firms pay for climate disasters
A newly proposed California bill would allow victims and insurers to...
A newly proposed California bill would allow victims and insurers to sue oil and natural gas companies for compensation for damages resulting from climate change-related disasters. The Western States Petroleum Association opposes the bill, saying it scapegoats the industry without addressing systemic issues.
