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US Crude Oil and Distillate Inventories Fell Last Week, Gasoline Rose, EIA Says

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(Reuters) – U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending January 30, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.5 million barrels to 420.3 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 489,000-barrel rise. Crude …

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Trump’s India Pact to Make Big Dent in Russian Oil Revenue

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Summary Trump wants India to stop buying Russian oil India keeps silent but has reduced imports Russia has cut price of oil, budget suffers US pressure rises at critical moment in Ukraine peace talks (Reuters) – Russia faces a steep drop in oil income if U.S. President Donald Trump successfully pressures India to stop importing Russian …

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Oil Prices Rise on U.S.-Iran Tensions; Broader Selloff Caps Gains

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Summary Investors monitor Washington-Tehran developments Drone attack and tanker incident in focus Prices also supported by US inventory draw (Reuters) – Oil prices rose on Wednesday after the U.S. shot down an Iranian drone and armed Iranian boats approached a U.S.-flagged vessel, rekindling fears of an escalation between Washington and Tehran ahead of planned talks. …

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US Says it Has Returned to Venezuela All $500 Million of Initial Oil Sale

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(Reuters) – The United States has now returned to the Venezuelan government all $500 million from the initial sale of oil that was part of a deal reached between Caracas and Washington last month, a U.S. official said on Tuesday. The last $200 million from the sale has been sent to Venezuela, the official said, speaking …

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US Soon to Issue General License for Oil Production in Venezuela, Sources Say

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(Reuters) – The U.S. government is working to issue as early as this week a general license allowing companies to produce oil and gas in Venezuela, as Washington seeks to encourage expanded output in the OPEC nation since capturing its president, three sources close to the matter told Reuters. The move by the Treasury’s Office …

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Commonwealth LNG Strikes 20-Year Supply Deal With Mercuria as US Pushes LNG Export Growth

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(Reuters) – Commonwealth LNG said on Tuesday it has signed a 20-year sale and purchase agreement to supply 1 million tons per annum of liquefied natural gas to Mercuria. Under the deal, Mercuria will provide 1 million tons of natural gas per year to Commonwealth, and Commonwealth will convert it into LNG for Mercuria to …

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US Refiners Struggle to Absorb Sudden Surge in Venezuelan Oil Imports

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(Reuters) – Oil refiners on the U.S. Gulf Coast are struggling to absorb a rapid surge in Venezuelan crude shipments since last month’s flagship $2 billion supply deal between Caracas and Washington, pressuring prices and leaving some volumes unsold, according to traders and shipping data. The soft U.S. demand represents an early obstacle for President …

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US-Driven Gas Turbine Crunch May Speed Global Clean Power Uptake

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(Reuters) – A rush by U.S. utilities and tech giants to snap up as many gas turbines as possible to boost local power output is causing a global shortage of gas-power equipment and may spur other power systems to fast-track cleaner alternatives. The amount of U.S. gas-fired capacity that is under construction has more than …

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Marathon Petroleum Profit Beats as Margins Rebound From Multi-Year Lows

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Feb 3 (Reuters) – Marathon Petroleum  reported fourth-quarter profit above Wall Street estimate on Tuesday, as a 44% jump in refining margins underscored stronger operational performance after a prolonged downturn in 2024. Shares of the country’s top refiner gained nearly 7% in premarket trading. U.S. fuel maker margins have begun to rebound from multi-year lows …

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US Crude Oil Production Nears Full Recovery After Storm Hit Output

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(Reuters) – Crude oil producers in the United States continued bringing oil wells back online on Monday, with only around 0.7% of national output still halted in the aftermath of a winter storm that ravaged production last month. Some 100,000 barrels per day of crude output remained shut, according to consultancy Energy Aspects, with outages …

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