Product stocks soar. Crude stocks rose slightly in the past week, but gasoline stocks shot up sharply. In the past two weeks, gasoline stocks have increased by more than 22 million barrels. The EIA data was released shortly after President Trump spoke about Iran, a move the market interpreted as a de-escalation. The EIA data combined with the Iran news sent oil prices tumbling.
Iran wants U.S. out of the Middle East. “It is in their interest that they pack and leave voluntarily, not only Iraq but Afghanistan and the Arabic countries,” Brig. Gen. Amir Ali Hajizadeh said on Thursday. The U.S. faces uncertainty in Iraq as the Iraqi parliament and Prime Minister have voiced support for expelling American forces from the country.
EPA tightens pollution on trucks. The U.S. EPA initiated a process to limit emissions of nitrogen dioxide from heavy trucks. The industry supports it, as analysts say the move could head off stricter state-level standards in California.
U.S. GHG emissions fall 2 percent. U.S. greenhouse gas emissions declined by 2.1 percent last year, due to an 18 percent decline in coal generation. Without policy changes, analysts say emissions declines will not accelerate.
