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Oil swings between gains and losses while traders wait for EIA Weekly Petroleum Status Report which will be published on Friday. Oil Mixed After API Report Shows That Crude Inventories Increased ...
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A lower oil rig count and the Russian cap also contributed, though U.S. crude inventories were the highest since June 2021. [2] For the week ending February 3, oil fell nearly 8 percent, with Brent at one point reaching $79.72, lowest since January 11, and WTI reaching $73.13, lowest since January 5.
March 13: API reports a 6 MMB weekly domestic crude inventory draw; Saudi Arabia and Iran say OPEC production cuts will take effect April 1. March 19: Gorbachev says the Soviet Union will cut its oil exports by nearly half. March 25: Nigerian crude becomes competitive in U.S. Gulf Coast as Nigeria cuts crude prices.
By May 2007 Cushing's inventory fell by nearly 35% as the oil-storage trade heated up. [5] "The trend follows a spike in oil futures prices that has created incentives for traders to buy crude oil and oil products at current rates, sell them on futures markets and store them until delivery." —
Oil futures hit a 2023 high on Wednesday after inventories at the largest storage hub in the US fell toward levels nearing operational minimums.. West Texas Intermediate jumped more than 3% to ...
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]