US Crude Stocks Increase, Oil Output Hits COVID-era High: EIA
“Crude oil is not showing any sign of slowing down. Domestic production is at a COVID-era high,” said Bob Yawger, director of energy futures at Mizuho.
US Energy Dept Issues Notice of Sale of Oil from Emergency Reserve
The first 90 million barrels of SPR oil will be released between May and July. The other 90 million barrels will be released between August and October, the Energy Department said.
US Weighs Largest Ever Draw from Emergency Oil Reserve: Sources
The oil release would increase supplies by 1 million bbl/d for six months and help market rebalance this year, but it does not resolve the structural supply deficit, Goldman Sachs analysts said in a note.
US Oil Exports Surge, Drawing Crude Away from Storage Hub
U.S. crude is attractive to world buyers because it is trading at a steep discount of nearly $7 under the global benchmark Brent.
US Considers Another SPR Release that Could Top 30 Million Barrels: Source
U.S. crude supplies in the SPR fell by 4.2 million barrels last week to 571.3 million barrels, the lowest since May 2002, the Energy Information Administration said.
US Crude Oil, Fuel Stockpiles Fall as Demand Jumps: EIA
Worldwide demand for crude oil was also visible in U.S. exports of crude, which rose to their highest since July 2021, and as refinery utilization rose on the U.S. Gulf Coast hub to its highest level since January 2020.
US Natgas Futures Up on Big Storage Draw, Near Record LNG Exports
The U.S. is already producing LNG near full capacity, so no matter how high global gas prices rise, it would not be able to produce much more of the supercooled fuel any time soon.
US Crude Oil, Fuel Stockpiles Fall; Strategic Reserves at 2002 Low
U.S. crude stocks in the Strategic Petroleum Reserve (SPR) fell to 577.5 million barrels, the lowest since July 2002.
US, Allies Weigh Oil Reserves Release after Ukraine Invasion
Russia, one of the world’s top oil producers, exports around 4-5 million bbl/d of crude and another 2-3 million bbl/d of refined products. China, the EU, South Korea, India and Japan are its main buyers.
Cheniere Expects More Long-term LNG Supply Deals in Volatile Market
LNG suppliers rely on long-term contracts to finance new plants.