Crude oil futures climbed Wednesday, helped by U.S. government data showing...
Crude oil futures climbed Wednesday, helped by U.S. government data showing an unexpected 3.3 M-barrel weekly draw in domestic crude inventories and a fourth straight decline in gasoline stocks.
Commercial crude stockpiles excluding the Strategic Petroleum Reserve fell by 3.3M barrels to 433.6M barrels in the week ended March 21, and were ~5% below the five-year average for the time of year, the Energy Information Administration reported, compared to a Wall Street Journal survey that expected a 1 M-barrel build.
U.S. gasoline inventories extended their decline to four weeks, falling by 1.4M barrels to 239.1M barrels, and were 2% above the five-year average; gasoline stocks were forecast to have declined by 1.8M barrels.
Front-month Nymex crudefor May delivery closed +0.9% to $69.65/bbl, and front-month May Brent crude finished +1% to $73.79/bbl, the highest settlement values for both since late February, while front-month Nymex April natural gas (NG1:COM) ended +0.5% to $3.861/MMBtu.
U.S. stocks snap 3-session win streak as Trump set to unveil automobile tariffs
All three major U.S. stock indexes snapped a three-day...
All three major U.S. stock indexes snapped a three-day stretch of gains to close lower on Wednesday, held down by President Donald Trump's plans to announce new automobile tariffs.
The Dow Jones Industrial Average fell 132.71 points, or 0.3%, to finish at 42,454.79, based on preliminary data. That was the biggest drop in a week.
The S&P 500 dropped 64.45 points, or 1.1%, to end at 5,712.20. That was the index's biggest decline in almost two weeks.
The Nasdaq Composite declined 372.84 points, or 2%, to finish at 17,899.01, its lowest point since March 10.
Charif Souki Plans Third US NatGas Venture, Including E&P Team
Lower 48 LNG export pioneer Charif Souki is planning a third natural...
Lower 48 LNG export pioneer Charif Souki is planning a third natural gas venture that will include an E&P team, he told Hart Energy’s DUG Gas Conference & Expo attendees in Shreveport, Louisiana.
Since emerging from a non-compete in late December with his most recent venture, Tellurian Inc., he said he’s been putting his “team back together.”
“Definitely [it will include an E&P team] because I still believe in the integrated solution for exporting natural gas from the United States. If you do it separately, it's more complicated. It’s important to have the ability to have the resource, produce it yourself, deliver it to a facility and put it on the water.
“Instead of getting Henry Hub prices, you get global prices,” Souki said.
Souki’s first LNG venture, Cheniere Energy, was initially built as an LNG importer during the aughts. At the time, North America appeared it would become short natural gas as conventional-rock formations’ output was in decline.
U.S. consumer confidence dropped to a 12-year low.
For the fourth straight month, American consumer confidence fell as inflation...
For the fourth straight month, American consumer confidence fell as inflation and worries over tariffs dimmed their view of the economy, per a report from The Conference Board. The reading was the worst in over a decade and below the threshold which the Conference Board says could forecast an imminent recession. “Consumers’ optimism about future income—which had held up quite strongly in the past few months—largely vanished,” a Conference Board economist said.
White House says Ukraine and Russia agree to Black Sea ceasefire. The...
White House says Ukraine and Russia agree to Black Sea ceasefire. The US said it secured agreements with Ukraine and Russia to eliminate the use of force in the Black Sea, following negotiations in Saudi Arabia. Ukrainian President Volodymyr Zelensky said Ukraine would abide by the deal but expressed skepticism that Russia would do the same. Kremlin officials said the deal would only take effect once sanctions on Russian banks are lifted—a request that requires approval from the European Union. Talks continue on a full ceasefire.
Waymo announced it will expand its driverless taxi service to Washington, D.C., starting in 2026.
The Studio, a new series starring Seth Rogen that lampoons Hollywood, debuts on Apple TV+ today and is getting rave reviews.
Robinhood is being investigated by Massachusetts regulators over the college sports event contracts offered in its prediction markets division.
Samsung’s co-CEO, Jong-Hee Han, died from cardiac arrest yesterday. He was 63.
EquityZen and Forge Global, marketplaces that allow users to trade shares of private companies, lowered the minimum investment to $5,000.
