The Energy Information Administration reported today an inventory draw of 5.1 million barrels for the week to May 27.
This compared with a draw of 1 million barrels for the previous week. At 414.7 million barrels, U.S. crude oil inventories are some 15 percent below the five-year average for this time of the year.
The American Petroleum Institute (API) reported a day earlier, a draw this week for crude oil of 1.181 million barrels, while analysts predicted a draw of 67,000 barrels.
API reported that Cushing saw a minor 177,000-barrel build this week. Cushing inventories slipped again to 24.778 million barrels in the week prior, as of May 20, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
Refiners around the world are processing increased volumes of lighter, less dense crude in their...
Refiners around the world are processing increased volumes of lighter, less dense crude in their crude slates for gasoline production, contributing to widening price differentials between light and heavy crude grades. The price spread between light sweet WTI Midland crude and the heavy Western Canadian Select rose from around $8 per barrel in early April to about $12 per barrel by the end of May, while the difference between Light Louisiana Sweet and medium sour Mars crude widened to $6.8 per barrel in the same period, according to data from RBN Energy and Refinitiv Eikon
US liquefied natural gas exports jumped from 7.63 million short tons in April to 8.03 million short tons...
US liquefied natural gas exports jumped from 7.63 million short tons in April to 8.03 million short tons in May, the second-highest on record, amid strong demand from Europe and Latin America, Refinitiv Eikon data show. Europe received nearly 66% of shipments, while Asia accounted for 15% of the exported volumes.
U.S. stocks edging lower Thursday after Microsoft lowers fourth-quarter guidance
Stocks were slightly lower in early trade Thursday after Microsoft Corp. cut its fourth-quarter...
Stocks were slightly lower in early trade Thursday after Microsoft Corp. cut its fourth-quarter guidance ahead of the opening bell, citing the toll taken by a surging U.S. dollar.
Investors were also digesting data on weekly jobless benefit claims and private sector employment for May.
The Dow Jones Industrial Average DJIA fell 86 points, or 0.3%, to 32,728.
The S&P 500 SPX was down 14 points, or 0.3%, at 4,087.
The Nasdaq Composite COMP shed 55 points, or 0.5%, to trade at 11,939.
On Wednesday, the Dow fell 176.89 points, or 0.5%, to 32,813.23, while the S&P 500 index and Nasdaq Composite each shed 0.7%.
Ranger Oil announced that its borrowing base under its...
Ranger Oil announced that its borrowing base under its revolving credit facility was increased 20% to $875 million. Ranger's elected commitment under the facility remains at $400 million. This is the second announced increase this year for a total of approximately 45%.
