Oil rises on US stockpiles drawdown, OPEC+ mulls output hike delay
Oil prices rebounded on Wednesday, rising more than 2%...
Oil prices rebounded on Wednesday, rising more than 2% after data showed U.S. crude and gasoline inventories fell unexpectedly last week and on reports that OPEC+ may delay a planned oil output increase.
After falling more than 6%earlier in the week on the reduced risk of wider Middle East war, Brent crude futures settled up $1.43, or 2.01%, at $72.55 a barrel.U.S. West Texas Intermediate cruderose $1.4, or 2.08%, to $68.61.
U.S. gasoline stockpiles fell unexpectedly last week to a two-year low on strengthened demand, the Energy Information Administration said, while crude inventories also posted a surprise drawdown as imports slipped.
U.S. imports of crude oil from Saudi Arabia fell to their lowest point last week since January 2021, at just 13,000 bpd, down from 150,000 bpd the previous week. Crude imports from Canada, Iraq, Colombia, Brazil all slipped on the week, the EIA said.
Reuters reported that OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could delay a planned oil production increase in December by a month or more because of concerns over soft oil demand and rising supply.
U.S. stocks finish lower, with Nasdaq falling short of another closing high
All three major stock indexes ended lower on Wednesday...
All three major stock indexes ended lower on Wednesday after gains from earlier in the session vanished and some investors came away from the third-quarter GDP report with expectations for a further economic slowdown by year-end.
Based on preliminary data, the Dow Jones Industrial Average closed down by 91.51 points, or 0.2%, at 42,141.54. It had jumped by as much as 224.87 points earlier in the day.
The S&P 500 finished down by 19.25 points, or 0.3%, at 5,813.67.
The Nasdaq Composite ended down by 104.82 points, or 0.6%, at 18,607.93. It missed the level needed to reach another closing high after ending Tuesday's session at 18,712.75. Nonetheless, Wednesday's closing level was the third-highest in the Nasdaq's history.
"There has been a lot for investors to digest since yesterday’s close, including many earnings, economic data, and other macro updates. As the headlines piled up this morning, it felt like trying to drink from a firehose," said Michael Reinking, a senior market strategist for the New York Stock Exchange.
Despite Alphabet's solid earnings report on Tuesday, "the other earnings reports within the sector and more broadly were much more mixed," the strategist wrote in a note.
EQT Sells Remaining Pennsylvania Non-op Assets to Equinor for $1.25B
EQT Corp. has agreed with Equinor USA Onshore...
EQT Corp. has agreed with Equinor USA Onshore Properties Inc. and Equinor Natural Gas LLC to sell its remaining interest in its non-operated natural gas assets in Northeast Pennsylvania.
Equinor will pay a cash consideration of $1.25 billion for the non-op assets, according to EQT’s Oct. 29 earnings report. The transaction price is subject to customary purchase price adjustments. EQT intends to use proceeds toward debt repayment related to its acquisition of Equitrans Midstream Corp.
The deal represents approximately 350 MMcf/d of forecasted 2025 net production, EQT said.
Oil Rebounds After Two-Day Slump With Middle East Back in Focus
Oil rose after a two-day decline, with traders weighing developments...
Oil rose after a two-day decline, with traders weighing developments in the Middle East and the prospects for more OPEC+ supply.
Brent climbed above $72 a barrel after tumbling more than 6% over the previous two sessions, and West Texas Intermediate surpassed $68. While one Israeli minister suggested that the war with Hezbollah could be over by year-end, the country’s military chief vowed to strike Iran “very hard” should the OPEC producer launch another attack.
The commodity’s gains were bolstered on Wednesday after data from the ADP Research Institute showed hiring at US companies accelerated by the most in over a year, while Reuters reported that OPEC+ nations could delay plans to revive oil production in December, citing unnamed sources. However, two OPEC+ delegates said that the group hasn't begun discussions yet.
API weekly crude stock dips, signaling increased demand for US petroleum
The American Petroleum Institute (API) has released its Weekly Crude...
The American Petroleum Institute (API) has released its Weekly Crude Stock report, showing a notable decrease in US crude oil, gasoline, and distillates stocks.
Crude Oil Inventories: Fell by 573,000 barrels for the week ending October 25. Analysts expected a build of 2.3 million barrels.
Previous week: Build of 1.643 million barrels.
Year-to-date: Decrease of over 6 million barrels.
Strategic Petroleum Reserve (SPR): Increased by 1.2 million barrels as of October 25.
Current SPR inventory: 385.8 million barrels.
Up 38 million barrels from last summer's low.
Down 249 million barrels since President Biden took office.
Gasoline Inventories: Fell by 282,000 barrels this week.
Previous week: Decrease of 2.019 million barrels.
Currently 3% below the five-year average.
Distillate Inventories: Fell by 1.463 million barrels this week.
Previous week: Decrease of 1.478 million barrels.
Currently 9% below the five-year average.
Cushing Inventories: Increased by 320,000 barrels.
