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EIA: Crude oil inventories in the United States increased by 0.833 million barrels last week, with an estimated increase of 1.05 million barrels.
The US Energy Information Administration (EIA) inventory report also showed the following changes last week: RBOB gasoline inventories increased by 2.31 million barrels, distillate inventories increased by 2.308 million barrels, an estimated increase of 0.275 million barrels, Cushing crude oil inventories decreased by 1.704 million barrels, refinery utilization rate decreased by 0.5 percentage points, estimated to decrease by 0.8 percentage points, crude oil imports increased by 1.075 million barrels per day, and crude oil production remained stable.
EIA: US oil demand expected to stabilize in 2024.
The U.S. Energy Information Administration (EIA) stated that the country's oil demand growth is expected to stabilize this year, which is the latest put indicator in the market. According to the agency's monthly report, it is expected that the U.S. daily consumption will remain steady at 20.3 million barrels, a 1% increase compared to the EIA's previous month's demand forecast. However, global daily oil consumption is expected to increase by 1 million barrels, which will result in a supply shortage in the market this year due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. This forecast is consistent with the International Energy Agency's (IEA) overall prediction. The IEA expects global daily oil consumption to increase in the next two years.
From shareholder returns to expansion! Oil & gas M&A activity in the USA increased by 57% YoY last year.
US energy companies that made a lot of profit during high oil prices accelerated their investment in mergers and acquisitions, exploration, and development last year. However, dividend and share buyback expenditures from oil and gas companies were reduced by half last year.
Institutions: California's proposed new crop limits mean more pain for US biodiesel.
Proposed modifications to California's groundbreaking clean fuel policy may lead to further closures of biofuel factories across the USA. On August 12, the California Air Resources Board (CARB), which is the regulatory agency in the state, released proposed revisions to its Low Carbon Fuel Standard (LCFS). This policy is widely considered one of the world's leading clean fuel regulations. Under the policy, fuels sold in California generate credits or deficits based on their carbon intensity. Gasoline and diesel generate deficits, while low-carbon substitutes generate credits. However, in recent years the policy has been so successful in attracting clean fuels into California that credits have outweighed deficits.
Earnings Call Summary | US Energy(USEG.US) Q2 2024 Earnings Conference
U.S. Energy Corp. (USEG) Q2 2024 Earnings Call Transcript
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