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The U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories decreased by 1.2 million barrels last week, bringing ...
Weekly figures from EIA show that domestic crude output has dropped to 10.7 million barrels per day, since reaching 13.1 million in the second week of March.
Despite some temporary hiccups, oil prices are supported by improving fundamentals. This has helped the likes of DVN, MRO, FANG, OXY, COP and EOG notch up healthy year-to-date gains.
Graph of weekly Cushing Stocks excluding SPR of Crude Oil from 2004 to 2018. The city of Cushing in Oklahoma is a central hub within the United States and worldwide oil industry. It connects major pipelines within the United States and is the location where the oil futures contracts end up being delivered.
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Biden announced plans to release more oil from the Strategic Petroleum Reserve and U.S. crude inventories increased more than expected. [83] On March 1 Brent jumped more than 7 percent and closed at $104.97, highest since August 2014, and WTI rose 8 percent for its biggest one-day increase since November 2020, settling at $103.41, highest since ...
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