An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023.
Liz Hampton | ReutersU.S. crude oil edged higher on Thursday after selling off to a seven-week low on a surge in petroleum inventories on softening demand.
Here are today's energy prices: West Texas IntermediateBrentRBOB Gasoline June: $2.59 a gallon, up 0.57%.
Natural Gas Oil prices tumbled more than 3% on Wednesday after U.S. commercial crude inventories, which exclude the strategic petroleum reserves, surged by 7.3 million barrels to 461 million barrels total last week.
The rate at which refiners process crude and the average demand for gasoline is lower than the year-ago period despite summer driving season rapidly approaching.
Persons:
Liz Hampton, Brent Those, Bob Yawger, Tamas Varga
Organizations:
Reuters, West Texas Intermediate Brent, Natural Gas, Mizuho Americas, Federal Reserve
Locations:
Loco Hills, New Mexico, U.S