American Petroleum Institute President and CEO Mike Sommers...
American Petroleum Institute President and CEO Mike Sommers wrote a letter asking President Joe Biden to encourage more fossil fuel development and outlined 10 policy recommendations to accelerate domestic energy production, including streamlining project permitting and removing federal oil and natural gas leasing curbs. "These 10 in '22 policies are a framework for new energy leadership for our nation, unleashing investment in America and creating new energy access while avoiding harmful government policies and duplicative regulation," Sommers said.
The energy sector is off to a mix to a higher start, supported by strength...
The energy sector is off to a mix to a higher start, supported by strength in the major equity futures despite losses in the oil markets. U.S. stocks are poised to rebound ahead of an expected interest rate hike by the Federal Reserve.
WTI and Brent crude oil futures are trading down on concerns about fuel demand and the possibility of a recession ahead of an expected interest rate hike by the U.S. Federal Reserve. Global macro continues to drive the oil markets as new inflation reports mixed with fast-changing views in the financial markets have increased the possibility the Fed will be more hawkish than investors had anticipated. This has opened the door to a 75-basis-point interest rate hike, in an attempt to curb inflation. China’s latest COVID-19 outbreak has lent some support to oil futures as investors are worried about a new phase of lockdowns. The EIA said in its monthly report that world oil demand will rise more than 2% to a record high in 2023, although soaring oil prices and weakening economic forecasts dimmed the future outlook.
Natural gas futures have gained followed yesterday’s sharp losses buoyed by intense heat, forecasts for more demand and higher global gas prices.
The American Petroleum Institute (API) reported a build this week for crude oil of 736,000...
The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10.
In the week prior, the API reported a build in crude oil inventories of 1.845 million barrels after analysts had predicted a draw of 1.8 million barrels.
Distillate stocks saw an inventory rise of 234,000 million barrels for the week, compared to last week's 3.376-million-barrel increase.
Cushing saw a decrease of 1.067 million barrels this week. Cushing inventories slipped to 23.441 million barrels in the week prior, as of June 03, according to EIA data—down by more than half from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
MarketWatch: Oil and Gas Futures Close Lower on Tuesday
Oil futures gave up early gains to finish...
Oil futures gave up early gains to finish with a loss on Tuesday, pressured after Bloomberg reported that a U.S. senator may propose a plan to impose a federal surtax on certain oil companies in a move to curb inflation. Natural-gas prices, meanwhile, settled at their lowest in five weeks as full repairs to a damaged Freeport LNG terminal isn't expected until later this year. The Freeport LNG news is "a near-term headwind for U.S. natgas prices as it will add an estimated 2.0 [billion cubic feet] of supply to our domestic market until the facility resumes operations at full strength later in the year," said Tyler Richey, co-editor at Sevens Report Research. West Texas Intermediate crude for July delivery CLN22, -0.18% fell $2, or nearly 1.7%, to settle at $118.93 a barrel on the New York Mercantile Exchange after trading as high as $123.68. July natural gas NGN22, 1.63% settled at $7.189 per million British thermal units, down $1.42, or 16.5%.
U.S. to sell up to 45 million bbls oil from reserve as part of historic release
WASHINGTON (Reuters) - The U.S. Department of Energy on Tuesday said it was selling up to 45 million...
WASHINGTON (Reuters) - The U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve as part of the Biden administration's previously announced, largest-ever release from the stockpile.
Deliveries of crude from the SPR sale would take place from Aug. 16 through Sept. 30, the Energy Department said.
