Market Comments: Petroleum futures are lower on Thursday trading.
In the latest DOE report, U.S. oil inventories increased by 3.6 million barrels in the week ended November 10h, above the forecast calling for a rise of 800,000 barrels.
Karoon Energy is expected to buy a stake in 2 U.S. oil gas fields for $720 million; they said the deal would increase its production next year by 57%-63%.
U.S. crude futures are trading in contango for the first two listed months as traders become more confident that supplies around the NYMEX delivery point at Cushing will be adequate and there will be no further depletion.
The U.S. Energy Information Administration has been implementing changes to the way it collects its data, and it has been challenging to understand what those changes mean for the traders who use the government agency's report to make critical decisions.
The U.A.E, one of the world's biggest exporters of fossil fuels, is attempting to position itself as a global carbon market leader as it prepares to host the COP28 climate talks.
According to the USDA, corn harvest is 88 percent complete vs. the five-year average of 86 percent. As for soybean harvest, it was reported at 95 percent complete vs. the five-year average of 91 percent.