Operating on a one-day delay due to the U.S. holiday, the American Petroleum...
Operating on a one-day delay due to the U.S. holiday, the American Petroleum Institute (API) estimated the inventory build this week for crude oil to be 1.404 million barrels after analysts predicted a draw of 1.367 million barrels. Cushing saw a 1.496 million-barrel decrease this week.
Last week, the API reported a significant build in gasoline inventories, although the large product build failed to move crude prices to any significant degree. This week, the API reported a build in gasoline inventories for the third week in a row, at 3.463 million barrels for the week ending January 14—on top of the previous week's 10.86 million barrel build.
White House Ready To Deploy "Tools" For Oil Price Control
The Biden administration stands ready to deploy its tools to address the latest increase in oil prices,...
The Biden administration stands ready to deploy its tools to address the latest increase in oil prices, a spokeswoman for the National Security Council said this week.
"We continue to work with producer and consumer countries and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices," Emily Horne said, as quoted by Reuters.
"We will continue to monitor prices in the context of global economic growth and engage our OPEC+ partners, as appropriate." Horne also said.
The energy sector is poised for a higher start, supported by strength in the crude complex...
The energy sector is poised for a higher start, supported by strength in the crude complex and in the broader index futures which rebounded this morning on a slew of upbeat earnings results and a rebound in big tech stocks. The move higher comes despite government bond yields on the benchmark 10-year Treasury notes advancing to their highest levels since January 2020.
Natural gas futures slipped to a one-week low on this morning, pressured by forecasts for less cold and lower heating demand through the end of January than previously expected. Also weighing on U.S. futures was a 7% drop in European gas prices.
Oil builds on 7-year highs as supply worries persist
Oil futures extended their climb Wednesday, boosted after a pipeline fire temporarily disrupted crude...
Oil futures extended their climb Wednesday, boosted after a pipeline fire temporarily disrupted crude flows from Iraq to Turkey and the International Energy Agency raised its forecast for 2022 demand growth.
February WTIrose 62 cents to $86.05 a barrel after trading as high as $87.08. March WTI the most actively traded contract, was up 49 cents at $85.32 a barrel.
March Brent crude was up 50 cents at $88.01 a barrelon ICE Futures Europe, after hitting a high of $89.05. Both WTI and Brent on Tuesday closed at their highest since Oct. 13, 2014.
German Firm Sells Half of Vaca Muerta Shale Holdings for $140 Million
Mexico-based Oil company Vista...
Mexico-based Oil company Vista Oil & Gas said this week it was buying 50% of German unlisted oil and gas company Wintershall Dea’s stake in two concessions in Argentina’s Vaca Muerta shale oil deposit.
The price of the transaction was agreed at $140 million, including the annulment of a $77 million upfront payment made by Vista in September.
Wintershall, which said it was focusing on its Argentine gas production, separately announced that it was closing all of its Brazil operations.
