The American Petroleum Institute (API) estimated that crude oil inventories in the United States...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again, this time by 4.277 million barrels in the week ending June 20 after analysts had estimated a much more conservative 600,000-barrel draw. The draw adds to last week’s shockingly massive 10.133 million barrel inventory decrease.
So far this year, crude oil inventories are up 3.3 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.5 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories rose in the week ending June 20, by 764,000 barrels, after falling by 20,000 barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell this week by 1.026 million barrels. In the week prior, distillate inventories rose 318,000 barrels. Distillate inventories were already a starting 17% below the five-year average as of the week ending June 13, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell 75,000 barrels in the week after falling 800,000 in the previous week.
Nasdaq-100 scores first record close in 4 months as stocks soar after cease-fire
U.S. stocks finished sharply higher on Tuesday, as hopes...
U.S. stocks finished sharply higher on Tuesday, as hopes for a de-escalation in tensions between Israel and Iran propelled the Nasdaq-100 index to its first all-time closing high since February.
The Nasdaq-100 jumped over 1.5%, to end at a fresh record of 22,190.52, according to FactSet data.
The Dow Jones Industrial Average was up 507.24 points, or 1.2%, to end at 43,089.02. It was the largest one-day point and percentage gain for the blue-chip index since May 27.
The S&P 500 rose 67.01 points, or 1.1%, to finish at 6,092.18.
The Nasdaq Composite advanced 281.56 points, or 1.4%, ending at 19,912.53
Oil Falls as Iran, Israel Truce Eases Supply Fears
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations...
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.
The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.
Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. U.S. West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37.
Settlement was the lowest for Brent since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
"The geopolitical risk premium built up since the first Israeli strike on Iran almost two weeks ago has entirely vanished," said Tamas Varga, a senior analyst at TP ICAP's PVM Oil Associates brokerage and consulting firm.
The Bureau of Land Management is revising estimates of oil and natural...
The Bureau of Land Management is revising estimates of oil and natural gas reserves in the Rock Springs Resource Management Plan area in Wyoming, potentially reducing restrictions on energy development. The US Geological Survey recently reported significant increases in undiscovered, technically recoverable reserves, with 703 million barrels of oil and 5.8 trillion cubic feet of natural gas in southwest Wyoming.
Interior Dept. workforce has declined by nearly 11%
The Interior Department has reduced its workforce by nearly 11% during...
The Interior Department has reduced its workforce by nearly 11% during the Trump administration, with about 7,500 employees taking buyouts or early retirement in the past five months. Significant losses were reported at the National Park Service, Fish and Wildlife Service, US Geological Survey and Bureau of Reclamation. "The goal is to make sure that we're doing a great job at the task that we have, the missions that we have, and so there is no specific headcount number that we're targeting," said Interior Secretary Doug Burgum.
