U.S. crude oil stockpiles rose unexpectedly last week, while distillate inventories gained and gasoline inventories fell, the Energy Information Administration said on Thursday. Crude inventories rose by 4.5 million barrels in the week to May 26, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.
OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.
Asian spot liquefied natural gas prices fell for the sixth straight week to their lowest level in more than two years, while European LNG prices also declined as weak demand and high inventories continued to weigh.
* * U.S. crude stocks up by 5.2 million barrels -market sources. * Coming up: EIA supply report, 1430 GMT. * OPEC+ unlikely to deepen supply cuts at June 4 meeting -sources. By Alex Lawler and Rowena Edwards.
Oil steadied on Thursday as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world's biggest oil consumer.
* * U.S. gasoline stocks rise by 1.9 mln barrels - API. * Analysts give mixed signals on OPEC+ output cuts expectations. * Coming up: EIA data on U.S. stockpiles at 1500 GMT. By Arathy Somasekhar.
Argentina's Vaca Muerta shale formation could produce more than 1 million barrels per day of crude oil by 2030, consultancy Rystad Energy said on Wednesday, but cautioned this relied on the country solving transport capacity bottlenecks.
U.S. pipeline operator Kinder Morgan
Inc (KMI) said on Wednesday it plans to expand the working gas storage capacity at its Markham facility in Matagorda County, Texas, by 6 billion cubic feet. The decision comes after Kinder Morgan (KMI) earned about $1 billion during February's U.S. winter blast as heating demand pushed natural gas prices to record highs.
U.S. field production of crude oil rose in March to 12.696 million barrels per day, the highest since March 2020, when the COVID-19 pandemic began to decimate global energy demand, Energy Information Administration data showed on Wednesday. The higher crude output came as production in Texas rose 1.8% to 5.398 million bpd, also its highest since March 2020, the EIA data showed.
By Trixie Yap and Florence Tan. Finnish refiner Neste expects renewable fuels from its new facilities in Singapore and the U.S. to drive its growth this year despite expectations of lower oil product margins in the second quarter, its chief executive said on Wednesday. "The macroeconomic situation is something that is affecting many businesses," Matti Lehmus said in an interview.
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