The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 6.556 million barrels in the week ending March 13—a surprise build of significant magnitude. In the week prior, US crude oil inventories shed 1.7 million barrels. Analysts had expected a draw of 600,000 barrels in the current reporting period.
Crude oil futures traded higher on Monday morning after the US attacked military assets on Kharg Island over the weekend.
The U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM) generated nearly $47 million in high bids during its latest Gulf offshore oil and gas lease sale, reflecting continued industry interest in exploration acreage on the U.S. Outer Continental Shelf.
U.S. Energy Secretary Chris Wright sought to counter market warnings about an extended Middle East war, saying global energy supplies are sufficient and the surge in oil prices reflects a “fear premium” that won’t last.
Oil swung as traders parsed competing headlines on the status of negotiations between the US and Iran.
The OFAC issued general licences to Chevron, bp, Eni, Shell and Repsol for operating oil and gas projects in Venezuela.
An expected increase in US natural gas production will be driven by mainly by Appalachia, Haynesville, and Permian regions.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a whopping 13.4 million barrels in the week ending February 6, and more than offsetting the prior week’s draw of 11.1 million barrels.
US natural gas dropped for a second session on the outlook for warmer temperatures across large parts of the country, which is likely to trim demand for the fuel used for heating and power generation.
India has more work to do in order to satisfy US concerns about its purchases of Russian oil and secure tariff relief, President Donald Trump’s trade representative said.