U.S. Crude Stockpiles Down, Planned Purchases for Strategic Petroleum Reserve: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
U.S. to Buy Up to 1 Million Barrels of Oil for Strategic Reserve - The U.S. Energy Department said on Wednesday it will buy up to 1 million barrels of sweet crude for the government's emergency petroleum reserve as part an effort to help producers struggling as the coronavirus strangles oil demand. (Reuters)

U.S. Crude Stockpiles Drop for First Time Since January - U.S. crude inventories fell 745,000 barrels in the week ending May 8 to 531.5 million barrels, the U.S. Energy Information Administration said. U.S. crude stockpiles have risen by more than 100 million barrels since mid-January, with builds accelerating in March as the coronavirus pandemic took hold and during a brief price war between Saudi Arabia and Russia. The drawdown this week was in part because imports fell to a record low at less than 2 million barrels per day, and U.S. production dropped. (Reuters)

NATURAL GAS
U.S. Natural Gas Futures Fall to Four-Week Low - U.S. natural gas futures fell to a four-week low on Wednesday on forecasts for domestic demand and exports to drop. Front-month gas futures for June delivery on the New York Mercantile Exchange fell 10.4 cents, or 6.0%, to settle at $1.616 per million British thermal units, their lowest close since April 15. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.