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Massive Inventory Build Pushes Oil Prices Down

13Oct

By Steven LewisNo Comments

Business

Massive Inventory Build Pushes Oil Prices Down

Crude oil prices experienced a slight decline on Thursday following the Energy Information Administration's (EIA) report of a substantial inventory build of 10.2 million barrels during the week ending October 6. This significant change contrasted with the 2.2 million-barrel draw from the previous week, which had not impacted prices as expected. The reason for this was the EIA's concurrent estimate of a notable increase in gasoline inventories, causing concerns about the state of demand. During the first week of October, the EIA reported a 1.3 million-barrel decrease in gasoline inventories, compared to the previous week's 6.5 million-barrel build. Gasoline production for the week averaged 9.7 million barrels per day, up from the previous week's 8.8 million barrels per day. Regarding...

Mercedes-Benz EVs: 15% of US Sales in Strong Q3

Mercedes-Benz electric vehicle (EV) sales have seen remarkable growth in the US, reaching nearly 15% of total sales in the third quarter of 2023, which is a substantial increase compared to the previous year. During Q3, the German automaker sold 10,423 EVs, marking a staggering 284% growth over the same period last year. Mercedes-Benz's electric vehicle lineup in the US encompasses a wide range of options, with five fully electric models available in various segments. These models include the EQS sedan, EQS SUV, EQE sedan, EQE SUV, and EQB. Among these offerings, the EQE SUV led Mercedes's electric vehicle sales in Q3, with prices starting at approximately $78,000. Following closely is the EQB, the brand's most affordable electric SUV, priced from $52,750. The EQS SUV exhibited subs...

Early October Prime Day Sale: Amazon’s Fire HD 8 Tablet Now Priced at $60

Amazon has initiated a new sale on its Fire tablets in advance of the Prime Big Deal Days event later this month. The discounts encompass various models, such as the Fire HD 8 priced at $60, the Fire HD 8 Plus at $70, the Fire Max 11 at $150, the previous-generation Fire HD 10 for $75, and the Fire 7 available for $40, among others. These deals closely match or come very close to the lowest prices ever seen. Unlike most Big Deal Days offers, these discounts are not exclusive to Amazon Prime subscribers. This particular offer reduces the price of Amazon's 8-inch tablet by just $5 from its all-time low and forms part of a broader sale on Fire tablets. However, it's important to bear in mind that Fire tablets come with certain limitations: they are not as fast or premium as top-tier co...