The U.S. Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to September 16.
For the previous week, the EIA had estimated an inventory build of a considerable 8.8 million barrels. A day before this week’s EIA report, the American Petroleum Institute estimated a crude oil stock build of just over 1 million barrels, with builds estimated in fuels as well.
The EIA reported a build of 1.6 million barrels for gasoline inventories, estimating production at some 9.5 million bpd last week. This is compared with an inventory draw of 1.8 million barrels for the previous week, and a production rate of 9.5 million bpd.
Benchmark U.S. crude oil for October delivery fell $1.28 to $84.45 a barrel Tuesday. Brent crudefor November delivery fell $1.38 to $90.62 a barrel.
Wholesale gasolinefor October delivery fell 1 cent to $2.45 a gallon. October heating oilrose 6 cents to $3.37 a gallon. October natural gas fell 3 cents to $7.72 per 1,000 cubic feet.
Dow drops over 500 points as stocks end sharply lower after Fed rate hike
Stocks took a sharp turn lower to end a choppy session Wednesday, sinking after the Federal Reserve delivered...
Stocks took a sharp turn lower to end a choppy session Wednesday, sinking after the Federal Reserve delivered a widely expected 75 basis point rate hike but also lifted its forecast for a peak in rates above market expectations. Stocks gave up initial gains following the Fed decision, then flipped between gains and losses during Fed Chair Jerome Powell's news conference, before taking a turn to new lows late in the session. The Dow Jones Industrial Average DJIA, -1.70% dropped around 522 points, or 1.7%, to end near 30,184, according to preliminary figures, while the S&P 500 SPX, -1.71% shed 1.7% to close near 3,790 and the Nasdaq Composite COMP, -1.79% declined 1.8% to finish near 11,220.
Thousands rally in Belgium to protest high energy prices
BRUSSELS (AP) — Thousands of people gathered on Wednesday in the Belgian...
BRUSSELS (AP) — Thousands of people gathered on Wednesday in the Belgian capital Brussels for “a national day of action” to protest against skyrocketing electricity, natural gas, and food prices and draw attention to the sharp hike in the cost of living.
Trade unions and city police said that around 10,000 took part. People from across the country gathered, marching behind banners reading “Life is much too expensive, we want solutions now,” and “Everything is going up except our wages,” or carrying placards marked “Freeze prices, not people.” City traffic and public transportation were disrupted.
Data compiled by Evercore ISI show the number of permits issued...
Data compiled by Evercore ISI show the number of permits issued for new oil and natural gas wellsacross the lower 48 US states dropped by 3,106 month over month in August, but was 27% higher than August 2021 levels. Permitting activity declined most in the Haynesville Shale and the Permian Basin, by 63% and 25%, respectively, while the Powder River Basin was the only major play to record gains.
