Oil Edges up to Two-Week High on Lower Us Output Forecast, Renewed Red Sea Attacks
Reuters - Oil prices edged up to a two-week high on Tuesday on forecasts...
Reuters - Oil prices edged up to a two-week high on Tuesday on forecasts for less U.S. oil production, renewed Houthi attacks on shipping in the Red Sea, worries about U.S. tariffs on copper and technical short covering.
Brent crude futures rose 57 cents, or 0.8%, to settle at $70.15 a barrel, while U.S. West Texas Intermediate (WTI) crude closed at $68.33, up 40 cents, or 0.6%. Those were the highest closes for both crude benchmarks since June 23 for a second day in a row.
"The lower (U.S.) production outlook got the price rally going and it kept going along with other commodities on the copper tariff news and the increased tensions in the Red Sea," said Phil Flynn, an analyst at Price Futures Group.
The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted producers to slow activity this year, according to the latest Energy Information Administration (EIA) outlook.
In the Red Sea, three seafarers on the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off Yemen, the second incident in a day after months of calm.
Attacks in the Red Sea have forced vessels carrying oil, liquefied natural gas and other energy products to travel long distances to avoid the region, boosting energy costs.
Lighter crude dominated US refinery input mix in 2024
US refiners are increasingly using domestic shale oil from Texas, New...
US refiners are increasingly using domestic shale oil from Texas, New Mexico and North Dakota as their main feedstock, a pivot driven by shrinking supplies of heavier crude from abroad and past refinery overhauls. Recent government data show domestic oil accounted for 61% of feedstock last year, the lightest crude slate on record.
Stronger forward pricing, long-term demand confidence and narrower valuation...
Stronger forward pricing, long-term demand confidence and narrower valuation spreads are sustaining dealmaking momentum in the US natural gas sector, particularly in Appalachia and the Haynesville Shale. Secondary gas plays such as the Anadarko Basin and the Eagle Ford Shale are also attracting growing interest from private buyers seeking long-term exposure, according to Enverus Intelligence Research analyst Andrew Dittmar.
AI company to buy crypto miner for $9b to meet power needs
That very 2025 sentence comes as AI companies race to scoop up energy...
That very 2025 sentence comes as AI companies race to scoop up energy and data centers to power their tech. CoreWeave is doing it by acquiring Core Scientific, a Bitcoin miner that was already providing data center infrastructure to the company and has access to lots of energy. It’ll nab those centers for itself in an all-stock deal valued at $9 billion that’s expected to close in Q4. But investors weren’t energized by the deal—both companies’ stocks fell after it was announced.
Search for survivors continues as death toll from Texas floods...
Search for survivors continues as death toll from Texas floods rises. Camp Mystic, a Christian summer camp for girls, said 27 campers and counselors had died due to the flash flooding over the weekend, with 10 more campers and a counselor reportedly still missing. In all, authorities said yesterday that more than 100 people were known to have died in the flooding, and that the number was likely to go up as searching continued. They declined to answer questions about weather warnings and didn’t clarify why more areas were not evacuated as searches continued with more rain expected. Meanwhile, facing criticism from Democrats, President Trump denied that staffing cuts at the National Weather Service had hindered weather forecasting before the sudden flooding.
President Trump and Israel’s Prime Minister Benjamin Netanyahu met at the White House yesterday, as the US pushes for a ceasefire agreement between Israel and Hamas.
TikTok is reportedly developing a US-only version of its app in advance of a planned sale required by a US law that forces it to be sold or face a ban (though President Trump has extended its deadline).
Apple appealed a 500 million euro ($586 million) fine the European Union slapped it with in April for allegedly violating its Digital Markets Act with App Store policies.
California National Guard troops and federal officers in tactical gear were deployed in MacArthur Park, which sits in an area of Los Angeles where many immigrants live.
Russia’s Minister of Transport is suspected to have died by suicide hours after being fired by President Vladimir Putin, Russian state media outlets reported.
The TSA is reportedly letting travelers keep their shoes on when they go through airport security, rolling back the rule that’s forced everyone to shuffle through in socks since 2006.
