Benchmark U.S. crude oil for July delivery rose $1.48 to $75.55 per barrel Thursday. Brent crude for August delivery rose $1.46 to $79.87 per barrel.
Wholesale gasoline for July delivery rose 5 centsto $2.40 a gallon. July heating oilrose 6 cents to $2.36 a gallon. July natural gasrose 6 cents to $2.82 per 1,000 cubic feet.
U.S. stocks close mostly flat as Wall Street eyes Friday's jobs report
Stocks closed mixed Thursday after the European Central Bank cut rates...
Stocks closed mixed Thursday after the European Central Bank cut rates for the first time in five years. Investors looked ahead to Friday's monthly jobs report to help gauge the strength of the U.S. economy.
According to preliminary data, the Dow Jones Industrial Average added 78.84 points, or 0.2%, ending at 38,886.17.
The S&P 500 shed 1 point, or less than 0.1%, closing at 5,352.96.
The Nasdaq Composite lost 14.78 points, or 0.1%, finishing at 17,173.12.
Both the S&P 500 and Nasdaq scored record closes on Wednesday
Wall Street expects to see 190,000 new jobs in the May report, slightly up from April. The unemployment rate is expected to hold steady at a historically low 3.9%.
US may accelerate SPR refill by year-end, Granholm says
The US could pick up the pace of refilling the Strategic Petroleum Reserve...
The US could pick up the pace of refilling the Strategic Petroleum Reserve when all four storage sites are operational by year-end, Energy Secretary Jennifer Granholm said Tuesday. Granholm also downplayed concerns of a near-term spike in oil and gas prices, despite OPEC's recent decision to extend production cuts into 2025.
Oil and gas drilling efficiency in major US basins last year surged by...
Oil and gas drilling efficiency in major US basins last year surged by 30% compared to 2019, with the Permian Basin in Texas and New Mexico achieving a 35% improvement, according to a new Enverus Intelligence Research report. The increased efficiency is attributed to larger-scale operations and wellbore design changes, says report author and EIR director Steve Diederichs, and significantly impacts well costs for top-performing operators.
According to the Energy Information Administration, US crude oil inventories rose by 1.2 million barrels for the week ending May 31 to 455.9 million barrels. The increase puts stockpiles at around 4% below the 5-year average for this time of year. In contrast, gasoline and distillate fuel inventories increased by 2.1 million and 3.2 million barrels, respectively, leaving them 1% and 7% below their five-year averages. Crude oil refinery inputs averaged 17.1 million b/d over the period, with refineries at 95.4% capacity.
