The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.6 million barrels for the week ending March 21. Analysts had expected a dip of 2.5 million barrels.
So far this year, crude oil inventories have climbed more than 16 million barrels, 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 0.2 million barrels again to 396.1 million barrels in the week ending March 21. 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 21, by 3.3 million barrels, after falling by 1.708 million barrels in the week prior. As of last week, gasoline inventories are now 2% above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories also fell this week, shedding 1.3 million barrels in the latest week. In the week prior, distillate inventories slipped 2.146 million barrels. Distillate inventories were already about 6% below the five-year average as of the week ending March 14, the latest EIA data shows
U.S. stocks eke out small gains despite weak consumer-confidence data
U.S. stocks finished higher on Tuesday as investors managed...
U.S. stocks finished higher on Tuesday as investors managed to build on a relief rally from the previous session on hopes that President Donald Trump's reciprocal tariffs — scheduled to take effect on April 2 — could be less aggressive than previously expected.
According to FactSet data, the Dow Jones Industrial Average gained just 0.01%, remaining nearly flat at around 42,587.50.
The S&P 500 rose 9.08 points, or 0.2%, to end at 5,776.65. According to Dow Jones Market Data, the large-cap index rose for three consecutive trading days, logging its best three-day advance since Jan. 23.
The Nasdaq Composite advanced 83.26 points, or 0.5%, to finish at 18,271.86.
Oil Prices Mixed as Russia-Ukraine Truce Offsets Venezuela Supply Worries
March 25 (Reuters) - Oil prices diverged on Tuesday as a maritime and...
March 25 (Reuters) - Oil prices diverged on Tuesday as a maritime and energy truce between Russia and Ukraine offset concerns about tighter global supply due to threatened U.S. tariffs on countries buying Venezuelan production.
Brent crude futures settled 2 cents higher, or 0.03%, at $73.02 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.16%, to $69.
The United States reached deals with Ukraine and Russia to pause attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow.
Kyiv and Moscow both said they would rely on Washington to enforce the deals, while expressing scepticism that the other side would abide by them.
Jet Fuel Took Record Share of ’24 US Refinery Output, EIA Says
A recovering airline industry pushed jet fuel to a record-high share...
A recovering airline industry pushed jet fuel to a record-high share of production in U.S. refineries last year, according to a report released by the U.S. Energy Information Administration (EIA) on March 24.
In 2024, U.S. refineries produced a record 659.837 MMbbl of jet fuel, which accounted for about 11% of total refinery yields. According to EIA records dating back to 2005, refineries last set a record for jet fuel production of 659.046 MMbbl in 2018.
“Increased air travel, measured by both TSA passenger volume and flight departures, has increased U.S. jet fuel consumption every year following the steep decline in 2020,” the EIA reported.
Motor gasoline, distillate fuel oil and jet fuel make up more than 85% of U.S. refinery output. Gasoline takes the largest share of the 85%, with distillate fuel oil in second.
Trump announces 25% tariff on countries that buy Venezuelan oil...
Trump announces 25% tariff on countries that buy Venezuelan oil and gas. As of April 2, a day President Trump has dubbed “Liberation Day” for the economy, countries that buy oil from Venezuela will have to pay an additional 25% tariff on trade with the United States, the president said on Truth Social. Precisely what other tariffs might go into effect that day remains unclear. News outlets reported that the president would not impose blanket tariffs but would focus on more industry-specific ones, and even though reciprocal tariffs are still on the menu, there might be exemptions for some countries. But officials cautioned that the situation could still change. The president also said additional tariffs on cars and pharmaceuticals would be coming soon.
A federal judge refused to lift his order barring the government from deporting anyone under the rarely used Alien Enemies Act, which the Trump administration invoked to deport alleged Venezuelan gang members. An appeals court also held a hearing on the issue during which one judge said “Nazis got better treatment” under the act than the people who were recently deported, since the former got hearings.
Chinese EV-maker BYD made more than $100 billion in sales last year for the first time.
Turkish authorities arrested more than 1,100 people, including journalists, amid protests over the decision to jail a political rival of President Recep Tayyip Erdoğan.
South Korea’s Hyundai plans to invest ~$21 billion in the US, including $5.8 billion towards a steel plant in Louisiana.
Mia Love, the first Black Republican woman elected to Congress, has died of cancer at age 49.
Warren Buffett will pay $1 million to an employee who won his company’s March Madness bracket challenge—which Buffett made easier this year in hopes of having a winner—by correctly calling 31 of the 32 games in the first round of the men’s tournament.
