In mid-morning trading today, WTI futures were up 0.5% at $95.42/bbl, Brent was up 0.6% at $105.10/bbl, and U.S. natural gas was down 2.2% at $8.80/MMBtu.
The American Petroleum Institute reported a larger-than-expected crude draw of 4.037 million barrels this week. Government data will be released today.
The U.S. government will start the process of replenishing strategic crude reserves as early as this fall as the stockpile hits its lowest level in nearly 40 years, officials said. So far, releases have reduced gasoline prices by as much as 40 cents a gallon.
Liberty Oilfield Services is the latest U.S. producer to plan an output boost in the coming months, as more firms shift from purely rewarding shareholders to spending on new capacity.
On Tuesday, EU policymakers approved a plan for member nations to voluntarily cut gas use by 15% until March, which could become binding in the event of a supply emergency. Benchmark European gas futures spiked 10% on the news and are now about 430% higher than a year ago.
In the latest supply chain news from second-quarter earnings season:
UPS reported better-than-expected profit as an 11.9% jump in per-package revenue offset a 4.9% decline in volume, which was partly due to its enforcement of maximum package volumes on Amazon, its largest customer.
GM lost $5 million per day during the second quarter at its Cruise robotaxi business in San Francisco, raising its total losses at the unit, which recently began charging for rides, to nearly $5 billion since 2018.
In the latest news from second-quarter earnings season:
Microsoft and Google parent Alphabet reported some of their worst quarterly financials in two years, citing among other reasons a slowdown in digital advertising and cloud activity. The firms expressed optimism about the coming months, however, sending shares higher in morning trading on Wednesday.
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