Crude oil inventories in the United States decreased by 3.4 million barrels during the week ending November 14, after gaining 6.4 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 424.2 million barrels according to government data, which is 5% below the five-year average for this time of year.
The EIA’s data release follows API’s figures released a day earlier, which showed that crude oil inventories grew by 4.4 million barrels.
For total motor gasoline, the EIA reported that inventories increased by 2.3 million barrels, after falling by 900,000 barrels the previous week. The most recent figures showed average daily gasoline production decreasing to 9.3 million barrels. For middle distillates, inventories increased by 200,000 barrels, while production declined by 116,000 barrels daily to an average of 4.9 million barrels. Distillate inventories are now 7% below the five-year average for this time of year.
Total products supplied over the last four weeks stayed at 20.6 million barrels per day, down 0.2% compared to the same period last year. Gasoline demand averaged 8.8 million barrels per day during the previous four weeks, while the distillate four-week average supplied averaged 3.8 million barrels—up by 0.2 percent year over year.
Market headwinds support global refining profitability
Constrained global refining capacity due to sanctions on Russia, shutdowns...
Constrained global refining capacity due to sanctions on Russia, shutdowns and ongoing maintenance has pushed refining profits to multi-month highs in major markets. The 3-2-1 crack spread in the US reached $32.13 per barrel on Monday, near an earlier high, while diesel and gasoline margins in Europe and Asia also climbed to their highest levels in more than a year as product shortages persist. "The high margins are already pricing in a lot of disruption and giving refineries everywhere a strong incentive to ramp up runs," said Eugene Lindell of energy consultancy FGE.
The world can stop worrying about an AI bubble, at least for now: AI...
The world can stop worrying about an AI bubble, at least for now: AI chip-making linchpin Nvidia dropped a stellar earnings report yesterday that has at least temporarily eased concerns that the economy is on the verge of collapsing like a New York Mets team in September.
Revenue for Q3 reached $57.01 billion, above analyst estimates of $54.92 billion.
Data center sales totaled $51.2 billion, exceeding predictions of $49.09 billion and indicating that the appetite for AI is still growing.
CEO Jensen Huang said sales of the company’s next-generation Blackwell chips are “off the charts” and cloud GPUs are “sold out.”
The company is expecting $65 billion in revenue for the current quarter, also outpacing the $61.66 billion that analysts expect.
The better-than-expected report sent Nvidia stock soaring 5% after hours. “The AI ecosystem is scaling fast—with more new foundation model makers, more AI startups, across more industries, and in more countries,” Huang said.
The Fed is deeply divided, and it won’t have full October data
Central bankers cut interest rates last month, but they ...
Central bankers cut interest rates last month, but they were split over whether to focus on the weak job market or inflation—and over whether more cuts will be necessary going forward, minutes from the Fed’s last meeting show. That leaves the outlook for whether they’ll opt for another cut in December murky. And Jerome Powell and co. won’t have all the data when making the decision: Yesterday, the Bureau of Labor Statistics said it won’t publish a full jobs report for October due to the government shutdown. Instead, it’ll include some information about the labor market in October with its November report, but it won’t have an unemployment tally, as the information “could not be collected.” It also delayed the November data drop until six days after the Fed’s December meeting.
President Trump signed the bill requiring the Epstein files’...
President Trump signed the bill requiring the Epstein files’ release. The legislation signed by the president yesterday obliges the Department of Justice to release all files and communications related to the late sex offender Jeffrey Epstein, including information about the investigation into his death in prison, within 30 days. Trump could have released this information without Congress; however, he opposed the legislation, which divided his party. He abruptly pivoted over the weekend to say that Republicans should support it—after which the bill passed with near-unanimous bipartisan support. In announcing he had signed the bill, Trump characterized the issue as something Democrats used “to try and distract from our AMAZING Victories.”
The US trade deficit fell 24% in August as President Trump’s tariffs took effect.
Former Treasury Secretary Larry Summers stepped down from his position on OpenAI’s board following scrutiny of his ties to Jeffrey Epstein, as emails between the two were recently released publicly. He is also taking a break from teaching at Harvard.
The Justice Department admitted in court that not every member of the grand jury saw the final version of its indictment against former FBI Director James Comey—which could prompt the judge to dismiss it.
The Trump administration will provide a $1 billion loan to Constellation Energy to help it restart the Three Mile Island nuclear plant.
ESPN and Major League Baseball have reached a new three-year media rights deal, which includes out-of-market streaming rights and allows NBC and Netflix to air games.
Adobe will acquire AI software developer Semrush for $1.9 billion as it looks to boost its AI offerings.
Joe Rogan has regained the top spot on Apple’s most popular podcasts list.
