Oil Inventories Unexpectedly Fall by 1.3M Barrels Last Week: API
U.S. crude stockpiles unexpectedly fell last week, the API reported Tuesday, just as concerns...
U.S. crude stockpiles unexpectedly fell last week, the API reported Tuesday, just as concerns about slowing demand and rising supply dominate attention.
U.S. crude inventories decreased by 1.3 million barrels for the week ended Oct. 14, the API reported, compared with estimates for a rise of 1.6 million barrels, and a build of 7.0 million barrels reported in the previous week.
The API data also showed that gasoline inventories fell 2.2 million barrels last week, and distillate stocks fell by 1.1 million barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by 1.3 million barrels last week.
Benchmark U.S. crude oilfor November delivery fell $2.64 to $82.82 a barrel Tuesday. Brent crude for December delivery fell $1.59 to $90.03 a barrel.
Wholesale gasoline for November delivery fell 4 cents to $2.55 a gallon. November heating oilfell 10 cents to $3.99 a gallon. November natural gas fell 25 cents to $5.75 per 1,000 cubic feet.
U.S. stocks finish higher, with Dow climbing around 340 points, as investors digest earnings
U.S. stocks ended higher Tuesday, booking back-to-back gains,...
U.S. stocks ended higher Tuesday, booking back-to-back gains, as investors digested earnings results from companies including Goldman Sachs Group Inc. The Dow Jones Industrial Average DJIA, +1.12% closed 1.1% higher, while the S&P 500 SPX, +1.14% gained around 1.2% and the Nasdaq Composite rose 0.9%, according to preliminary data from FactSet. Goldman GS, +2.33% was among the Dow's best performers with a gain of more than 2%, FactSet data show. Shares of the Wall Street bank rallied after topping its third-quarter earnings target and confirming a reorganization plan.
Dozens of LNG-laden ships queue off Europe's coasts unable to unload
Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure...
Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this "exceptional situation".
Europe is facing an energy supply squeeze as Russia has progressively cut gas flows after the West imposed sanctions in response to Russia's invasion of Ukraine in late February.
The region has had to find alternative supplies, including LNG, but the arrival of multiple cargoes of the superchilled fuel has exposed Europe's lack of "regasification" capacity, as plants that convert the seaborne fuel back to gas are operating at the maximum limit.
If the backlog is not cleared soon those ships may start looking for alternative ports outside Europe to offload their cargo.
The oil market is worried Biden could release another 100 million barrels of crude from strategic reserves, analyst says
Investors are worried that the US could flood the market with more oil from the Strategic Petroleum...
Investors are worried that the US could flood the market with more oil from the Strategic Petroleum Reserves, according to Energy Aspects' Amrita Sen. The prediction comes after OPEC+ decided earlier this month to slash its production quota by 2 million barrels a day — despite objections from Washington — leading to speculation that the White House could respond with more releases from the SPR to ease prices.
"They are also weighing an emergency release of potentially as much as 100 million barrels,"Sen told CNBC on Monday. "You just don't know given the volume of uncertainty."
Earlier this year, the Biden administration announced plans to draw down the SPR by 180 million barrels, and that effort is nearing its conclusion.
