adplus-dvertising
Connect with us

Business

U.S. Crude Oil Inventories Continue To Crash, While Products Build

Published

 on

 

Cushing

Crude oil inventories dropped for the fourth week in a row this week, by 6.426 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 7.85 million barrels in the week prior. Analysts anticipated a 3.884 million barrel draw.

U.S. crude inventories have grown by just 6 million barrels so far this year, according to API data. Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 32 times that figure so far this year— by 206 million barrels.

The SPR now contains the least amount of crude oil since February 1984.

300x250x1

The draw in commercial crude oil inventories came as the Department of Energy released 2.1 million barrels from the Strategic Petroleum Reserves in the week ending December 2, leaving the SPR with just 387 million barrels.

In the week prior, the API reported a large draw in crude oil inventories of 7.85 million barrels.

WTI prices fell sharply on Tuesday as the market reacted to the weak G7 price cap on Russian crude and the status quo from the OPEC+ meeting earlier in the week that ended without a production cut as some had feared.

At 3:51 p.m. EST, WTI was trading down $2.50 (-3.25%) on the day at $74.43 per barrel. This is a decrease of roughly $4.50 per barrel from the prior week. Brent crude was trading down $3.04 (-3.69%) on the day at $79.64—a decrease of roughly $5.50 per barrel on the week.

U.S. crude oil production again stayed at 12.1 million bpd for the fourth week in a row for week ending November 25, 400,000 bpd more than the levels seen at the start of the year, and still a 1 million bpd shortfall from the levels seen at the start of the pandemic.

The API reported a build in gasoline inventories this week of 5.93 million barrels for the week ending December 2, on top of the previous week’s 2.85-million-barrel build. 

Distillate stocks also saw a build this week, of 3.55 million barrels, on top of last week’s 4.01-million-barrel increase.

Cushing inventories rose by 30,000 barrels in the week to December  2, compared to last week’s reported decrease of 150,000 barrels.

WTI was trading at $74.32 shortly after the data release.

By Julianne Geiger for Oilprice.com

Source link

Continue Reading

Business

Elon Musk found not guilty of fraud over Tesla tweet – BBC News – BBC News

Published

 on


[unable to retrieve full-text content]

  1. Elon Musk found not guilty of fraud over Tesla tweet – BBC News  BBC News
  2. Elon Musk wins lawsuit over tweet  CTV News
  3. Tesla’s Elon Musk found not liable in trial over 2018 ‘funding secured’ tweets  Arab News
  4. Tesla and Elon Musk found not liable in trial over 2018 ‘funding secured’ tweets  Driving
  5. For Elon Musk, Two Cases About His Tweets, and Two Victories  The Wall Street Journal
  6. View Full Coverage on Google News

728x90x4

Source link

Continue Reading

Business

NL Hydro Reports Record High Demand – VOCM

Published

 on


[unable to retrieve full-text content]

  1. NL Hydro Reports Record High Demand  VOCM
  2. Electricity consumption reaches all-time peak, says N.L. Hydro  CBC.ca
  3. Hydro Close To Hitting ‘All-Time High’ On Demand Amid Arctic Blast  VOCM
  4. View Full Coverage on Google News

728x90x4

Source link

Continue Reading

Business

Fuel made from Russian oil is being funneled to New York – Markets Insider

Published

 on


[unable to retrieve full-text content]

  1. Fuel made from Russian oil is being funneled to New York  Markets Insider
  2. Oil’s New Map: How India Turns Russia Crude Into the West’s Fuel  BNN Bloomberg
  3. Indian refineries ditch US dollar to buy Russian oil amid Ukraine sanctions – report  Hindustan Times
  4. Oil’s new map: how India turns Russian crude into the West’s fuel  South China Morning Post
  5. Analysis | What Europe Risks With Wider Sanctions on Russian Oil  The Washington Post
  6. View Full Coverage on Google News

728x90x4

Source link

Continue Reading

Trending