Steel Reef Infrastructure has acquired the Bison Midstream natural gas gathering system in northwestern...
Steel Reef Infrastructure has acquired the Bison Midstream natural gas gathering system in northwestern North Dakota from Summit Midstream Holdings in an all-cash deal worth $40 million. The sale comes as Summit Midstream shifts focus to growing its crude oil and produced water gathering systems in North Dakota's Williston Basin.
US oil prices will trade in the $80 to $100 per barrel range in 2023, but global oil stockpiles are largely...
US oil prices will trade in the $80 to $100 per barrel range in 2023, but global oil stockpiles are largely expected to remain tight and supply chain and inflationary pressures will likely continue to hamper fossil fuel production, according to investors surveyed by Barclays at its CEO Energy & Power Conference. A little more than half of the survey respondents projected US oil production growth of 500,000 barrels per day to 700,000 bpd between the fourth quarter of 2022 and the same period of 2023.
A third, outsized rate hike is an unprecedented move by the Federal Reserve. But extraordinary...
A third, outsized rate hike is an unprecedented move by the Federal Reserve. But extraordinary inflation calls for extraordinary measures.
August's hot Consumer Price Index report dashed hopes that the Fed could soon ease up on its hawkish policy, and Jerome Powell has reiterated his commitment to getting prices under control as inflation remains 8.3% higher than a year ago.
The American Petroleum Institute (API) reported a build this week for crude oil of 1.035 million barrels,...
The American Petroleum Institute (API) reported a build this week for crude oil of 1.035 million barrels, while analysts predicted a bigger build of 2.321 million barrels.
In the week prior, the API reported a build in crude oil inventories of 6.035 million barrels after analysts had predicted a draw of 200,000 barrels.
The API reported a build in gasoline inventories this week of 3.225 million barrels for the week ending September 16, compared to the previous week's 3.23 million-barrel draw. Distillate stocks saw a build of 1.538 million barrels for the week, on top of last week's 1.75-million-barrel increase.
Cushing inventories were up by 510,000 barrels this week. Last week, the API saw a Cushing increase of 101,000 barrels. Official EIA Cushing inventory for the week ending September 9 was 24.648 million barrels, down from 24.783 million barrels in the prior week.
U.S. oil futures settle at their lowest in nearly 2 weeks
Oil futures declined...
Oil futures declined on Tuesday, with U.S. benchmark prices settling at their lowest in almost two weeks. "A strong U.S. dollar, rising yields and concerns over demand as the global economy slows is weighing on crude oil prices again," said Michael Hewson, chief market analyst at CMC Markets UK. Markets are gearing up for "multiple rate hikes this week from the Federal Reserve, Bank of England and Swiss National Bank," he said. "Fears over tight [oil] supply aren't having the supportive effect on prices that [we] would normally expect, however it also means they probably won't dip too far either." October WTI crude CLV22, -1.80% fell $1.28, or 1.5%, to settle at $84.45 barrel on the New York Mercantile Exchange on the contract's expiration day. That was the lowest finish for a front-month contract since Sept. 8, FactSet data show. The November contract CLX22, 0.17%, which became the front month at the end of the session, settled at $83.94, down $1.42, or 1.7%.
