The American Petroleum Institute (API) reported a build this week for crude oil of 2.156 million...
The American Petroleum Institute (API) reported a build this week for crude oil of 2.156 million barrels, while analysts predicted a draw of 400,000 barrels. The build comes as the Department of Energy released 5.3 million barrels from the Strategic Petroleum Reserves in the week ending August 5, to 464.6 million barrels.
U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 2 million barrel gain since the start of 2020, according to API data.
Cushing inventories rose by 910,000 barrels this week. Last week, the API saw a build of 653,000 barrels. Official EIA Cushing inventories for the week ending July 29 were 24.466 million, up from 23.540 in the prior week.
A shift to gas-powered fracking equipment has allowed oil producer Comstock Resources to save between...
A shift to gas-powered fracking equipment has allowed oil producer Comstock Resources to save between $12,000 to $20,000 per fracking stage and slash well completion costs by about 15%. Moreover, the switch eliminated roughly 2,000 metric tons of greenhouse gas emissions and cut diesel use by about 1.4 million gallons, according to Comstock CFO Roland Burns.
Benchmark U.S. crude oil for September delivery fell 26 cents to $90.50 a barrel Tuesday....
Benchmark U.S. crude oil for September delivery fell 26 cents to $90.50 a barrel Tuesday. Brent crude for October delivery fell 34 cents to $96.31 a barrel.
Wholesale gasoline for September delivery rose 7 cents to $2.96 a gallon. September heating oil rose 15 cents to $3.33 a gallon. September natural gas rose 24 cents to $7.83 per 1,000 cubic feet.
Don’t be fooled by a drop in U.S. headline inflation. Markets will be attuned to another figure on Wednesday.
From MarketWatch: Traders, investors and economists...
From MarketWatch: Traders, investors and economists are all counting on Wednesday’s consumer-price index report to show a decline in the annual headline U.S. inflation rate for July. But there’s another figure buried in the consumer-price index data that has the propensity to jolt markets.
It’s called the core year-over-year CPI reading, a measure which strips out volatile food and energy costs. It came in at 5.9% for the 12 months that ended in June, and the consensus view is that it will inch up to 6.1% on a year-over-year basis for July. Gargi Chaudhuri of BlackRock Inc., the world’s largest money manager, sees the core reading coming in even a bit higher, at 6.2%, while a pair of Goldman Sachs analysts are warning that the near-term U.S. inflation picture “is likely to remain uncomfortably high.”
Stocks close lower Tuesday with markets focused on Wednesday's inflation data
U.S. stocks finished lower Tuesday, with the Nasdaq Composite leading the way down, as investors await...
U.S. stocks finished lower Tuesday, with the Nasdaq Composite leading the way down, as investors await a fresh inflation report to help gauge if the Federal Reserve's aggressive pace of rate hikes in 2022 has begun to cool the cost of living, pegged at a 41-year high in June. The Dow Jones Industrial Average DJIA, -0.18% fell about 56 points, or 0.2%, ending near 32,776. The S&P 500 index SPX, -0.42% shed 0.4%, booking its fourth session in a row of declines, while the Nasdaq Composite Index COMP, -1.19% shed 1.2%, according to FactSet data. Investors have been trying to gauge whether or not the red-hot U.S. labor market and other key aspects of inflation have become entrenched in the American economy, potentially making the central bank's goal of price stability harder to achieve, despite its recent course of jumbo rate hikes. That's made Wednesday's release of the July consumer-price index a key focus for investors. The CPI update is expected to show moderating price increases from last month, helping to pull the annual rate down to 8.7% from 9.1% in June, in part as households feel a bit of relief at the gas pump.
