Energy Storage

Crude inventories fell by 846,000 barrels to 425.2 million barrels in the week ended August 23, the Energy Information Administration (EIA) said on Wednesday, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 668,000 barrels in the week, the EIA said. …

Crude and Gasoline Stocks fall, Distillates Rise, EIA Data Shows Read More »

(Reuters) – The U.S. is slowly replenishing the Strategic Petroleum Reserve, buying up to 6 million barrels of oil for delivery in the first several months of next year, after the largest sale yet from the stockpile in 2022. The Energy Department said late on Monday it sought to buy about 3.6 million barrels for …

US Slowly Replenishes Strategic Petroleum Reserve into 2025 Read More »

(Reuters) – The U.S. has bought nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday. About 800,000 barrels per month of the domestically produced sour, or relatively high in sulfur, oil will be delivered to …

US Buys Nearly 2.5 Million Barrels of Oil for Strategic Petroleum Reserve Read More »

(Reuters) U.S. crude oil stockpiles rose unexpectedly last week, building for the first time since late June, while gasoline and distillate inventories fell more than forecast, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 1.36 million barrels to 430.7 million barrels in the week ended Aug. 9, the EIA said, compared …

US Crude Inventories Rise After Six Weeks of Drawdowns, EIA Says Read More »

(Reuters) U.S. crude oil stockpiles fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels to 429.3 million barrels in the week ended Aug. 2, the EIA said, compared with analysts’ expectations in a Reuters poll for a 700,000-barrel draw. Crude stocks …

US Crude Stockpiles Fall, Fuel Inventories Rise, EIA Says Read More »

(Reuters) – The U.S. Energy Information Administration on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, while also lowering its outlook for crude prices, according to its Short-Term Energy Outlook. The EIA lifted its forecast for 2024 U.S. oil demand by 100,000 bpd to 20.5 million bpd. It left its …

EIA Sees Tighter U.S. Oil Market for 2024, Lowers Price Outlook Read More »

The U.S. Department of Energy said on Monday it had finalized a contract to purchase 4.65 million barrels of crude oil for the Strategic Petroleum Reserve, for delivery to the Bayou Choctaw site in Louisiana during the last three months of the year. Exxon Mobil will supply 3.9 million barrels of the contract, while Macquarie Commodities …

U.S. Buys 4.65 Million Barrels for Emergency Oil Stockpile Read More »

By John Kemp (Reuters) – U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices …

U.S. Crude Oil Prices Retreat Amid Doubts About Further Stock Draw Read More »