Oil rebounded after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer travel season.
Futures edged up after earlier falling as much as 2% in New York on Thursday. Domestic crude supplies tumbled by nearly 7 million barrels last week and gasoline supplies slid by the most March, according to an Energy Information Administration report. A gauge of fuel demand soared to 10 million barrels a day.
Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO) In the June Short-Term Energy Outlook (STEO), we forecast that rising global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases […]
Port Fourchon, America’s biggest base supporting the U.S. Gulf of Mexico offshore oil industry, appears to have largely withstood a powerful punch left by Hurricane Ida after the Category 4 storm tore through the Louisiana […]
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has entered into a definitive purchase agreement to acquire the leasehold interests and related assets of DoublePoint Energy (DoublePoint) in a transaction valued […]
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