Energy Storage

U.S. crude oil stockpiles rose and gasoline and distillate inventories fell more than forecast last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the EIA said, nearly double analysts’ expectations in a Reuters poll for a 1.4 million-barrel …

U.S. Crude Stockpiles Rise, Products Draw Down More Than Forecast – EIA Read More »

U.S. crude, gasoline and distillate inventories rose in the week ending April 5, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.8 million barrels to 457.3 million barrels in the week ended April 5, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.4 million-barrel rise. Crude stocks …

U.S. Crude Stocks, Gasoline and Distillate Inventories Rise – EIA Read More »

Prices could rise to a level that will constrain demand OPEC regained control of the market, says Sebastian Barrack Bloomberg Global oil markets are on track to be “extremely tight” in the second half, with prices rising to a level that will eventually constrain demand if OPEC doesn’t bring back more supply, said the head …

Oil Market to Get ‘Extremely Tight’ in Second Half, Citadel Says Read More »

U.S. crude stocks rose while gasoline and distillate inventories fell in the week ending March 29, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.2 million barrels to 451.4 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.5 million-barrel draw. Oil futures pared …

U.S. Crude Stocks Rise, Gasoline and Distillate Inventories Fall – EIA Read More »

The U.S. Department of Energy on Wednesday said it will not award oil supply contracts for Louisiana’s Bayou Choctaw Strategic Petroleum Reserve (SPR) site in August and September due to high oil prices. “We monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset,” said …

U.S. Won’t Award Contracts for Louisiana SPR Site Over Oil Price, Energy Department Says Read More »

U.S. oil stocks in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level that would have existed prior to massive sales two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday. Stocks will reach those levels in part on the cancellation of congressional-mandated sales of about 140 million barrels, …

U.S. to Return Emergency Oil Reserve to Prior Levels by Year-End Read More »

US seeks oil for emergency reserve as maintenance winds down (Reuters) – The U.S. is seeking to buy 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), as one storage site winds down maintenance that had tempered the pace of replenishing the stockpile, the U.S. Energy Department said on Thursday. The oil, if …

U.S. Seeks Oil for Emergency Reserve as Maintenance Winds Down Read More »