Crude oil inventories up by 4-million barrels

US commercial crude oil inventories increased by 4-million barrels during the week ended Sept. 25, according to data released today by EIA. Inventories are at 457.9-million barrels, the highest level in at least 80 years. Motor gasoline inventories rose by 3.3-million barrels, near the top of the average range. Finished gasoline and blending components’ inventories […]

Active rigs down four over past week

Baker Hughes today (Sept. 25) said the number of active US oil-drilling rigs dropped by four over the past week, to 640 today. The number of active US rigs, including those drilling for natural gas, stands at 838, also down four from the prior week. A decline in rigs signals a likely slowdown in US […]

Transco will supply natural gas feedstock to Yuhuang methanol plant

Yuhuang Chemical has signed a 20-year agreement with Transco that will provide natural gas feedstock for Yuhuang’s world-scale methanol manufacturing complex in St. James Parish, LA, along the Mississippi River. Yuhuang said the $1.85-billion plant, expected to come online in 2018 with construction beginning late this year, would have a manufacturing capacity of 1.7-million tonnes […]

EIA reports 106-Bcf build in natural gas storage

By Maria Sanchez Ponderosa Energy EIA today estimated an injection of 106 Bcf for the gas storage week ended Sept. 18. The build was larger than the market expectation; most analysts had predicted an injection in the low 90s. Gas prices fell immediately after the report and were at $2.53, down 3 cents, in the […]

Crude oil inventories up 1.9 MMbbl

By Sarp Ozkan Ponderosa Energy US crude oil inventories decreased 1.9 million barrels last week. Gasoline inventories increased 1.4 MMbbl while distillate inventories fell 2.1 MMbbl. Propane inventories also recorded a drop of 0.6 MMbbl. In total, commercial petroleum inventories decreased by 2.9 MMBbl last week. This happened despite a lower refinery utilization rate of […]

Drilling rig count down third week in a row

US producers cut drilling rigs for the third consecutive week, according to the weekly report released by Baker Hughes on Friday. The report said drillers removed eight rigs in the week ended Sept. 18, dropping the total rig count to 644. Producers had cut 23 rigs over the previous two weeks. Crude oil prices (WTI) […]

Gas storage injection report meets market expectations

The EIA announced a 73-Bcf injection of natural gas into storage for the week ended Sept. 11, in line with expectations and ending a five-week period of storage activity outside market expectations. EIA-announced injection levels had come in as much as 10 Bcf above or below most storage surveys in the past few weeks, bringing […]

Crude prices rise as report notes inventory drop

US crude oil prices (WTI) jumped about $2.50 per barrel today, to more than $47/bbl, after EIA reported the nation’s commercial crude oil inventories fell by 2.1-million barrels during the week ending Sept. 11. Inventories still remain at the highest level in at least the past 80 years. Total crude in storage, excluding oil in […]

Crude oil storage inventories up 2.6 million barrels from last week

By Sarp Ozkan Ponderosa Energy Total commercial petroleum inventories increased 3.2 MMBbl  and crude oil inventories rose 2.6 MMBbl from the previous week for the week ending Sept. 4, according to EIA’s Weekly Petroleum Status Report. The 458 million barrels of crude oil currently in storage is at least the most in inventory at this […]