The American Petroleum Institute (API) estimated that crude oil...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 4.49 million barrels in the week ending May 2, after analysts had estimated a 2.5-million-barrel draw. The API reported a 3.76 million barrel inventory hike in the prior week.
Crude oil inventories are up more than 18 million barrels so far this year, 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) climbed 600,000 barrels to 399.1 million barrels in the week ending May 2. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories fell in the week ending May 2, by 1.97 million barrels, after falling by 3.14 million barrels in the week prior. As of last week, gasoline inventories are now 4% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were up this week 2.24 million barrels in the latest week. In the week prior, distillate inventories fell by 2.52 million barrels. Distillate inventories were already about 13% below the five-year average as of the week ending April 25, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 854,000 barrels, the API data showed, after last week’s 674,000 barrel hike.
Crude oil and gasoline prices settled sharply higher on Tuesday. Tuesday's weaker dollar is bullish...
Crude oil and gasoline prices settled sharply higher on Tuesday. Tuesday's weaker dollar is bullish for energy prices. Also, short covering emerged to push crude prices higher Tuesday on concern that US crude production is set to decline after Diamondback Energy, the largest independent crude producer in the Permian Basin, cut its full-year production forecast and said it expects US crude output to fall in the coming months due to low oil prices.
Brent futures rose $1.92, or 3.2%, to settle at $62.15 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.96, or 3.4%, to close at $59.09.
U.S. stocks log back-to-back losses as investors watch trade talks, Fed meeting
U.S. stocks finished lower on Tuesday for a second straight...
U.S. stocks finished lower on Tuesday for a second straight day as investors monitored potential developments in tariff negotiations between the Trump administration and key U.S. trading partners.
The Dow Jones Industrial Average fell 389.83 points, or nearly 1%, to end at 40,829, according to FactSet data.
The S&P 500 was off 43.47 points, or 0.8%, to finish at 5,606.91.
The Nasdaq Composite slumped 154.58 points, or 0.9%, ending at 17,689.66.
Stocks saw another volatile session on Tuesday after President Donald Trump met with Canadian Prime Minister Mark Carney, but he said there was nothing Carney could say to him during the meeting that would persuade him to drop U.S. tariffs on Canadian imports.
Investors also await the Federal Reserve’s policy decision on Wednesday at 2 p.m. Eastern time. The U.S. central bank is widely expected to hold its key interest rate steady as policymakers still gauge whether Trump's aggressive tariffs could reignite inflation and hurt the world's largest economy.
Diamondback CEO: US Onshore Oil Output Has Likely Peaked as Rigs Drop
One of the nation's top oil bosses says low prices and macroeconomic...
One of the nation's top oil bosses says low prices and macroeconomic uncertainty are jeopardizing U.S. energy security.
Diamondback Energy Chairman and CEO Travis Stice didn’t mince words in his quarterly letter to shareholders.
“We believe we are at a tipping point for U.S. oil production at current commodity prices,” Stice wrote in the May 5 letter.
Diamondback estimates that the U.S. frac crew count is down 15% this year, with the Permian Basin crew count down 20% from a January peak. Both are expected to decline further.
Onshore oil rigs will decline by 10% by the end of the second quarter and fall further in the third.
“As a result of these activity cuts, it is likely that U.S. onshore oil production has peaked and will begin to decline this quarter,” he wrote.
Sunoco (SUN) and Parkland Corp. (PKI), a Canadian company, announced...
Sunoco (SUN) and Parkland Corp. (PKI), a Canadian company, announced an agreement on May 5. Under the agreement, Sunoco will acquire all outstanding shares of Parkland for about US$9.1 billion (CA$12.56).
The deal, which includes assumed debt, positions Sunoco for expanded operations across a larger service area.
Sunoco will establish a publicly traded entity named SUNCorp LLC in Delaware as part of the acquisition. Under the terms of the agreement, Parkland shareholders will receive 0.295 SUNCorp units and CA$19.80 (US$14.35) in cash per share.
Sunoco’s operations include wholesale fuel distribution and retail convenience stores. Parkland is an international fuel distributor, marketer and convenience retailer with operations in twenty-six countries in North and South America.
