Oil & Gas

U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said on Wednesday.

The U.S. expects domestic oil production to reach new heights this year and next, and that prices – for both crude and gasoline – will be lower than they were in 2018.

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns.

U.S. Crude Oil Inventories Rise by 1.26M Barrels Last Week: EIA

U.S. energy firms this week cut the number of oil rigs operating for a fourth time in the past five weeks as some drillers follow through on plans to spend less on new wells this year.

U.S. Crude Oil Inventories Rise by 0.92M Barrels Last Week: EIA

South Korea's purchases of U.S. oil and gas this year will hold to the rapid pace set in 2018, likely narrowing its trade surplus with the world's top economy further and bolstering its ties to Washington.

U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools.

U.S. Crude Oil Inventories Jump by 7.97M Barrels Last Week: EIA

85 percent of US energy executives are optimistic about the industry's growth prospects in 2019.