EIA: US crude inventories drop as exports increase
NEW YORK - U.S. crude stockpiles declined last week, as exports increased, and gasoline and distillate stocks also decreased, according to the Energy Information Administration on Wednesday. The EIA reported that crude inventories dropped by 3 million barrels, to 423.7 million in the week ending August 1. This was higher than the analysts' polled expectation of a draw of 591,000 barrels. The EIA reported that crude exports increased by 620,000 barrels a day (bpd), to 3.3 millions bpd. Stockpiles fell. The net U.S. imports of crude oil fell by 794,000 barrels per day. Bob Yawger is director of energy futures for Mizuho.
Devon Energy's profit forecast for the second quarter was missed due to low oil prices
The U.S. oil-and-gas producer Devon Energy narrowly missed Wall Street's expectations for the second quarter profit on Tuesday as lower commodity prices offset an increase in production. As a result of the growing demand for natural gas, the company has also announced two new supply agreements. Benchmark Brent crude oil prices dropped during the quarter of April-June compared to a year ago, due to a combination of growing market insecurity caused by tariffs, weak demand globally and an increase in supply from OPEC+. The average realized price was $36.30 for a barrel of oil-equivalent (boe) in the period reported, down from $44.29 last year.
Enbridge Sees Demand for More Pipeline Capacity from Canada to US Gulf
Canadian pipeline operator Enbridge said on Friday its recent commercial process to gauge oil shippers' interest in an expansion of its Flanagan South pipeline was oversubscribed, indicating strong demand for additional oil transport capacity from Canada to the U.S. Gulf Coast.The success of the Flanagan South open season — an industry term for the binding process pipeline companies use to notify shippers of available capacity and solicit bids — brings Enbridge closer to formally sanctioning its proposed expansion of its Mainline network…
US crude, distillate inventories rise, gasoline draw down, EIA says
Updates include the price reaction and background data on refineries. The Energy Information Administration reported on Wednesday that U.S. crude oils and distillates inventories increased last week while gasoline stocks fell. The EIA reported that crude inventories increased by 7.7 millions barrels, to 426.7million barrels for the week ending on July 25. This was compared to analysts' expectations based on a poll of a 1.3million-barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 690 000 barrels. Crude futures dipped after the large and unexpected buildup, but recovered.
Expand Energy, a US-based natgas producer, reports a second-quarter profit despite higher prices and output.
Expand Energy, the U.S. natural-gas producer, reported a profit for its second quarter on Tuesday. This was compared to a loss in the same period last year, due to higher production and commodity prices. After-hours, shares of the company rose 2.4% to $101,76. Expand, previously Chesapeake Energy became the largest independent natural gas producer in the United States after its $7.4-billion acquisition of Southwestern Energy was completed in October 2024. The company has also benefitted from the higher U.S. Natural Gas prices. These have recovered from multi-year lows reached last year.
US crude, gasoline stockpiles fall, distillates build, EIA says
The U.S. Energy Information Administration reported on Wednesday that crude oil and gasoline stocks in the United States fell last week. This was due to stronger demand and increased exports. Meanwhile, distillate inventories rose. The EIA reported that crude inventories dropped by 3.2 millions barrels, to 419,000,000 barrels for the week ending July 18. This was double the expectation of analysts in a survey who expected a 1.6-million barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 455,000 barges in the past week. The EIA reported that U.S.
Sources say that ConocoPhillips is close to selling Oklahoma assets to Stone Ridge Energy.
Three people with knowledge of the situation said on Tuesday that ConocoPhillips, a U.S. oil producer and gas company, is in advanced discussions to sell assets in Oklahoma for $1.3 billion to Stone Ridge Energy. One source said that Oklahoma City's Flywheel Energy will manage the assets for Stone Ridge Energy. Sources cautioned, however, that there is no guarantee of a deal and the talks could end without an agreement. The sources also spoke under condition of anonymity in order to discuss private discussions. ConocoPhillips refused to comment.
EIA: US crude stocks fall as exports increase; fuel demand falls
EIA reports that crude exports have risen to 3.5 million barrels per day. CHICAGO, 16 JULY - The Energy Information Administration reported on Wednesday that crude oil stocks in the United States fell last week, as exports increased, and gasoline and distillate stockpiles also rose. This has led to some concern about fuel demand. The EIA reported that crude inventories dropped by 3.9 millions barrels, to 422.2 million in the week ending July 11. This was compared to analysts' expectations based on a poll of a 552,000 barrel draw. The EIA reported that crude exports increased by 760,000 barrels a day, to 3.5 millions bpd. Meanwhile, net U.S.
INSIGHT-Oklahoma! How America hopes it can compete with China on critical minerals
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements a startup, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned a few decades ago. To get there, the state must overcome many obstacles, such as a lack in major mineral deposits and a weak educational system, not to mention its central location, far from the international shipping routes.
US Supreme Court tests which courts can hear EPA Cases
Wednesday, the U.S. Supreme Court set rules for determining when cases challenging the actions of the U.S. Environmental Protection Agency relating to air pollution or greenhouse gas emissions are heard by regional appellate courts or a Washington appeals court that hears many regulatory cases. The ruling of 7-2 held that the U.S. Court of Appeals District of Columbia Circuit and not the 5th U.S. based in New Orleans, should hear the lawsuits challenging actions by the U.S. Environmental Protection Agency related to air pollution and greenhouse gas emissions.
US crude stockpiles slump, products build, EIA says
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped sharply last week while gasoline and distillate stocks rose. The EIA reported that crude inventories dropped by 11.5m barrels, to 420.9m barrels for the week ending on June 13. This was compared to analysts' expectations based on a poll of a 1.8m barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 995,00 barrels. Oil futures continued to fall despite EIA figures showing that crude inventories had declined more than expected. Brent crude traded down $1.61 to $74.77 per barrel at 10:37 am EDT (1437 GMT), whereas U.S.
Rural Oklahoma aims to become a hub of critical minerals processing in the United States
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned by the country decades ago. To get there, the state must overcome several obstacles, including the lack of important mineral deposits, the weak education system, and its central location in the United States, far from the international shipping lanes.
EIA: US crude stocks fall as refiners increase output
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped last week, as oil refiners increased production to coincide with the start the summer driving season. Fuel inventories, however, rose due to a weaker demand. The EIA reported that crude inventories dropped by 4.3 millions barrels, to 436.1 million in the week ending May 30. This was in contrast with the analysts' polled expectations of a draw of 1 million barrels. The EIA reported that refinery crude runs increased by 670,000 barrels a day. Utilization rates also rose 3.2 percentage points, to 93.4%.
Treasury yields are easing with US stocks flat or up; investors evaluate US tax bill
The 30-year U.S. Bond yields rose to their highest level in nearly 19 months, before falling on Thursday. Worries about the U.S. Fiscal Outlook and the demand for government bonds remained, while Wall Street stocks ended either flat or slightly higher. After recent losses, the U.S. Dollar has strengthened. The yields increased earlier, after the U.S. House of Representatives approved President Donald Trump's proposed tax bill with a single vote. This added to concerns about the debt burden of the country. Moody's was the last major credit rating agency to remove the U.S. from its triple-A status late last week.
US crude oil demand surges as traders prepare for OPEC+ pricing war
The Tank Tiger storage broker reported that the demand for crude oil in the United States has risen in recent weeks, to a level similar to the COVID-19 epidemic. This is as traders prepare to receive a surge in supply from the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the coming months. OPEC+ has agreed to increase oil production for a second month in a row, June. The group is looking to punish members who are overproducing. OPEC leaders also plan to increase oil production in July. This could return up to 2.2 million barrels per day (bpd), according earlier reports.
Continental Resources, a US oil company, claims that Hess has defrauded them of $69 Million
Continental Resources, a U.S. producer of shale gas, has filed a suit against Hess Corp. The lawsuit alleges that the company was defrauded of up to $69,000,000 through a series deals conducted by Hess Corp. with its subsidiaries. Continental claimed that Hess - which operates hundreds wells in North Dakota - artificially inflated its midstream service fee by entering into agreements between itself and its subsidiaries. The lawsuit claimed that the net revenues from hydrocarbons produced by the wells in which Continental has a non-operating interest were below market value because of excessive service fees paid to Hess Midstream Partners.
Texas oil drilling applications at 4-year low as producers consider OPEC+ increase, trade war
Enverus, a consultancy, said that oil and gas drilling permits in Texas, which is the leading U.S. state for oil production, dropped to their lowest level since February 2021. This was due to concerns about rising OPEC+ supply and a trade conflict continuing to impact crude prices. Enverus reports that operators in Texas filed 570 new drilling permits in April, down from the 795 applications submitted in March, and the lowest number of new permits since February 2021. Mark Chapman who heads up Enverus' oilfield services intelligence, said that after Liberation Day, there was a decline in the number of permits issued on a weekly basis.
EIA: US crude stocks have unexpectedly impacted export and refinery demand
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped unexpectedly due to higher exports and refinery demands, while gasoline inventories fell for the ninth consecutive week. The EIA reported that crude inventories dropped by 2.7m barrels, to 440.4m barrels for the week ending April 25. This was in contrast with the analysts' polled expectations of a 429,000 barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub for futures contracts, rose by 682,000 barges in a week. Crude prices have pared their losses despite the unexpected build.
Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50. The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high of two years, supported by record flows into LNG export facilities as well as concerns about supply leading up to summer.
EIA: US crude and distillate stocks rise while gasoline inventories fall
The Energy Information Administration reported on Wednesday that U.S. crude and distillate oil inventories increased while gasoline inventories decreased last week. The EIA reported that crude inventories increased by 6.2 millions barrels, to 439.8million barrels for the week ending on March 28. This was compared to analysts' expectations based on a poll of a 2.1-million barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 2.4 millions barrels. The crude prices have remained relatively unchanged despite the surprising build-up of inventories.