BOE Report U.S. West Texas Intermediate (WTI) crude futures rose by $1.87, or 2.50%, to $76.60 a barrel. Brent crude futures rose by $2.50, or 2.70%, at $81.69 a barrel. Both contracts rose during trading on Monday and Tuesday, rebounding from a sharp selloff in the first week of 2023. U.S. crude oil stockpiles jumped by 14.9 million barrels
Weekly Crude Oil Storage as of January 6, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 19 million barrels from the previous week. At 439.6 million barrels, U.S. crude oil inventories are about 1% above the five year average for this time of year, according to the EIA crude oil and
Oil Price After drawing over 221 million barrels of oil from the Strategic Petroleum Reserve (SPR) in 2022, Washington is having a tough time refilling it in the New Year, with the Department of Energy (DoE) rejecting the first offers on the grounds that they failed to benefit taxpayers. The DoE has by now received several offers for February purchases to
Weekly Crude Oil Storage as of December 30, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.7 million barrels from the previous week. At 420.6 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year, according to the EIA crude oil and
Oil Price Crude oil inventories fell by 1.3 million barrels, American Petroleum Institute (API) data showed on Wednesday, after dropping 3.069 million barrels in the week prior. U.S. crude inventories have grown by fewer than 10 million barrels so far this year, according to API data. Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 23 times that
Weekly Crude Oil Storage as of December 16, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.9 million barrels from the previous week. At 418.2 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year, according to the EIA crude oil and
Yahoo Finance LONDON – Oil prices rose on Wednesday after OPEC and the International Energy Agency (IEA) both forecast a rebound in demand over the course of next year and as U.S. rate hikes are expected to ease alongside slowing inflation. Brent crude futures rose $1.31, or 1.6%, to $81.99 per barrel by 1421 GMT, while U.S. West Texas Intermediate
Weekly Crude Oil Storage as of December 9, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.2 million barrels from the previous week. At 424.1 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year, according to the EIA crude oil and
Oil Price New Mexico is set to overtake Mexico’s crude oil production in the current month. That’s what commodity analysts at Standard Chartered have projected in a new report obtained by Oilprice.com, with New Mexico’s production in September just 74,000 barrels per day less than Mexico’s. “The surge in New Mexico’s output is centered on two counties, Lea and
Weekly Crude Oil Storage as of December 2, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.2 million barrels from the previous week. At 413.9 million barrels, U.S. crude oil inventories are about 9% below the five year average for this time of year, according to the EIA crude oil and
Oil Price Chevron CEO Mike Wirth spoke at the Economic Club of New York on Thursday to warn about the Biden administration’s cunning plan to refill the Strategic Petroleum Reserve around the $70 a barrel level. He said filling the SPR at that level is “not necessarily a wise move.” Wirth explained the SPR should be refilled regularly to maintain
World Oil (Bloomberg) — The Biden administration is seeking to stop sales from the Strategic Petroleum Reserve mandated by Congress so it can refill the emergency reserve, a move that could impact the release of 147 million barrels of crude oil. The Energy Department is seeking to cancel or delay sales mandated by Congress in fiscal years 2024 through
