U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), dropped by 1.7 million barrels from the week ending July 3 to the week ending July 10.
TotalEnergies expects higher cash flows from its oil production and strong refining margins and oil trading results to boost second-quarter profits compared to the prior quarter, as oil prices rose and fuel markets tightened in the wake of the Iran war.
Curious Minds Corner
What is the first oil well commonly cited as the first modern commercial well in the U.S.?