US crude oil stockpiles retreated by 4.7 million barrels last week, exceeding analysts' expectations of a 1.85-million-barrel drop, American Petroleum Institute data show. In contrast, gasoline and distillate inventories gained 2.4 million and 700,000 barrels, respectively, but remain 4% below the five-year seasonal average.
AI boom continues to create challenges for US energy
Power demand is poised to increase by nearly 16% over the next five years,...
Power demand is poised to increase by nearly 16% over the next five years, per Grid Strategies, and utilities are scrambling to keep up with data center demands while keeping the energy transition on track. New generation and transmission assets can take 10 years to build and some utilities have already begun rolling back fossil fuel plant closures to ensure reliability.
DOE study highlights risks of unchecked LNG expansion
The Energy Department's newly released analysis of the environmental...
The Energy Department's newly released analysis of the environmental and economic impacts of US liquefied natural gas exports warns that unrestricted growth could lift domestic gas prices by up to 30%, sideline renewable energy and increase global emissions. While Energy Secretary Jennifer Granholm argued that current export capacity is enough to satisfy long-term global demand, American Petroleum Institute President Mike Sommers called for an end to the LNG permitting pause, claiming it undermines energy security and US energy leadership.
Fed cuts rates by quarter point, scales back cuts for 2025
The Federal Reserve reduced interest rates by...
The Federal Reserve reduced interest rates by a quarter percentage point Wednesday and scaled back the number of cuts it expects to make next year.
In a split vote, the central bank voted to reduce its benchmark interest rate by 25 basis points to a new range of 4.25%-4.5%, initiating its third consecutive rate cut of 2024 despite signs that inflation isn’t entirely going away.
The consensus among Fed officials is for three rate cuts next year, down from four previously forecast in September.
Oil prices ease 1% to one-week low on weak Chinese, German economic data
The recent dip in oil prices, attributed to demand concerns...
The recent dip in oil prices, attributed to demand concerns arising from economic updates from Germany and China, highlights the ever-changing dynamics in the global energy market. With Brent and WTI crude prices falling to their lowest in a week, this movement underscores the sensitivity of oil markets to geopolitical and economic signals.
Brent Crude February futures fell 1% to $73.19 a barrel, the lowest since December 10. US crude futures due in January fell 0.9%, or 63 cents to $70.08 a barrel.
That puts both crude benchmarks on track for their lowest closes since Dec. 10 and cut the premium of Brent over WTI to a 12-week low of $3.56 a barrel, based on the February contracts.
