US Crude Oil, Product Inventories Build Across the Board
The American Petroleum Institute (API) estimated that crude oil...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.25 million barrels in the week ending August 29.
So far this year, crude oil inventories are up 8.7 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 500,000 barrels to 405.2 million barrels in the week ending September 5.
Gasoline inventories rose by 329,000 barrels in the week ending September 5, after falling by 4.577 million barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose significantly for the second week in a row, adding 1.5 million barrels, after rising by 3.687 million barrels in the week prior. Distillate inventories were already a massive 13% below the five-year average as of the week ending August 29, the latest EIA data shows.
Oil prices settled higher on Tuesday after the Israeli military said it ...
Oil prices settled higher on Tuesday after the Israeli military said it carried out an attack on Hamas leadership in the Qatari capital Doha, an expansion of its military actions in the Middle East.
Brent crude futures settled up 37 cents, or 0.6%, at $66.39 a barrel, while U.S. West Texas Intermediate crude futures also climbed 37 cents, or 0.6%, to close at $62.63 a barrel.
Both benchmarks had gained almost 2% shortly after the Israeli attack on Qatar, but gave up the majority of those gains later as the United States assured Doha that such a thing would not happen again on its soil.
"Both the U.S. and Qatar have made it clear they are not seeking further escalation, while the muted reaction from other (Gulf Cooperation Council) members reinforces the view that the risk of a wider regional flare-up remains contained," said Jorge Leon, head of geopolitical analysis at Rystad Energy.
"For now, geopolitical risk premiums are easing rather than building," Leon said.
Oil prices also pared some gains because the attack did not create any immediate supply disruption, UBS analyst Giovanni Staunovo said.
The oil benchmarks were trading higher prior to the attack on Qatar, supported by the latest oil output increase from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling oil and concerns over potential new sanctions against Russia.
Employers Added Fewer Jobs Than Reported, Updated Data Shows
The U.S. economy probably added close...
The U.S. economy probably added close to a million fewer jobs in 2024 and early 2025 than previously reported, the latest sign that the labor market, until recently a bright spot in the economy, may be weaker than it initially appeared.
The revised data was released by the Bureau of Labor Statistics as part of a longstanding annual process known as benchmarking. But the big downward adjustment comes at an awkward moment for the agency, just weeks after President Trump fired its top official following a separate set of negative revisions last month.
The data released on Tuesday showed that employers added 911,000 fewer jobs in the 12 months through March than had been indicated in the monthly payroll figures. That implies the economy added only about 850,000 jobs during that time — half as many as previously reported.
Oil Spikes As Explosions Rock Doha; Israel Targets Top Hamas Leaders In Assassination Operation
Multiple explosions have been reported in Doha, Qatar on Tuesday, according...
Multiple explosions have been reported in Doha, Qatar on Tuesday, according to eyewitnesses cited by Reuters. Initial reports suggest a missile strike or series of possible aerial strikes. Brent Crude futures were trading at $67.20 per barrel, up $1.18 at 10:30 AM ET.
Axios journalist Barak Ravid, referencing Israeli officials, reported that the blasts were believed to be part of an assassination attempt targeting Hamas members. Netanyahu is really going gloves off at this point, it appears, and all negotiations seem definitively off.
Channel 12 is citing an Israeli official who says US President Trump gave the green light for the attack on Hamas leadership. There are emerging reports that that US and UK surveillance planes were in the air over the Gulf at the time of the strike.
The attack has resulted in the US Embassy in Doha issuing a shelter-in-place order for US citizens in the country. The UAE is also said to be furious over the attack. It has condemned the "treacherous" attack by Israel.
Israel Channel 12: Hamas Gaza leader Khalil al-Hayya was the primary target of the Israeli attack on Doha.
N.M. braces for revenue losses from royalty rate cuts
New Mexico officials are concerned that cuts to federal oil and natural...
New Mexico officials are concerned that cuts to federal oil and natural gas royalty rates could strip the state of critical revenue tied to production on public land. Economists project losses of $1.7 billion over the next decade and as much as $5.1 billion by midcentury, threatening funding for schools and health care. Industry representatives argue that lower rates could spur more drilling, but state officials remain skeptical.
