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
Weekly Crude Oil Storage as of November 25, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 12.6 million barrels from the previous week. At 419.1 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year, according to the EIA crude oil and
Weekly Crude Oil Storage as of November 18, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 431.7 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year, according to the EIA crude oil and
Investing WASHINGTON – The Biden administration has asked Congress for $500 million to modernize the U.S. strategic petroleum reserve (SPR), a document outlining the request shows. If approved by Congress, the request, issued by the White House on Tuesday, provides the Department of Energy (DOE) with funding to improve the four SPR sites along the Texas and Louisiana coasts. President
Oil Price The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.835 million barrels—more than undoing last week’s build. U.S. crude inventories have grown by roughly 25 million barrels so far this year, according to API data, but U.S. Strategic Petroleum Reserves fell by more than eight times that figure, at 201 million
Weekly Crude Oil Storage as of November 11, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.4 million barrels from the previous week. At 435.4 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year, according to the EIA crude oil and
Yahoo Finance NEW YORK – Oil prices dropped by about $2 a barrel on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand. Brent crude futures were down $2.01, or 2.1%, to $93.35 a barrel by 10:53 a.m.
Weekly Crude Oil Storage as of November 4, 2022 Preview (opens in a new tab) U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.9 million barrels from the previous week. At 440.8 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year, according to
World Oil (Bloomberg) – The United States slashed its forecast for the nation’s oil production growth next year, predicting that output will fall short of an all-time high. America’s crude production will rise to 12.31 MMbpd in 2023, down from an earlier estimate of a record 12.36 MMbpd, the Energy Information Administration said in a monthly report Tuesday. The forecast
BOE Report LONDON – Oil prices slipped on Thursday ahead of an expected rate hike by the Federal Reserve, but found a floor as market participants eyed falling U.S. crude stockpiles and upcoming European sanctions on Russian barrels. Brent crude dipped 56 cents, or 0.6%, to $94.09 a barrel by 1027 GMT, while U.S. West Texas Intermediate (WTI) crude
Weekly Crude Oil Storage as of October 28, 2022 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.1 million barrels from the previous week. At 436.8 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year, according to the EIA crude oil and petroleum
Nasdaq LONDON – Portfolio investors’ oil positions are exhibiting significant week-to-week volatility as traders struggle to anticipate the net effect of an economic slowdown amid exceptionally low inventories of crude and diesel. Hedge funds and other money managers purchased the equivalent of 33 million barrels in the six most important petroleum futures and options contracts in the week to
