Refiners around the world are processing increased volumes of lighter, less dense crude in their...
Refiners around the world are processing increased volumes of lighter, less dense crude in their crude slates for gasoline production, contributing to widening price differentials between light and heavy crude grades. The price spread between light sweet WTI Midland crude and the heavy Western Canadian Select rose from around $8 per barrel in early April to about $12 per barrel by the end of May, while the difference between Light Louisiana Sweet and medium sour Mars crude widened to $6.8 per barrel in the same period, according to data from RBN Energy and Refinitiv Eikon
US liquefied natural gas exports jumped from 7.63 million short tons in April to 8.03 million short tons...
US liquefied natural gas exports jumped from 7.63 million short tons in April to 8.03 million short tons in May, the second-highest on record, amid strong demand from Europe and Latin America, Refinitiv Eikon data show. Europe received nearly 66% of shipments, while Asia accounted for 15% of the exported volumes.
U.S. stocks edging lower Thursday after Microsoft lowers fourth-quarter guidance
Stocks were slightly lower in early trade Thursday after Microsoft Corp. cut its fourth-quarter...
Stocks were slightly lower in early trade Thursday after Microsoft Corp. cut its fourth-quarter guidance ahead of the opening bell, citing the toll taken by a surging U.S. dollar.
Investors were also digesting data on weekly jobless benefit claims and private sector employment for May.
The Dow Jones Industrial Average DJIA fell 86 points, or 0.3%, to 32,728.
The S&P 500 SPX was down 14 points, or 0.3%, at 4,087.
The Nasdaq Composite COMP shed 55 points, or 0.5%, to trade at 11,939.
On Wednesday, the Dow fell 176.89 points, or 0.5%, to 32,813.23, while the S&P 500 index and Nasdaq Composite each shed 0.7%.
Ranger Oil announced that its borrowing base under its...
Ranger Oil announced that its borrowing base under its revolving credit facility was increased 20% to $875 million. Ranger's elected commitment under the facility remains at $400 million. This is the second announced increase this year for a total of approximately 45%.
OPEC+ agrees to boost output by 648,000 barrels a day in July and August
MARKETWATCH. The Organization of the Petroleum Exporting Countries and its allies agreed...
MARKETWATCH. The Organization of the Petroleum Exporting Countries and its allies agreed Thursday to boost production in July and August by 648,000 barrels a day. That exceeds the 432,000 barrel-a-day monthly increases the group has been approving in keeping with its agreement last year to unwind production cuts put in place after the onset of the COVID-19 pandemic in 2020. The move comes as Russian oil production is expected to fall sharply in response to sanctions targeting the country's energy exports, but is seen falling short of making up the gap. Oil futures moved higher following the announcement, with West Texas Intermediate crude for July delivery CL.1, 0.79%CLN22, 0.79%, the U.S. benchmark, up 94 cents, or 0.8%, at $116.20 a barrel on the New York Mercantile Exchange. August Brent crude BRN00, 0.52%, the global benchmark was up 0.7% at $117.10 a barrel on ICE Futures Europe.
