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Bullboard - Stock Discussion Forum Surge Energy Inc (Alberta) T.SGY

Alternate Symbol(s):  ZPTAF | T.SGY.DB.B

Surge Energy Inc. is a Canada-based oil focused exploration and production company. The Company’s business consists of the exploration, development and production of oil and gas from properties in western Canada. Its operations include Sparky and SE Saskatchewan. Its supporting assets include Valhalla, and Greater Sawn. The Sparky operation offers light/medium crude oil production with... see more

TSX:SGY - Post Discussion

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Post by Carjack on Nov 14, 2023 6:32pm

API

 

United States API Weekly Crude Stock

Actual:1.335M 
Forecast:1.400M 
Previous:11.900M 
Importance:  
Release Date:Nov 14, 2023 
Currency:USD
Country: United States




Crude oil inventories in the United States rose again this week, adding 1.335 million barrels into inventory for week ending November 10, according to The American Petroleum Institute (API)after a 11.9-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 1.4 million barrel build.

API data now shows a net build in crude oil inventories in the United States of 11.9 million barrels so far this year.

On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) stayed the same for the sixth week in a row, with the SPR inventory still sitting at a near 40-year low of 351.3 million barrels, with total purchases for the SPR coming in at less than 4 million barrels since the Biden Administration began its buyback program.

 

Oil prices were trading down ahead of API datarelease, with Brent trading down 0.06% at $82.47 at 4:03 p.m. ET—a roughly $0.70 increase week over week. The U.S. benchmark WTI was trading down on the day by 0.01%, a$78.25. WTI is up nearly $0.75per barrel from this same time last week.

Gasoline inventories rose this week by 195,000barrels, partially offsetting the 400,000 barrel decreasein the week prior. Distillate inventories fell this week, by 1.022 million barrelson top of the 2.0-million-barrel draw in the week prior, while Cushing rose by 1.136 million barrels.

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