Indian Ship Used to Move Russian-linked Fuel to New York Discovered
“The refined output was put back on that ship and it set sail without a destination. In the mid-seas it received the destination so it reached at its course, went to New York,” India Deputy Governor Michael Patra said at an event to celebrate 75 years of India’s independence.
US Crude, Gasoline Stockpiles Rise Unexpectedly: EIA
“There’s nothing good in this report for anybody unless you’re waiting for things to fall apart and to be a buyer on the downside,” Bob Yawger, director of energy futures at Mizuho, said of the EIA report.
US Crude Stockpiles Dip, Gasoline Builds as Demand Slackens: EIA
“The demand destruction is only still two weeks but sufficient to say it’s there. That's the big takeaway,” analyst John Kilduff, said after U.S. gasoline inventories posted a larger-than-expected build on weakened demand.
US Refiners Step Up Imports of Gasoline-friendly West African Crude
West African imports spiked in May with 5.2 million barrels being discharged in the U.S., more than doubling from April. Light oil, like that from West Africa, typically produces a greater percentage of gasoline than heavy oil.
US Crude Oil, Fuel Stockpiles Rise as Demand Slackens: EIA
“Today’s inventory stats and overall builds in crude and products are indicative of investor worries on the overall economy,” said Tony Headrick, energy markets analyst at CHS Hedging, following the EIA report.
US Crude Oil Inventories Soar, Fuel Stocks Dip: EIA
“We know refiners are going to have to continue to run at a high rate to keep up with demand. And so the expectation is that the crude supplies are not going to build as dramatically next week,” said Phil Flynn, analyst at Price Futures Group.
Yellen Says Gasoline Tax Holiday Worth Considering as Anti-inflation Tool
High fuel prices have been “a substantial burden on American households,” U.S. Treasury Secretary Janet Yellen said. A fuel tax holiday that temporarily eliminates such taxes, “while not perfect, it is something that should be under consideration.”
Enterprise Moves Forward with $5 Billion ‘World-scale’ Petchem Project
Enterprise Products Partners completed early steps toward a proposed $5 billion ethane project east of Houston described by analysts as a “world-scale petchem facility.”
SPR Posts Record Drawdown, US Commercial Crude Stocks Build: EIA
Brent crude futures and WTI crude futures in the U.S. rose immediately following the data release, along with gasoline and distillate futures.
US Crude Oil, Fuel Stockpiles Fall in Tight Market: EIA
The fall comes even though the U.S. government released more than 5 million barrels of reserves in the most recent week and as net crude imports rose by 83,000 bbl/d, the EIA said.