U.S. Added 818,000 Fewer Jobs Than Reported Earlier
The U.S. economy added far fewer jobs...
The U.S. economy added far fewer jobs in 2023 and early 2024 than previously reported, a sign that cracks in the labor market are more severe — and began forming earlier — than initially believed.
On Wednesday, the Labor Department said that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent.
Chevron Corp. plans to pump 1 MMboe/d from its Permian...
Chevron Corp. plans to pump 1 MMboe/d from its Permian Basin footprint by 2025. But less than a decade ago, the supermajor’s legacy assets in West Texas and New Mexico produced fewer than 100,000 boe/d.
Chevron has more than 2 million net acres in the Permian Basin today, with a weighting more toward the Delaware Basin than the Midland Basin, CEO Mike Wirth said Aug. 20 during the 2024 EnerCom Denver conference.
Maria Branyas Morera, the world's oldest known person, has died at...
Maria Branyas Morera, the world's oldest known person, has died at the age of 117, her family announced yesterday. Born on March 4, 1907, in San Francisco, she moved to Catalonia, Spain, at age 8. Morera witnessed major historical events, including two world wars and the 1918 Spanish flu pandemic, and she became the oldest known survivor of COVID-19 at age 113. She was active on social media as "Super Àvia Catalana" (or Super Catalan Grandma), amassing nearly 19,000 followers.
Tesla cars manufactured in China were slapped with a new tariff by the European Union as part of the group’s crackdown on Chinese green-energy exports.
The UAW threatened to strike against Stellantis for allegedly reneging on its promise to reopen an Illinois factory, which the carmaker denies.
Boeing was forced to pause progress on its oft-delayed 777X aircraft after discovering a structural problem during test flights.
Disney reversed course on its attempt to throw out a wrongful death lawsuit filed by a man whose wife died from an allergic reaction at a Disney park.
Patagonia said it’s giving its US workers the day off on October 29 so they can vote early in the 2024 election, becoming the first major company to do so.
Crude oil inventories in the United States rose slightly this...
Crude oil inventories in the United States rose slightly this week, by 347,000 barrels for the week ending August 16, according to The American Petroleum Institute (API), after analysts predicted a 2.9 million barrel dip.
Gasoline inventories fell this week by 1.043 million barrels, on top of last week’s 3.689-million-barrel decrease. Analysts had predicted a 400,000-barrel draw. As of last week, gasoline inventories are 3% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories decreased this week by 2.247 million barrels, compared to last week’s 612,000-barrel increase. Analysts had forecast a 200,000 barrel build. Distillates were about 7% below the five-year average for the week ending August 9, the latest EIA data shows.
Cushing inventories saw a draw of 648,000 barrels, on top of the 2.277-million-barrel draw from the previous week.
Oil settles down 1% as Middle East tensions ease, China data weak
U.S. crude oil futures fell to roughly $74 per barrel Tuesday after selling...
U.S. crude oil futures fell to roughly $74 per barrel Tuesday after selling off in the previous session amid demand worries in Asia and cease-fire talks in the Middle East.
“We are seeing oil prices mean reverting on the back of frankly a lot more supply but also softer demand,” Francisco Blanch, commodity strategist at Bank of America, told CNBC’s “Fast Money” on Monday.
“Oil is really trading on supply and demand fundamentals, and we have a bit of an air pocket right now with China slowing down here,” Blanch said.
U.S. crude and Brent prices have fallen 9.2% so far this quarter.
Here are Tuesday’s closing energy prices:
West Texas Intermediate September contract: $74.04 per barrel, down 33 cents, or 0.44%. Year to date, U.S. crude oil has gained 3.2%.
Brent October contract: $77.20 per barrel, down 46 cents, or 0.59%. Year to date, the global benchmark is flat, up just 0.2%.
RBOB Gasoline September contract: $2.25 per gallon, down less than 1 cent, or 0.33%. Year to date, gasoline is up 7.4%.
Natural Gas September contract: $2.19 per thousand cubic feet, down more than 3 cents, or 1.6%. Year to date, gas is down 12.6%.
