Crude Oil Inventory Increase Offset by Continued Product Inventory Declines
The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.593 million barrels for the week ending March 14. Analysts had expected a smaller 1.7 million-barrel build.
Crude oil inventories have climbed more than 21 million barrels this year, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 0.3 million barrels again to 395.9 million barrels in the week ending March 14. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories fell in the week ending March 14, by 1.708 million barrels, after falling by 4.560 million barrels in the week prior. As of last week, gasoline inventories are now 1% above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories also took a dive this week, shedding 2.146 million barrels in the latest week. In the week prior, distillate inventories rose 421,000 barrels. Distillate inventories were already about 5% below the five-year average as of the week ending March 7, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma, fell 1.141 million barrels for the week, after falling 1.196 million barrels in the week prior.
Oil ends lower after Russia agrees to cease-fire on Ukraine’s energy infrastructure
Oil futures finished with a loss on Tuesday as Russia’s...
Oil futures finished with a loss on Tuesday as Russia’s temporary cease-fire on Ukraine’s energy infrastructure lifted the possibility that the U.S. will ease sanctions on the flow of crude from Moscow.
Oil prices gave up early gains on growing tensions in the Middle East following U.S. attacks on Iran-backed Houthi rebels in Yemen over the weekend that threatened to disrupt crude flow in the oil-rich region.
West Texas Intermediate crude for April delivery declined by 68 cents, or 1%, to settle at $66.90 a barrel on the New York Mercantile Exchange after ending Monday 0.6% higher.
May Brent crude, the global benchmark, fell 51 cents, or 0.7%, at $70.56 a barrel on ICE Futures Europe.
April gasoline shed 0.6% to $2.17 a gallon, while April heating oil lost 0.4% to $2.19 a gallon.
Natural gas for April delivery settled at $4.05 per million British thermal units, up nearly 0.9%.
Dow loses 260 points, S&P 500 and Nasdaq fall sharply ahead of Fed rate decision
U.S. stocks finished lower on Tuesday, with technology...
U.S. stocks finished lower on Tuesday, with technology companies dragging down the market ahead of the Federal Reserve's interest-rate decision on Wednesday.
According to FactSet data, the Dow Jones Industrial Average was off 260.32 points, or 0.6%, to end at 41,581.31.
The S&P 500 tumbled 60.46 points, or 1.1% to finish at 5,614.66.
The Nasdaq Composite slumped 304.55 points, or 1.7%, ending at 17,504.12.
All three major stock indexes failed to extend their recovery rally into a third day, resuming their sharp selloff on Tuesday despite a batch of stronger-than-expected economic data.
The U.S. central bank is widely expected to hold interest rates steady at a range of 4.25% to 4.50% at the conclusion of its March policy meeting on Wednesday, though policymakers' Summary of Economic Projections should give investors more insight into their outlook for the U.S. economy. The median rate projection in December signaled just two quarter-point rate reductions in 2025.
The Fed will release a policy statement on Wednesday at 2 p.m. Eastern time, followed by Chair Jerome Powell's press conference at 2:30 p.m.
Chevron Buys 15.4MM Shares of Hess Stock on Open Market
Chevron Corp. has been busily buying up nearly 5% of Hess Corp.’s...
Chevron Corp. has been busily buying up nearly 5% of Hess Corp.’s outstanding common stock at prevailing market prices as the major continues to wait to wrap up its $55 billion acquisition of the independent E&P.
According to a Securities and Exchange Commission filing, Chevron purchased 15.38 million Hess shares between January and March 2025. From January through March 17, Hess stock traded between about $135 and $151 per share.
The purchases were made at prices that represent a discount to the price of shares of Hess common stock “implied in the exchange ratio set forth in the Merger Agreement entered into between Chevron and Hess on October 22, 2023.” The purchases also reflect Chevron’s confidence in the consummation of the pending acquisition of Hess, the company said.
Trump and Putin to talk dividing “assets” and ending Russia-Ukraine war
President Trump and Russia’s Vladimir Putin are expected ...
President Trump and Russia’s Vladimir Putin are expected to speak today to further the goal of ending Russia’s war with Ukraine. Trump said the two would discuss land and power plants as part of “dividing up certain assets.” The conversation between the two leaders comes after Trump publicly clashed with Ukrainian President Volodymyr Zelensky in the Oval Office, and Ukraine agreed to a US-backed plan for a 30-day ceasefire if Russia signed on. Trump said he thinks “we have a very good chance” of ending the war, which began when Russia invaded Ukraine three years ago.
