US Crude Oil, Fuel Stockpiles Rise as Demand Slackens: EIA
“Today’s inventory stats and overall builds in crude and products are indicative of investor worries on the overall economy,” said Tony Headrick, energy markets analyst at CHS Hedging, following the EIA report.
US Crude Oil Inventories Soar, Fuel Stocks Dip: EIA
“We know refiners are going to have to continue to run at a high rate to keep up with demand. And so the expectation is that the crude supplies are not going to build as dramatically next week,” said Phil Flynn, analyst at Price Futures Group.
Yellen Says Gasoline Tax Holiday Worth Considering as Anti-inflation Tool
High fuel prices have been “a substantial burden on American households,” U.S. Treasury Secretary Janet Yellen said. A fuel tax holiday that temporarily eliminates such taxes, “while not perfect, it is something that should be under consideration.”
Enterprise Moves Forward with $5 Billion ‘World-scale’ Petchem Project
Enterprise Products Partners completed early steps toward a proposed $5 billion ethane project east of Houston described by analysts as a “world-scale petchem facility.”
SPR Posts Record Drawdown, US Commercial Crude Stocks Build: EIA
Brent crude futures and WTI crude futures in the U.S. rose immediately following the data release, along with gasoline and distillate futures.
US Crude Oil, Fuel Stockpiles Fall in Tight Market: EIA
The fall comes even though the U.S. government released more than 5 million barrels of reserves in the most recent week and as net crude imports rose by 83,000 bbl/d, the EIA said.
Biden Administration Not Ruling Out Export Curbs to Ease Fuel Prices
“Restricting U.S. energy exports would only create further instability in the marketplace, diminish American energy leadership and represent a grave disservice to our allies,” said API’s Frank Macchiarola.
US Crude Stockpiles Slide as Refining Ramps Up Ahead of Summer: EIA
Refining activity picked up in the most recent week, in response to tight product inventories and near-record exports that have forced diesel and gasoline prices to record levels in the U.S.
Oil Jumps 4% as US Gasoline Prices Hit Record High, Stock Markets Soar
WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.
Lyondell Basell to Shutter Houston Oil Refinery in Refining Exit
Lyondell said the Houston refinery, once the anchor of its supply chain as a regional chemical company, no longer fit with its global petrochemical production.