According to the most recent data released by the Energy Information Administration (EIA), U.S. crude oil inventories saw a larger-than-expected decline last week. However, stocks of gasoline and diesel continued to rise. Crude Oil Stocks Commercial crude oil stocks, excluding the Strategic Petroleum Reserve (SPR), fell by 2.5 million barrels to 429.9 million barrels in the … [Read more...] about U.S. Crude Inventories Decline, Gasoline and Diesel Stocks Continue to Increase
crude oil
U.S. Crude-Oil Inventories Set to See Slight Increase
According to a survey conducted by The Wall Street Journal, U.S. crude-oil inventories are expected to experience a small uptick from the previous week, as indicated by data from the Energy Department. Nine analysts and traders were polled, with their estimates revealing that U.S. commercial crude-oil stockpiles are projected to have increased by 900,000 barrels for the week … [Read more...] about U.S. Crude-Oil Inventories Set to See Slight Increase
U.S. Crude Inventories Decline More Than Expected
The Energy Information Administration (EIA) released its latest report on the status of U.S. commercial crude inventories, revealing a larger-than-anticipated decrease. For the week ending September 1st, inventories fell by 6.3 million barrels, surpassing analysts' expectations of a 5.6 million barrel decline. Gasoline and Distillate Stockpiles In addition to the impressive … [Read more...] about U.S. Crude Inventories Decline More Than Expected
Oil Prices Rise as Hurricane Idalia Threatens Gulf of Mexico Production
Crude prices edged higher on Wednesday as Hurricane Idalia approached Florida, posing a risk to oil production in the Gulf of Mexico. Concerns Over Hurricane Idalia Continuous-contract futures for benchmark West Texas Intermediate crude increased by 0.8%, reaching $81.80 a barrel, which is the highest level seen since mid-August. Idalia has intensified into a Category 4 … [Read more...] about Oil Prices Rise as Hurricane Idalia Threatens Gulf of Mexico Production
Oil Peaks to a Pandemic High Amid Freezing Weather Impacts on Demand and Production
West Texas Intermediate crude is on pace to settle above $60 a barrel, the first time since the early days of the coronavirus pandemic. According to CNBC, the oil rally was caused by rise in demand for power and fuel due to cold weather in some parts of the U.S that also threatened production. WTI crude futures rose 67 cents or 1.1% to $60.14 a barrel on Monday morning … [Read more...] about Oil Peaks to a Pandemic High Amid Freezing Weather Impacts on Demand and Production
