Benchmark U.S. crude oil for May delivery rose 3 cents to $80.86 a barrel Tuesday. Brent crude for June delivery rose 1 cent to $84.77 a barrel.
Wholesale gasoline for May delivery fell 2 cents $2.75 a gallon. May heating oil fell 1 cent to $2.60 a gallon. May natural gasrose 9 cents to $2.37 per 1,000 cubic feet.
S&P 500 ekes out gain, stocks drift as earnings pick up
U.S. stocks drifted, closing mostly lower on Tuesday, as investors waited for earnings season to gather...
U.S. stocks drifted, closing mostly lower on Tuesday, as investors waited for earnings season to gather more steam. The Dow Jones Industrial Average DJIA, -0.03% ended down 10 points, or less than 0.1%, near 33,976, while the S&P 500 index SPX, +0.09% gained 0.1%, according to preliminary figures from FactSet. The Nasdaq Composite Index COMP, -0.04% fell less than 0.1%. Bank of America BAC, +0.63% and Goldman Sachs GS, -1.70% were among the major banks to report quarterly results, while streaming giant Netflix Inc. NFLX, +0.29% was on deck after the bell. It is ending its red-envelope DVD rental service after 25 years.
Mexico's LNG sector could alleviate Permian gas glut
Mexico's burgeoning liquefied natural gas export industry could develop into a significant demand market...
Mexico's burgeoning liquefied natural gas export industry could develop into a significant demand market for surplus Permian Basin natural gas supplies, potentially easing some of the pressure on Waha hub gas prices, which linger below $1 per million British thermal units. Analysts expect existing cross-border pipelines and the upcoming expansion of cross-border capacity to offer new opportunities for moving gas from the Permian to the global LNG market via Mexico.
Data from Gas Infrastructure Europe shows several countries around the world are rapidly filling their...
Data from Gas Infrastructure Europe shows several countries around the world are rapidly filling their natural gas storage capacity, with supplies reaching their current volume 11 weeks earlier than they did in 2021. The rare occurrence is attributed to relatively mild winter weather and efforts to lower consumption. "There does appear to be a brief gas glut that should sustain pressure on LNG prices in the next few weeks, potentially nudging benchmarks slightly lower," commented Bloomberg Intelligence energy analyst Talon Custer.
US Emergency Oil Reserves Fall to Lowest Level in 40 Years
Crude oil stored in the U.S. Strategic Petroleum Reserve (SPR) fell by 1.58 million barrels last week...
Crude oil stored in the U.S. Strategic Petroleum Reserve (SPR) fell by 1.58 million barrels last week to its lowest level in nearly 40 years, data from the Department of Energy showed, on a mandated sale of oil from the emergency stash.
Stocks in the SPR fell to 368 million barrels in the week to April 14, its lowest level since October 1983, based on DOE and Energy Information Administration data.
The Biden administration this year has sold 26 MMbbl of crude from the reserve through release mandated by Congress in previous years.
