Energy stocks are set to open lower, pressured by weakness in the crude complex and in major equity futures...
Energy stocks are set to open lower, pressured by weakness in the crude complex and in major equity futures which carried over yesterday’s retreat into this morning’s session amid another round of weak earnings. Earnings season continued to ramp up for the space today with Schlumberger reporting a rise in fourth-quarter profit that beat expectations.
WTI and Brent crude oil futures are down slightly in early trading, pressured by yesterday’s EIA report that showed an unexpected rise in U.S. crude and fuel inventorieswhile investors took profits after the global benchmarks touched seven-year highs this week. The EIA reported the first U.S. stock build since November with gasoline inventories at an 11-month high, against industry expectations. The EIA also reported a slight decline in refinery runs, indicating lower demand for crude. Oil majors Total Energies and Chevron Corp, partners in a major gas project in Myanmar, said they were withdrawing from the country, citing the worsening humanitarian situation following last year's coup.
US Crude Oil Stockpiles Rise for First Time Since November
U.S. crude oil stockpiles rose last week for the first time since November while gasoline...
U.S. crude oil stockpiles rose last week for the first time since November while gasoline inventories grew to an 11-month high, the Energy Information Administration (EIA) said on Jan. 20.
Crude inventories rose by 515,000 barrels in the week to Jan. 14 to 413.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 938,000-barrel drop. Oil stored at Cushing, Okla., the delivery point for U.S. stocks, fell by 1.3 million barrels from the previous week to 33.5 million barrels,
“U.S. oil inventories saw the first build in eight weeks as refinery runs dropped to 15.45 million barrels per day, their lowest since mid-November, while imports rebounded strongly,” said Matt Smith, lead oil analyst at Kpler.
EIA: U.S. Companies Completed 14 Petroleum Liquids Pipelines
In 2021, pipeline companies completed 14 petroleum liquids pipelines projects in the United States, according...
In 2021, pipeline companies completed 14 petroleum liquids pipelines projects in the United States, according to EIA’s recently updated Liquids Pipeline Projects Database.
According to the U.S. Energy Information Administration, this total includes seven crude oil pipeline projects and seven hydrocarbon gas liquids pipeline projects. No petroleum product pipeline projects were completed last year.
Lawsuit Alleges Charif Souki Defrauded Tellurian Investor in Short-seller Battle
A California investor sued Tellurian Inc. Chairman Charif Souki on Jan. 20, accusing...
A California investor sued Tellurian Inc. Chairman Charif Souki on Jan. 20, accusing him of fraud in relation to an agreement over Tellurian stock.
Shareholder Chris Parker filed a breach of contract lawsuit with the U.S. District Court in Denver seeking unspecified damages from Souki, founder of the U.S. LNG company. Parker, a Los Angeles resident, alleged Souki reneged on a promise promised to cover any investment losses Parker suffered while holding about 11 million shares in Tellurian between 2019 and 2021.
Souki believed there was a short-selling campaign against Tellurian’s stock and convinced Parker not to sell his shares, the lawsuit said. Souki promised a stock price rise when “certain business prospects” were realized, the lawsuit said.
Crude prices edge lower, though supply concerns still dominant
NEW YORK, Jan 20 Reuters. Oil edged lower on Thursday, posting slim losses after...
NEW YORK, Jan 20 Reuters. Oil edged lower on Thursday, posting slim losses after several days of strength that pushed benchmarks to seven-year highs due to concerns about tight supply.
Brent crude futures settled down 6 cents to $88.38 a barrel.The global benchmark rose to $89.17 on Wednesday, its highest level since October 2014; the benchmark is up 13% on the year so far.
U.S. West Texas Intermediate (WTI) crude futures for February delivery lost 6 cents to $86.90 a barrel on the last day of the contract's life.WTI is up 15% so far this year.The more active March WTI contract settled at $85.55 a barrel, down 25 cents.
