Oil prices Rise Wednesday as Data Shows a Drop in U.S. Crude Inventories
Oil futures rose Wednesday, after industry data showed a draw in U.S. crude inventories, looking to snap a four-day losing streak. This comes from the official reading on supply levels from the Energy Department’s Energy Information Administration (EIA). The EIA is expected to show a decline in crude inventories of about 3.1 million barrels according to market analysts. Fawad Razaqzada, a market analyst with ThinkMarkets noted that, “If we see an unexpected build, then expect to see oil prices take a tumble. Beyond the short-term impact of inventories data, the weakening signs of demand for oil, and the ongoing return of OPEC+ oil means that the market is no longer going to be very tight.” Click Here to read more from Market Watch.
Chinese Refinery Output Falls to Lowest in 14 Months
On Monday, it was reported that the world’s largest importer of oil, China, saw its daily crude throughput fall to its lowest levels since May 2020. This comes as manufacturing plants slashed their production due to tighter quotas, high inventories, and weakening profits. Last month’s processing volumes were 13.9 million barrels per day (bpd), 0.9% below July 2020 levels. This was the first year-on-year decline since March 2020, which was when COVID-19 was severely impacting Chinese fuel demand. All of this comes after the month of June, which showed a record of 14.8 million bpd. Click Here to read more from Reuters.
Tropical Storm Fred Makes Landfall on Florida’s Panhandle
Tropical Storm Fred made landfall near Cape Sans Blas, Florida, on Monday. Fred’s top winds at impact were 65 miles per hour and unleashed heavy rain and a number of tornadoes. This caused many Americans in parts of Georgia, Florida, South Carolina, and North Carolina to lose power. There have been many reports of downed trees causing many disruptions across these states. Fred was downgraded into a tropical depression Tuesday morning and continues to move across the southeastern part of the United States. Click Here to read more from CNN.
What Does the Future of Energy Look Like?
Tuesday, Mansfield released a report on the future of energy which included an interview from industry expert Andy Milton. You can learn how he expects industry trends to unwind here. Discussed are topics such as Enhanced Oil Recovery and Renewable Diesel. Enhanced Oil Recovery is the practice of using chemicals, often Carbon Dioxide, to increase oil well returns. Renewable Diesel is another big focus for many oil companies. It uses sustainable resources used in cooking to create high-quality diesel fuel. Click Here to learn more about the future of energy.