ENERGY

Oil prices dipped lower today, consolidating just off five-month highs.

Expectations were for a third weekly crude draw in a row and an eighth weekly decline in gasoline stocks…

API

• Crude +9.34mm (-1.2mm exp) – biggest build in six weeks

• Cushing +2.39mm

• Gasoline -4.437mm (-1.7mm exp) – 8th straight weekly draw

• Distillates +531k (+100k exp)

Against expectations of a small draw, API reported a surprise significantly large crude build and (more…)

Oil prices are lower overnight following API's report of a large crude inventory build.APICrude +9.34mm (-1.2mm exp) - biggest build in six weeksCushing +2.39mmGasoline -4.437mm (-1.7mm exp) - 8th straight…

By Michael Msika, Bloomberg Markets Live reporter and strategist

For investors worried about frothy stock valuations, recently out-of-favor European energy stocks might be the answer.

After five months of losses, the sector is up more than 6% in March and it’s heading for the best month since late 2022. The reversal comes as worries about overheated markets and the tech-led rally grow, and investors are again lured to cash-rich, stable companies.

Energy is a “cash (more…)