ENERGY

Oil prices extended gains today to fresh cycle highs (5 month highs) as the demand/supply/geopolitical-premium balance appears to have shifted.

API

• Crude -1.52mm (+77k exp)

• Cushing

• Gasoline

• Distillates

For the second week in a row crude stockpiles drew-down…

Source: Bloomberg

WTI was trading around $82.70 ahead of the API report.

All of which is bad news for Messers Powell and Biden as inflation expectations are on (more…)

By Tsvetana Paraskova of OilPrice.com

The Biden Administration aims to have crude in the Strategic Petroleum Reserve (SPR) back up to the levels before the massive sales of 180 million barrels in the past two years, U.S. Energy Secretary Jennifer Granholm said at the CERAWeek energy conference in Houston.

The U.S. saw the stockpiles of crude oil in the SPR fall from 638 million barrels at President Joe Biden’s inauguration to just 347 million barrels by the summer of 2023 as (more…)

Authored by Irina Slav via OilPrice.com,

• AI-powered technologies are helping the industry to produce more oil and gas for less money.

• Bloomberg: AI tech hadshelped shale drillers shorten the average period for drilling a new well by a whole day and the period for fracking that well by three days.

• Evercore: AI and other tech could bring costs in the shale patch down by double digits as soon as this year.

Many tech analysts have accused the oil industry of being too (more…)