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• Oil Price Fundamental Daily Forecast – Rebounding Ahead of EIA Data after Shrugging Off Unexpected API Build
  U.S. West Texas Intermediate and international benchmark Brent crude oil futures are edging higher...
  U.S. West Texas Intermediate and international benchmark Brent crude oil futures are edging higher early Wednesday as traders shrugged off a potentially bearish private industry inventories report released late Tuesday. The focus now shifts to the official weekly inventory data from the U.S. Energy Information Administration (EIA), due to be released at 14:30 GMT.
  
  June WTI crude oil is trading $105.10, up $5.35. July Brent crude oil is at $107.20, up $4.74. On Tuesday, the United States Oil Fund ETF (USO) settled at $74.57, down $2.00 or -2.61%.
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• Occidental Petroleum Profit Tops Estimates Despite Lower Output
  Houston-based company Occidental Petroleum is the latest oil producer to benefit from...
  Houston-based company Occidental Petroleum is the latest oil producer to benefit from high commodity prices, despite lower production volumes. Fuel prices have jumped following sanctions on Russia over its invasion of Ukraine in February.
  
  Occidental’s plan to produce oil while it develops technology to tap carbon emissions from fossil fuels gained a renewed vote of confidence after Warren Buffett’s Berkshire Hathaway Inc. raised its stake in the company to about 15.2%.
  
  Occidental reported a $2.1 billion adjusted profit—or $2.12 per diluted share—above the $2.03 per share estimates.
  
  Occidental used some of the extra cash from oil sales to pay another $3.3 billion in debt. And confirmed its previous plan to cut debt to $20 billion in the short term.
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• API Reports Build in Crude Oil Inventories🛢
  The American Petroleum Institute (API) reported a build this week for crude oil of 1.618 million...
  The American Petroleum Institute (API) reported a build this week for crude oil of 1.618 million barrels, compared to analyst predictions of a 1.2 million barrel draw.
  
  U.S. crude inventories have shed some 73 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data.
  
  In the week prior, the API reported a larger-than-expected draw in crude oil inventories of 3.479 million barrels after analysts had predicted a draw of 1.167 million barrels.
  
  Cushing saw a 92,000-barrel build this week. Cushing inventories rose to 28.829 million barrels as of April 29, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
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• Enbridge, Humble form blue hydrogen partnership
  Pipeline operator Enbridge and Denver-based Humble Midstream have unveiled...
  Pipeline operator Enbridge and Denver-based Humble Midstream have unveiled plans to jointly develop a low-carbon blue hydrogen and ammonia production facility at the Enbridge Ingleside Energy Center near Corpus Christi, Texas, at an estimated cost of up to $3 billion. The facility could begin operations in 2026.
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• Snippets from Morning Brew
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  • Coinbase shares fell 15% after hours when it reported 27% lower revenue in Q1 than a year ago.
  
  
  • US gun homicides rose 35% in 2020 to their highest level in more than 25 years, according to the CDC.
  
  
  • Celebrity chef Mario Batali was acquitted of sexual misconduct at the end of a speedy trial.
  
  
  • Los Angeles told residents they can’t water their lawn more than two days a week (down from the current cap of three) due to the drought.
  
  
  • Hedge fund billionaire Ken Griffin paid $8 million for a seat on a Blue Origin flight to space at a charity auction. He’s donating the seat to an NYC teacher.
  
  

  
  
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