Crude oil inventories in the United States fell again this week,...
Crude oil inventories in the United States fell again this week, this time by 4.495 million barrels for the week ending July 26, according to The American Petroleum Institute (API), after analysts predicted a smaller 2.333 million barrel draw.
The API reported a 3.9 million barrel draw in crude inventories for the week prior.
According to API data, Cushing Inventories finished out this week’s losses, losing 929,000 barrels on top of the 1.6-million-barrel drop in the previous week.
Benchmark U.S. crude oil for September delivery fell $1.08to $74.73 per barrel Tuesday. Brent crude for September delivery fell $1.15 to $78.63 per barrel.
Wholesale gasoline for August delivery fell 3 centsto $2.39 a gallon. August heating oil fell 4 cents to $2.34 a gallon. September natural gas rose 9 cents to $2.13 per 1,000 cubic feet.
Dow ends up 200 points; Nasdaq falls 1.3% ahead of Microsoft earnings
U.S. stocks finished mostly lower on Tuesday. A selloff in some of the...
U.S. stocks finished mostly lower on Tuesday. A selloff in some of the mega-cap technology names dragged down the S&P 500 and the Nasdaq Composite ahead of Big Tech earnings and key central bank decisions.
According to FactSet data, the S&P 500 was off 27.10 points, or 0.5%, to end at 5,436.44 after back-to-back gains.
The Nasdaq Composite tumbled 222.78 points, or 1.3%, to finish at 17,147.42.
The Dow Jones Industrial Average rose 203.40 points, or 0.5%, ending at 40,743.33.
Investors awaited quarterly earnings reports from market heavyweights Microsoft Corp. and chip maker Advanced Micro Devices Inc., due after the closing bell. Shares of Microsoft and AMD were each off 0.9% on Tuesday, according to FactSet data.
The Park Fire continues to burn across Northern California, becoming the sixth-largest wildfire in the state's history and the largest active blaze in the US. As of this writing, the fire has burned 373,357 acres and is 14% contained. Authorities have confirmed that over 100 buildings have been destroyed, with no reported fatalities. See satellite images of the fire here.
The rapid spread of the fire, which was deliberately started last week, has been attributed to abundant dry vegetation and an exceptionally hot summer, with temperatures in the area averaging 12 degrees above normal. While slightly cooler temperatures this week have moderated the fire's intensity, temperatures are forecast to reach above 100 degrees by the end of this week.
Smoke is affecting air quality across multiple states and is expected to reach as far as the Dakotas and Nebraska. The state has seen 4,574 fires this year, burning 726,667 acres—a 2,744% increase from the same period last year.
Investment Firms Up Offer to Buy Martin Midstream to $175MM
Nut Tree Capital Management LP and Caspian...
Nut Tree Capital Management LP and Caspian Capital LP increased their offer to acquire Kilgore, Texas-based Martin Midstream Partners (MMLP) for $175 million, announced on July 29.
Nut Tree and Caspian’s proposal represents a 48% premium over the $3.05 per common unit offer made in May by Martin Resource Management (MRMC), or $100.3 million.
Nut Tree and Caspian’s latest proposal ups by $0.50 the firms’ initial $4 per unit offer made on July 11. That deal would have paid roughly $131 million cash for MMLP’s outstanding units.
