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May 16 – According to the New York Times, the Trump administration is considering establishing a $1.7 billion fund to compensate allies investigated by the Justice Department during former President Bidens term, a move that would create a moral, legal, and political minefield for Republicans and Justice Department leadership. According to three people familiar with the matter, this unusual plan has not yet been finalized or approved. Democrats and former administration officials have criticized the plan as a massive, taxpayer-funded secret political fund. The proposal is a response to various allegations brought by President Trump against the federal government he controls. He has sought compensation for leaked tax returns during his first term, post-leave investigations into his handling of classified documents, and investigations into potential ties between his 2016 campaign and Russia. The idea of establishing a government fund to pay Trumps political allies has gained increasing support internally as the Justice Department and the White House attempt to resolve Trumps $10 billion lawsuit against the IRS, which he filed in January. Officials familiar with the details revealed that establishing a compensation fund for Trumps allies, but not for the president himself, could provide a short-term solution, allowing the president to obtain tangible benefits from the lawsuit before a judge dismisses it.Market news: BlackRocks private credit fund valuation is under investigation by the U.S. Department of Justice.According to SEC filings, Berkshire Hathaway reduced its stake in Chevron (CVX.N) by 35.2%, down to 84.4 million shares.SEC filings show that Berkshire Hathaway has sold off all of its Amazon (AMZN.O) shares.S&P: As a major net exporter of crude oil and an emerging producer of refined products, Nigeria has been less affected by the Middle East conflict.

Crude Oil Supplies in the United States Grow After the Release of Strategic Reserves

Aria Thomas

Apr 14, 2022 09:30

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"The significant increase in crude oil inventories is certainly the most significant factor," said John Kilduff, a New York-based partner at Again Capital LLC. "However, the concurrent declines in gasoline and distillate fuels countered any negative input from the crude data."


The US will release 180 million barrels from its reserves over the next six months in an attempt to cool soaring oil prices caused by a supply shortage caused by Russia's invasion of Ukraine in February. Russia is the world's second biggest exporter, after only Saudi Arabia, with daily crude exports ranging between 4 and 5 million barrels.


Analyst estimates vary, but the shortage is expected to be between 1 and 3 million barrels per day. The United States' output is increasing, but not quickly enough to offset all of those losses. The US Energy Information Administration projected Tuesday that the United States' production would increase by 820,000 barrels per day to 12.01 million bpd in 2022.


Gasoline inventories in the United States declined by 3.6 million barrels, contrary to estimates for a 388,000-barrel decline.


Stockpiles of distillate fuel, which includes diesel and heating oil, decreased by 2.9 million barrels to 111.4 million barrels, the lowest level since 2014.


Diesel and jet fuel inventories have been declining as a result of robust international demand and stable economic activity. This week, product exports increased to a record 6.8 million barrels per day.


Crude oil refinery runs decreased by 425,000 barrels per day, while refinery utilization rates decreased by 2.5 percentage points to 90% of total capacity.

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