Largest Weekly Build in Crude Stocks since April WTI oil price fell this morning after EIA reported that crude oil stocks has increased by 2.5 million barrels, the largest weekly build in crude stocks since April 29, 2016. The build is a reversal of the 2.5 million barrel draw the week prior. Total inventories still remain at inflated levels for
With less than six months remaining in his stay at the White House, President Obama has come out with a program to use the U.S. taxpayers’ money to guarantee loans for parties who are working to accelerate the adoption of electric vehicles and the infrastructure to charge them. The money comes into play in the form of up to $4.5 billion in loan
Oil started the day on a slight upswing, but following today’s Petroleum Weekly Status Report issued by the EIA, the price began to plummet, ending the day down 4.76%. Initial reports coming last night from the American Petroleum institute (API) showed a draw on inventories of 6.7 million barrels. However, the API was just setting up the EIA for disappointing
Stronger economic data helps lift oil prices Oil prices are on track for the first weekly gain in a month today with both WTI and Brent crude prices up on Friday. U.S. Department of Energy numbers this week showed another build in U.S. crude oil stocks, but gasoline demand rose, stoking some crude oil price gains. Data from the EIA
Increased vehicle fuel efficiencies keeping gasoline consumption low despite increased U.S. mileage Travel by vehicle is up almost 4% from its previous peak in 2007 in the U.S., but motor gasoline consumption remains below previous highs due to increased fuel efficiencies, reports the Energy Information Administration. Improvements in light-duty vehicle fuel economy have been the primary source for lower consumption
The U.S. and India will drive oil demand growth in the future – Raymond James China’s economy has been a demand-growth powerhouse over the course of the last decade as the country’s industrial sector boomed, but China’s role in global demand growth will be on the decline moving forward, according to research from Raymond James. Stepping up to take China’s
Supply from India, Russia and the UK Heading to the West Coast Gasoline prices in California has historically been among the highest in the United States, and the drop in supply after a refinery shutdown earlier this year is not helping. The Energy Information Administration (EIA) reports gasoline imports to California increased tenfold in the five months following a refinery
The California Senate removed requirements for a 50% reduction in petroleum use from SB 350 The California legislature passed a law today setting higher renewable energy use and fuel standards, but without a portion of the bill that would have called for a 50% reduction in petroleum use by 2030. The bill, Senate Bill 350, prompted a backlash from the
Crude oil swap with Mexico approved The United States will start to export light crude oil to Mexico as part of a crude oil swap, leading the U.S. another step closer to lifting the ban on exporting crude oil. The deal has already been approved by the Obama administration, although the details about how many barrels will be allowed in
Oil rig counts climb for third straight week The total number of rigs actively drilling in the United States rose by ten this week, reaching 884, according to the latest rig count from Baker Hughes (ticker: BHI). The number of rigs drilling for oil rose for the third straight week to 670 while rigs drilling for gas increased by four
The rolling four-week average of refinery inputs exceed the five-year average every week this year Gross inputs to U.S. refineries exceed 17 million barrels per day (MMBOPD) in each of the past four weeks, the highest level of refinery inputs seen by the Energy Information Administration (EIA) since the organization began publishing weekly data in 1990. Inputs have been above
Lower crude prices and higher demand for gasoline driving higher margins Gasoline crack spreads in the United States, especially on the U.S. East Coast, have reached several-year highs in recent months. A recent note from the Energy Information Administration (EIA), looked at crack spreads in order to get an idea of refiner profitability. In April 2015, wholesale conventional gasoline in
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