Oil settles 1% lower after US data shows large builds in fuel stocks
(Reuters) - Oil prices settled down just over 1% on Wednesday after U.S....
(Reuters) - Oil prices settled down just over 1% on Wednesday after U.S. data showed a surprisingly large build in gasoline and diesel inventories, swelling fuel supplies with OPEC+ planning more output and trade tensions clouding the energy demand outlook.
Brent crude futures closed down 77 cents, or 1.2%, at $64.86 a barrel. U.S. West Texas Intermediate crude settled down 56 cents, or 0.9% lower at $62.85.
U.S. gasoline stocks swelled by 5.2 million barrels, the Energy Information Administration said. Analysts polled by Reuters had expected a rise of 600,000 barrels.
Distillate stockpiles rose by 4.2 million barrels compared with expectations for a rise of 1 million barrels.
Crude inventories dropped by 4.3 million barrels. Analysts polled by Reuters had expected a draw of 1 million barrels.
"The report is in my view bearish, due to large builds in refined products," Giovanni Staunovo, an analyst with UBS.
U.S. crude stockpiles fell 3.3M barrels last week, API says
The American Petroleum Institute reportedly shows a draw...
The American Petroleum Institute reportedly shows a draw of 3.3M barrels of oil in U.S. commercial stockpiles for the week ending May 30.
Gasoline inventories reportedly increased by 4.7M barrels for the week, and distillate inventories increased by 760K barrels.
The Energy Information Administration will release its weekly U.S. petroleum supply report on Wednesday; analysts surveyed by The Wall Street Journal forecast domestic commercial crude stocks will decrease by 1.3M barrels, gasoline inventories are expected to decrease by 400K barrels, and distillate inventories are seen increasing by 500K barrels.
ONEOK's $940MM Deal Takes Full Control of Delaware G&P JV
ONEOKÂ has bought the remaining stake of a gas and processing (G&P)...
ONEOK has bought the remaining stake of a gas and processing (G&P) asset that was included in the company’s EnLink Midstream acquisition in January in a cash-and-stock deal valued at $940 million.
ONEOK purchased the interest from Delaware G&P LLC (Delaware Basin JV), which is held by ONEOK joint venture partner NGP Midstream Holdings.
Delaware Basin JV owns natural gas G&P facilities in the Delaware Basin in Texas and New Mexico. The company’s network has a processing capacity of more than 700 MMcf/d.
Tulsa, Oklahoma-based ONEOK said on June 3 that it acquired the remaining 49.9% stake in Delaware Basin JV with $530 million in cash and $410 million in ONEOK common stock.Â
The transaction closed on May 28, making ONEOK the sole owner.
The Netherlands’s fragile governing coalition ...
The Netherlands’s fragile governing coalition fell apart yesterday after far-right leader Geert Wilders withdrew his party over an immigration dispute. That forced Prime Minister Dick Schoof to offer his resignation, though he’s expected to stay on as a caretaker until the country can return to the polls. The coalition, which was formed just 11 months ago, was the Netherlands’s first far-right government, seizing on a wave of anti-immigrant sentiment sweeping Europe. Wilders said he exited abruptly because the government wasn’t implementing his desired curbs on immigration fast enough. Support for his Freedom Party continues to drop in polls, the BBC reported.
