Oil ends slightly lower as inventories rise, traders await OPEC+ response to reserve release
Oil futures end slightly lower, holding their ground after a rise in U.S. crude inventories as traders awaited OPEC+'s response to a coordinated release of strategic reserves.
U.S. Crude-Oil Inventories Rise, Fuel Supplies Fall
U.S. crude-oil inventories unexpectedly rose last week by 1 million barrels, government data showed, versus analysts' expectations that supplies would fall by 800,000 barrels. Meanwhile, gasoline supplies declined by 603,000 barrels.
U.S. Oil-Rig Count Rises by 6 in Latest Week, Baker Hughes Says
The number of rigs drilling for oil in the U.S. climbed by six in the latest week to 467, according to oil-field services company Baker Hughes.
Natural Gas Extends Gains Despite Bearish Data
Natural-gas prices rose for the sixth session in the past eight, ending 2% higher as investors are once again worried about a contagion effect from Europe's energy problems
OPEC Weighs Shift in Oil Policy After Crude Release
Saudi Arabia and Russia are considering pausing efforts to provide the world with more crude, after Washington and other countries said they would release a slug of stored oil in an effort to lower prices.
As American Gasoline Prices Soar, Some Blame Ethanol
Prices for the biofuel have surged, rekindling a debate about whether it is contributing to pain at the pump and whether the White House should relax ethanol-blending regulations.
Japan Confirms It Will Tap State Oil Reserves
The Japanese government confirmed it will tap its state oil reserves, following a similar announcement from President Biden overnight aimed at bringing down gasoline prices.
Porsche: BlackRock Joins Ionity Venture, Funds Secured
Porsche said BlackRock is investing in charging-network provider Ionity, a joint venture that includes a number of global auto makers, with funds totalling EUR700 million expected to be available by 2025.
Enel to Boost Spending on Renewables
Enel said it will increase its investment in renewable energy and infrastructure by 6% more than previously planned as it aims to become carbon free by 2040, while issuing midterm earnings guidance.
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