By Reuters Staff
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(Reuters) -U.S. crude oil stockpiles unexpectedly edged higher last week, while distillate inventories fell and gasoline stocks built modestly as refining rates held steady, the Energy Information Administration said on Wednesday.
FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant
Crude inventories rose by 594,000 barrels in the week to April 16 to 493 million barrels, compared with analysts’ expectations in a Reuters poll for a 3 million-barrel drop. East Coast inventories, however, fell to record low at 7.9 million barrels
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FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
(Reuters) - U.S. crude oil, gasoline and distillate stockpiles all rose last week, as refiners boosted output with more facilities coming back online following February’s devastating storms in Texas.
Crude inventories rose by 2.4 million barrels in the week to March 12, the U.S. Energy Information Administration said, compared with analysts’ expectations for an increase of 3 million barrels.
Overall stocks have been rising since February, as refiners shut down and have been slow to come back online in the wake of the storms, which knocked out power for millions and killed dozens of people.
2 Min Read
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
(Reuters) - U.S. crude oil, gasoline and distillate stockpiles all rose last week, as refiners boosted output with more facilities coming back online following February’s devastating storms in Texas.
Crude inventories rose by 2.4 million barrels in the week to March 12, the U.S. Energy Information Administration said, compared with analysts’ expectations for an increase of 3 million barrels.
Overall stocks have been rising since February, as refiners shut down and have been slow to come back online in the wake of the storms, which knocked out power for millions and killed dozens of people.
3 Min Read
BRUSSELS (Reuters) - The European Union wants to work with the U.S. government to curb aviation’s contribution to climate change, including through possible pollution standards on jet fuel, a senior European Commission official said on Tuesday.
FILE PHOTO: A plane flies in a red sky above London, Britain February 3, 2021. REUTERS/Kevin Coombs
The EU has said every sector must contribute to its goal of eliminating its net emissions of the greenhouse gases causing climate change by 2050.
That includes aviation, whose global emissions increased over the past two decades until the COVID-19 pandemic grounded flights and caused a temporary drop in pollution last year.
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(Repeats Thursday’s column with no changes to the text. John Kemp is a Reuters market analyst. The views expressed are his own)
LONDON, March 11 (Reuters) - Global refineries will increase crude processing sharply over the next six months to stabilise stocks of fuels such as gasoline and diesel – even if substantial coronavirus controls remain on travel and service sector businesses.
The prospective rise in processing and consequent draw down in crude inventories in the second and especially third quarters is what has been boosting futures prices and causing calendar spreads to tighten.
The oil market’s rapid evolution from a massive production surplus last year to deficit has been most evident in the United States, where reliable data on stocks is published weekly by the Energy Information Administration (EIA).