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U.S. imported the least amount of crude oil last week in nearly five years, data from the Energy Information Administration showed, as companies looked to dodge a hefty year-end tax on oil held in storage. U.S. crude oil imports last week fell to 4.95 million barrels per day, the lowest since February 2021, according to EIA data. The ad valorem tax weighed on crude oil imports, said John Kilduff, a partner with Again Capital. "When you get to this point of the month of December [Read more]

(Adds price action) Dec 31 (Reuters) - U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended December 26, the EIA said, compared with analysts' expectations in a Reuters poll for a 867,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 543,000 barrels in the week, the EIA said. Oil [Read more]

HALIFAX - In the year since the Nova Scotia Progressive Conservatives under Premier Tim Houston won a resounding second mandate, the government's focus has largely been on a topic that didn't get much attention during the 2024 election campaign. Houston's Tories have lifted a moratorium on fracking and a ban on uranium mining, and opened calls for offshore oil and gas exploration bids. They've introduced measures to streamline both the environmental assessments for energy projects and the [Read more]

Oil prices were little changed on Wednesday but are set to fall more than 15% for 2025, as supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela. Brent crude futures, down nearly 18% - the most substantial annual percentage decline since 2020 - are on track for a third straight year of losses, their longest-ever losing streak. The March contract, which expires on Wednesday, rose 11 cents to $61.44 a barrel at 0451 [Read more]

U.S. energy firms this week added oil and gas rigs for a second week in a row, energy services firm Baker Hughes said on Tuesday. The oil and gas rig count, an early indicator of future output, rose by one to 546 in the week to December 30, its highest since December 12. Baker Hughes released the rig count report a few days early due to the New Year's Day holiday. Despite this week's rig increase, Baker Hughes said the total count was still down 43 rigs, or 7.3% below this time last year. [Read more]