OK Energy Today: Cushing reports slow decline in crude oil stocks
The amount of crude oil stored at the Cushing hub in northern Oklahoma continues to decline falling...
The amount of crude oil stored at the Cushing hub in northern Oklahoma continues to decline falling by nearly 1 million more barrels over a week.
The U.S. Energy Information Administration reported that as of May 20, there was a total of 24,778,000 barrels of oil estimated to be in storage at Cushing. It was down from the 25,839,000 barrels stored there as of May 13, 2022.
At the end of April, Cushing held 28,800,000 barrels of crude oil. At the start of 2022, the amount of crude in storage at the hub was 34,838,000 barrels.
The decline in crude held at Cushing has been dramatic over the past year. The EIA reported that a year ago, Cushing had 44.8 million barrels in storage.
U.S.-based Sempra Energy said on Wednesday it would sell about 2.25 million tonnes per annum (Mtpa) of...
U.S.-based Sempra Energy said on Wednesday it would sell about 2.25 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) to Germany’s largest power producer, RWE AG, which is trying to wean itself off Russian gas
Gas prices have soared so high that the US is now seeing demand destruction ahead of the summer driving season
Pain at the pump has gotten so bad that demand for gasoline is dropping just as the summer driving season...
Pain at the pump has gotten so bad that demand for gasoline is dropping just as the summer driving season is about to begin.
Demand on a four-week rolling basis has hit its lowest level during this time of year since 2013, excluding the pandemic-outbreak period in 2020, according to data from the Energy Information Administration compiled by Bloomberg. Compared with year-ago levels, demand is down roughly 5%.
Most Fed officials lean to 1/2-point rate hikes at 'next couple of meetings'
Most senior officials at the Federal Reserve "judged" that 1/2-point increases in a key U.S. interest...
Most senior officials at the Federal Reserve "judged" that 1/2-point increases in a key U.S. interest rate would "likely be appropriate at the next couple of meetings," according to the minutes of the central bank's last strategy session in early May. The bank raised the short-term fed funds rate by 50 basis points after the May 3-4 meeting. "A number of participants" also suggested price pressures "may no longer be worsening," but they acknowledged it was too early to be confident. The war in Ukraine and lockdowns in China could exacerbate inflation in the short run, they noted. The rate of inflation as measured by the CPI rose by 8.3% in the 12 months ended in April, well above the Fed's 2% target.
The Securities and Exchange Commission will vote Wednesday on whether to propose new rules requiring...
The Securities and Exchange Commission will vote Wednesday on whether to propose new rules requiring investment funds that market themselves as “ESG” to provide standardized data backing up claims that the funds’ investments are environmentally friendly and leaders in social and governance issues.
The popularity of ESG RSPE, +0.31% investments has exploded in recent years, as ESG assets under management are on pace to reach $41 trillion by the end of this year, according to a Bloomberg Intelligence estimate.
“It is important that investors have consistent and comparable disclosures about asset managers’ ESG strategies, so that they can understand what data underlies funds’ claims and choose the right investments for them,” SEC Chairman Gary Gensler said in a statement Wednesday.
