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.
Biden Administration Not Ruling Out Export Curbs to Ease Fuel Prices
“Restricting U.S. energy exports would only create further instability in the marketplace, diminish American energy leadership and represent a grave disservice to our allies,” said API’s Frank Macchiarola.
US Crude Stockpiles Slide as Refining Ramps Up Ahead of Summer: EIA
Refining activity picked up in the most recent week, in response to tight product inventories and near-record exports that have forced diesel and gasoline prices to record levels in the U.S.
Oil Jumps 4% as US Gasoline Prices Hit Record High, Stock Markets Soar
WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.
Lyondell Basell to Shutter Houston Oil Refinery in Refining Exit
Lyondell said the Houston refinery, once the anchor of its supply chain as a regional chemical company, no longer fit with its global petrochemical production.
US Crude Stockpiles Slump as Export Surge to More Than 2-year High: EIA
“Strong exports have been driven by a pull to Europe and we should expect strength in the weeks ahead,” said Matt Smith, lead Americas analyst at Kpler.
New York AG Launches Investigation on Oil Industry Over Gas Price Gouging
The New York Attorney General launched an investigation to determine if the oil and gas industry has engaged in price gouging following testimonies from oil executives in Congress last week.
At California Gas Station, Republicans Woo Angry Over Fuel Prices
In an attempt to persuade passing motorists to register with the Republican party, activists gathered at a Chevron station in Orange County, California, blaming the Democratic party for high gas prices.
US Refiners Turn to Middle East for Fuel Oil after Russia Import Ban
About 4 million barrels from Middle East suppliers are set to discharge along the U.S. Gulf Coast next month, the highest level in at least 12 years.
US Crude Oil, Fuel Stockpiles Fall as Demand Jumps: EIA
Worldwide demand for crude oil was also visible in U.S. exports of crude, which rose to their highest since July 2021, and as refinery utilization rose on the U.S. Gulf Coast hub to its highest level since January 2020.