Us oil latest news

Here are the latest news and updates on the US oil market:

Crude Oil Prices

• West Texas Intermediate (WTI) crude oil prices have been trading around $60-65 per barrel in recent days, after falling to a low of around $50 per barrel in December.
• Brent crude oil prices have been trading around $65-70 per barrel.

US Oil Production

• The US Energy Information Administration (EIA) reported that US crude oil production averaged 12.2 million barrels per day (mb/d) in January, down 100,000 barrels from December.
• The EIA also reported that US crude oil production is expected to average 12.4 mb/d in 2023, up from 12.2 mb/d in 2022.

US Oil Inventories

• The EIA reported that US crude oil inventories fell by 2.1 million barrels in the week ending February 18, to 444.8 million barrels.
• The EIA also reported that US crude oil inventories are still above the five-year average, but have been declining in recent weeks.

US Oil Exports

• The US exported an average of 3.4 million barrels per day (mb/d) of crude oil in January, up from 2.9 mb/d in December.
• The US is expected to become a net exporter of crude oil in 2023, according to the EIA.

US Oil Refining

• The EIA reported that US refinery utilization rates fell to 84.1% in the week ending February 18, down from 85.3% in the previous week.
• The EIA also reported that US refinery capacity utilization rates are expected to remain below 90% in 2023, due to ongoing maintenance and upgrades.

US Oil Demand

• The EIA reported that US gasoline demand averaged 9.3 million barrels per day (mb/d) in January, up from 9.1 mb/d in December.
• The EIA also reported that US diesel fuel demand averaged 3.4 mb/d in January, up from 3.3 mb/d in December.

US Oil Pipelines

• The US Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) reported that the Colonial Pipeline, which carries gasoline and other refined products from the Gulf Coast to the East Coast, was shut down for several days in February due to a cyberattack.
• The PHMSA also reported that the Line 3 pipeline, which carries crude oil from Canada to the US Midwest, was shut down for several days in February due to a leak.

US Oil Companies

• ExxonMobil reported that its fourth-quarter earnings fell 21% due to lower oil prices and refining margins.
• Chevron reported that its fourth-quarter earnings fell 15% due to lower oil prices and refining margins.
• ConocoPhillips reported that its fourth-quarter earnings fell 12% due to lower oil prices and refining margins.