ENERGY

Oil prices continued to drift higher, after finding technical support yesterday the 200DMA and also buoyed by across-the-board draws reported by API.

API

• Crude: -3.9M

• Cushing: -1.6M

• Gasoline: -2.8M

• Distillates: -1.5M

DOE

• Crude: -3.74mm

• Cushing: -1.71mm

• Gasoline: -5.57mm – biggest draw since March

• Distillates: -2.75mm

The official data confirmed API's across-the-board draws  with (more…)

Authored by Andrew Phillips via RealClearEnergy,

The rise of AI data centers, growing electrification, and industrial growth is heralding a new era of U.S. power consumption. As our country advances, so too must our power grid. Building new transmission lines can take a significant amount of time and investment. With America’s growing power appetite not slowing down and an increasing need for renewables to meet net-zero targets, interim steps can be taken to ensure continued reliable, (more…)

Oil futures settled at their lowest level in over six weeks on Tuesday, with U.S. prices extending losses into a fourth straight session, as worries about a slowdown in demand fed broad weakness among commodities.

Over the past five years, crude prices have averaged monthly declines from August through November, he said.

Oil benchmarks have been "dragged lower by renewed concerns over Chinese demand, given the absence of further economic support out of Beijing," said Tan. (more…)