Shrinking U.S. exports likely to build oil stocks at Cushing storage hub
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more...
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more barrels to the top U.S. oil storage hub, continuing a recent supply build, oil dealers and traders said.
Rising storage levels at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, are putting pressure on futures prices, which could help ease U.S. inflation. After running up to $122.11 per barrel, U.S. oil futures on Wednesday settled at $90.66, down more than 25% in the last two months.
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Pelosi’s visit to Taiwan rattles global copper markets, but slowing growth in China still the bigger worry
Copper prices fell for the fourth straight day on Thursday as tensions between the U.S. and China flared...
Copper prices fell for the fourth straight day on Thursday as tensions between the U.S. and China flared as House Speaker Nancy Pelosi wrapped up her visit to Taiwan, an island that China claims as its own territory.
China serves as one of the world’s biggest metals consumers. While rising geopolitical tensions look to be an unlikely catalyst for a further selloff in copper, investors in base metals used in construction projects still worry a slowdown in global economic growth will dampen demand.
Apache Unveils $555 Million Acquisition of Texas Delaware Basin Properties
APA Corp. unveiled...
APA Corp. unveiled a $505 million acquisition in the Permian Basin in its earnings release on Aug. 3 where the Houston-based company reported second-quarter profit that nearly tripled.
Apache Corp, a subsidiary of APA, entered into a transaction during the second quarter to acquire properties in the Texas Delaware Basin. The properties, primarily in Loving and Reeves counties, Texas, are located near its existing operations, referred to as a “tuck-in acquisition” in APA investor presentation.
The purchase price was $505 million, and the transaction closed on July 29 for a total cost of $555 million, after including post-effective date adjustments to date.
The national average gas price has fallen for 50 straight days after another drop on Wednesday to $4.16 a gallon, per AAA. It’s down a full 86 cents, or 17%, from the record high of $5.02 hit on June 14. President Biden tweeted that more than half of gas stations in the US are selling gas for less than $4 a gallon.
What’s driving the plunge: The economist’s creed “the best cure for high prices is high prices” seems relevant. As gas prices surged in the early part of the summer, drivers say they’ve cut down on their driving levels, leading to lower demand for fuel.
Almost two-thirds of US adults made adjustments to their driving habits since March, according to AAA’s survey from late July.
Of those who made changes, 88% said they were driving less.
