EIA reports a third straight weekly climb in U.S. crude supplies
The Energy...
The Energy Information Administration reported on Thursday that U.S. crude inventories rose by 6.1 million barrels for the week ended Oct. 8. That defied expectations for an average 500,000 barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 5.2 million-barrel climb, according to sources. Supply data were released a day later than usual this week due to Monday's Columbus Day holiday. The EIA also reported a weekly inventory decline of 2 million barrels for gasoline but said distillate supplies were "virtually unchanged" last week. The S&P Global Platts survey had forecast supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.9 million barrels for the week.
U.S. natural gas futures slipped about 2% on forecasts for less demand next week than previously expected,...
U.S. natural gas futures slipped about 2% on forecasts for less demand next week than previously expected, a small increase in output, a small decline in global gas prices and forecasts calling for the U.S. weather to remain mild through the end of October. Prices fell despite forecasts for a big increase in heating demand in two weeks and a slow but steady rise in U.S. liquefied natural gas exports as utilities in Europe scramble to fill gas inventories before the winter heating season.
Natural gas futures were trading at $5.52 this morning, down 16 cents, at 10:00 AM ET.
Heading into the final trading session of the week. energy stocks are set for a higher start, backed...
Heading into the final trading session of the week. energy stocks are set for a higher start, backed by further gains in the crude complex and the broader index futures which are up about half a percent following yesterday’s rally. A robust start to the third-quarter earnings seasons and better-than-expected retail sales data are supporting prices this morning.
Oil prices have extended their trend higher, up another 1%, with Brent earlier ticking above $85/bbl for the first time in over three years as OPEC+ members appear content with its current production plan, likely keeping the market in a supply deficit for the rest of the year. Brent is tracking for a 6th straight week of gains, the longest streak since 2015. However, WTI and Brent continue to hold firmly in technically overbought territory with RSI's of 75.30 and 74.70, respectively. "We maintain the view that we have held all year - that the oil market remains in the early days of a multi-year, structurally strong cycle," RBC analyst Michael Tran said in a note.
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 5.2...
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 5.2 million barrels for the week ended Oct. 8, according to sources. The API, which released its report a day later than usual because of Monday's Columbus Day holiday, also reportedly showed inventory declines of 4.6 million barrels for gasoline and 2.7 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 2.3 million barrels for the week. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 500,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates.
Riley Permian Announces Increase in Borrowing Base
OKLAHOMA CITY, Oct. 14, 2021 /PRNewswire/ -- Riley...
OKLAHOMA CITY, Oct. 14, 2021 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) today announced that it has entered into an amendment to its senior secured revolving credit facility under which the borrowing base and elected commitments of the lenders party thereto have been increased from $135 million to $175 million in connection with its regularly scheduled semi-annual redetermination.
About Riley Exploration Permian, Inc. Riley Permian is an independent oil and natural gas company focused on steadily growing its reserves, production and cash flow per share through the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids in the Permian Basin. For more information please visit www.rileypermian.com.
