It wasn’t quite the 15 rounds of voting that the US House of Representatives...
It wasn’t quite the 15 rounds of voting that the US House of Representatives needed to name a speaker in 2023, but after a surprising failure to secure enough parliamentary votes to officially become the leader of Germany on Tuesday morning, Friedrich Merz was confirmed as chancellor in a frantic afternoon vote. The last-minute durcheinander adds to the instability in Germany as its economy struggles and various factions compete over how to fix it. Merz’s center-right party has formed a coalition with the main center-left party to build a firewall against the far-right AfD.
Carney tells Trump that Canada “won’t be for sale, ever.” In...
Carney tells Trump that Canada “won’t be for sale, ever.” In a mostly friendly meeting at the White House yesterday, newly elected Canadian Prime Minister Mark Carney said that Canada will remain a sovereign country after President Trump repeated his desire for it to become the 51st US state. “There are some places that are never for sale. You’re sitting in one right now,” Carney told Trump, referring to the Oval Office. Earlier in the day, Trump antagonized Canada in a post on Truth Social but then took a more cordial tone during the in-person meeting, even joking that his rhetoric and trade policies, which are unpopular in Canada, helped Carney and his Liberal Party get elected last month.
Mattel, the maker of Barbie dolls and Hot Wheels cars, warned that it plans to raise prices on some toys in response to tariffs.
The Supreme Court allowed the Trump administration to implement its ban on transgender military members in a 6–3 ruling.
Tesla sales continued to slip in Europe, falling behind two smaller Chinese automakers in the UK last month, Business Insider reported.
President Trump said the US will stop bombing Houthis in Yemen after he claimed the militant group agreed to cease targeting civilian ships in the Middle East.
PwC, one of the Big Four accounting firms, is cutting 1,500 jobs due to “historically low levels of attrition.”
Kentucky Derby winner Sovereignty will forgo a chance at the Triple Crown and won’t race in this month’s Preakness Stakes, adding to the Baltimore race’s woes after it announced it won’t host its traditional infield party where attendees used to ignore the horses, run across the top of the porta potties, and get pelted with beers.
India Strikes Pakistan Two Weeks After Terrorist Attack in Kashmir
The Indian government said its forces had struck nine sites in Pakistan...
The Indian government said its forces had struck nine sites in Pakistan and on Pakistan’s side of the disputed Kashmir region. Pakistani military officials said that five places had been hit, in Punjab Province and its part of Kashmir, and that the strikes “will not go unanswered.”
The American Petroleum Institute (API) estimated that crude oil...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 4.49 million barrels in the week ending May 2, after analysts had estimated a 2.5-million-barrel draw. The API reported a 3.76 million barrel inventory hike in the prior week.
Crude oil inventories are up more than 18 million barrels so far this year, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 600,000 barrels to 399.1 million barrels in the week ending May 2. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories fell in the week ending May 2, by 1.97 million barrels, after falling by 3.14 million barrels in the week prior. As of last week, gasoline inventories are now 4% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were up this week 2.24 million barrels in the latest week. In the week prior, distillate inventories fell by 2.52 million barrels. Distillate inventories were already about 13% below the five-year average as of the week ending April 25, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 854,000 barrels, the API data showed, after last week’s 674,000 barrel hike.
Crude oil and gasoline prices settled sharply higher on Tuesday. Tuesday's weaker dollar is bullish...
Crude oil and gasoline prices settled sharply higher on Tuesday. Tuesday's weaker dollar is bullish for energy prices. Also, short covering emerged to push crude prices higher Tuesday on concern that US crude production is set to decline after Diamondback Energy, the largest independent crude producer in the Permian Basin, cut its full-year production forecast and said it expects US crude output to fall in the coming months due to low oil prices.
Brent futures rose $1.92, or 3.2%, to settle at $62.15 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.96, or 3.4%, to close at $59.09.
