NEW YORK: US crude oil and gasoline stockpiles fell last week, while distillate inventories rose, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell 2.5 million barrels in the week to June 16, surpassing analysts’ expectations for a decrease of 2.1 million barrels, as imports rose marginally by 56,000 barrels per day (bpd).
Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures fell by 1.08 million barrels, EIA said.
The price gains in the report’s immediate aftermath were hard to sustain because they were not structural changes said Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics in London.
“US crude and gasoline stockpiles are significantly higher compared with their five-year averages, which will weigh on prices,” Kumar said. “Meanwhile, oil output in the country is still rising despite recent declines in oil prices.”
US crude production has been steadily growing and last week rose to 9.35 million bpd, up 20,000 bpd from the previous week, the EIA said.
Gasoline stocks fell 578,000 barrels, compared with analysts’ expectations for a seasonally unusual 443,000-barrel gain, which had been seen as bearish in the market. Stocks of the motor fuel had also risen unexpectedly by 2.1 million barrels in the previous week, despite the start of the summer driving season.
“Gasoline demand rebounded smartly to more normal levels for this time year, giving credence to the view that some of the lackluster demand was weather-related,” said John Kilduff, a partner at Again Capital Management.
Distillate stockpiles, which include diesel and heating oil, rose 1.1 million barrels, versus expectations for a 465,000-barrel increase, the EIA data showed.
Refinery crude runs fell by 104,000 bpd as utilization rates fell 0.4 percentage point to 94 percent of total capacity, EIA data showed.
US oil, gasoline stockpiles fall: EIA
US oil, gasoline stockpiles fall: EIA
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
