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.
ConocoPhillips is looking to sell assets in Oklahoma worth more than $1 billion, according to sources
People familiar with the situation said that ConocoPhillips has begun exploring the possibility of selling oil and gas assets it acquired from Marathon Oil when it bought the company for $22.5 billion last year. Sources said that the energy producer hired Moelis & Co as an investment bank to manage the sale of the assets. However, they added that talks were at a very early stage, and a deal was not guaranteed. Sources, who requested anonymity because the discussions are confidential, said that the assets, which include operations in the Anadarko basin, which spans approximately 300,000 acres net, will fetch a price greater than $1 billion.
EIA: US crude stocks fall as refining increases.
The Energy Information Administration reported on Wednesday that U.S. crude inventories dropped last week, as refiners increased production. Gasoline and distillate stocks also fell. The EIA reported that crude inventories dropped by 3.3 millions barrels, to 433.6 million in the week ending March 21. This was a far cry from the 956 thousand barrels analysts had predicted in a survey. Refinery crude production increased by 87,000 barrels a day. The refinery utilization rate also rose, by 0.1 percent, to 87%, for the third consecutive week, as refiners finished their seasonal maintenance. Brent crude futures, and U.S.
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.2 millions barrels in the past week. The report prompted a rise in oil futures. Oil futures rose after the report. This week, oil production was lower than expected.
US Supreme Court dismisses state climate lawsuits against oil companies
The U.S. Supreme Court on Monday rejected a bid from 19 Republican-led state led by Alabama, to stop five Democratic-led state from pursuing lawsuits against major oil companies for deceiving public about the role that fossil fuels played in climate change. The justices refused to hear a case filed directly at the Supreme Court by Republican attorneys general. This case targeted cases filed against Exxon Mobil and other companies such as Chevron, ConocoPhillips Shell, BP, Shell, ConocoPhillips. These lawsuits were brought by California, Connecticut Minnesota, New Jersey, and Rhode Island.
EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels, to 430.2 million in the week ending February 21. This was in contrast with the analysts' polled expectations of a rise of 2.6 million barrels. Cushing, Oklahoma's delivery hub for U.S. Crude Futures, saw its stocks rise by 1.3m barrels. They now total 24.6m barrels. This is the highest level since November. The U.S.
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per day to Validus’s growing footprint in Oklahoma's Anadarko Shale Basin, making it one of the biggest private players in U.S. Mid-Continent region oil. According to its website, 89 Energy III produces 70% gas. Kayne Anderson announced the formation of this company in May 2021, after a merger between three Mid-Continent oil and gas producers.
EIA: US crude and distillate stocks fall; gasoline increases last week
The U.S. Energy Information Administration reported on Thursday that crude oil and distillate stocks in the United States fell last week while gasoline inventories rose. The EIA reported that crude inventories dropped by 1 million barges in the week ended Jan. 17, to 411.7 million bars, marking the 9th consecutive weekly decrease. A poll of analysts had predicted a draw of 1.6 million barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 148,000 bbls. Crude futures extended their losses after the data showed the smaller-than-expected drawdown.
The demand for US natgas is expected to reach a record high on Tuesday
The U.S. demand for natural gas is expected to hit a record on Tuesday as the extreme cold that has affected much of America puts pressure on power grids, and certain oil and gas operations. Last week, the February natural gas contract reached its highest price since December 30, 2022. The cold weather that accompanied the weekend had the potential to reduce output due to the freezing of gas wells and pipelines. However, it also increased the use of fuel for heating homes and businesses. Prices rose in several hubs on the spot market with the U.S. Henry H Hub benchmark. In Louisiana, the price per MMBtu has more than doubled since Friday.
EIA: Cushing Crude Stocks fall to Decade-low levels
U.S. crude stocks fell last week, driving the Cushing, Oklahoma hub to a 10-year low, while fuel inventories surged, the Energy Information Administration (EIA) said on Wednesday.Crude inventories fell by 959,000 barrels to 414.6 million barrels in the week ended Jan. 3, the EIA said, compared with analysts' expectations in a Reuters poll for a 184,000-barrel draw.Brent and U.S. crude futures extended losses following the report. "A ramp-up in refinery maintenance in the coming weeks should usher in a return to crude inventory builds…
AVG US Gasoline Price Lowest in 3 Years
On Monday, the average U.S. gas prices dropped below $3 per gallon for the very first time in more than three years. This is a welcome relief for Americans who have been struggling with high inflation rates in recent years.Since the summer driving peak, fuel prices have steadily declined, boosting consumer spending, even though progress on inflation slowed in October and prices of other goods rose.GasBuddy.com, a market-tracker, reports that the national average price of regular gasoline dropped to $2.97 per gallons on Monday.
EIA: US Crude, Gasoline Inventories Rise
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 barrels in the week, the EIA said. Net U.S. crude imports rose last week by 237…
US crude stockpiles jump, fuel posts surprise drawdown, EIA says
The Energy Information Administration (EIA), which released its report on Thursday, said that U.S. crude stockpiles increased more than expected, while gasoline and distillate inventories showed unexpected declines. The EIA reported that crude inventories increased by 2.1m barrels, to 429.7m barrels during the week ending Nov. 8. This was compared to analysts' expectations based on a poll of 750,000 barrels. The Cushing, Oklahoma delivery hub for U.S. Crude Futures saw a drop of 688,000 barrels. Exports increased by 590,000. Brent and U.S. Crude futures edged up after the data revealed the surprise withdrawal in fuel stockpiles.
Devon Energy expects US crude oil to be priced between $60 and $80 per barrel in the near future
The benchmark U.S. WestTex Intermediate (WTI), crude oil, will be $60-$80 a barrel for the foreseeable future. This was what Devon Energy's Chief Executive Officer told attendees of an energy conference held in Dallas on Tuesday. This price forecast falls within the range of U.S. crude oil prices that have been traded throughout the majority of this year. On Wednesday, it settled at $68.43 per barrel. Richard Muncrief, CEO of Devon in Oklahoma City, said that crude demand will grow modestly by 2025, compared with 2024. He was speaking at a conference organized by the Federal Reserve Banks of Dallas & Kansas City.
EIA reports that US crude, gasoline, and distillate stocks rose last week.
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory increased last week. The EIA reported that crude inventories increased by 2.1 millions barrels, to 427.7million barrels during the week ended Nov. 1. This was a far cry from the 1.1 million barrels analysts had predicted in a recent poll. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 522,000 barrels during the past week. U.S. crude oil prices rose after the report. Brent crude futures traded at $75.66 per barrel by 10:45 am EST (1545 GMT), up 13 cents.
Devon Energy beats profit estimates, raises production forecast
Devon Energy, an oil and gas company, reported a third-quarter profit that was above expectations due to strong production. It also forecast higher production for the current quarter as a result of its $5 billion Grayson Mill purchase. In after-market trading, shares of the company rose 1.5% to $39.92. The U.S. Energy Information Administration reported that total oil consumption in the United States reached its highest level for the season since 2019. The demand for jet fuel was the highest since August 2019. Oil companies like Devon benefited from this. Devon's quarterly production increased by 9.5% to 728,000 barrels equivalent per day (boepd).
J-Power, a Japanese gas-power company, will sell its stake to a US gas-power company
J-Power, a subsidiary of Japan's Electric Power Development, announced on Thursday that it had decided to sell its 50 percent stake in an American gas-fired energy company as part a reshuffle to its asset portfolio. This was done to increase capital efficiency. ACR IV Frontier Holdings, an investment fund, will purchase the Japanese utility's stake in Tenaska Frontier Partners, which operates a gas-fired 830 megawatt (MW), power station in Texas, for $155 millions. J-Power is expecting to book $93,000,000 in investment income after the transfer.
US crude, fuel inventories fall last week, EIA says
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory fell last week. The EIA reported that crude inventories dropped by 515,000 barrels, to 425.5 millions barrels for the week ending October 25. This was in contrast with the analysts' polled expectations of a rise of 2.3 million barrels. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 681,000 bbls. Exports increased by 149,000 barrels per day, to 4,26 million bpd. The futures for U.S. Crude and Brent crude were not significantly affected by the report.
ONEOK's Q3 profit rises on the back of strong demand and a narrower annual forecast
Pipeline operator ONEOK announced a 52.6% increase in its third-quarter profits on Tuesday. This was largely due to higher demand for natural gas in the Rocky Mountain Region, as well as higher volumes of natural gases and natural gas liquids. The company reported that raw feed volumes of natural gas liquids in the Rocky Mountain Region (NGLs) increased by 7%, and natural gas volumes in the Rocky Mountain Region processed by 5%. The petrochemical industry uses NGLs like ethane or propane as feedstock. ONEOK's NGL unit adjusted Core Profit rose 1.3%, to $624 Million during the quarter reported.
EIA: US crude and gasoline inventories increase, while distillates are drawn down.
The Energy Information Administration (EIA), which is responsible for the U.S. Energy industry, announced on Wednesday that crude oil and gasoline stocks in the United States increased while distillate stockpiles fell. The EIA reported that crude inventories increased by 5.5 millions barrels, to 426,000,000 barrels for the week ending October 18. This was compared to analysts' expectations based on a poll of 270,000 barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 346,000 barrels. U.S. Crude and Brent Futures extended losses following the data.
