U.S. says oil companies 'must do more' to build domestic fuel levels
HOUSTON (Reuters) - U.S. fuel supplies are "unacceptably" at...
HOUSTON (Reuters) - U.S. fuel supplies are "unacceptably" at or near 5-year lows amid hurricane threats and the oil industry must do more to address prices and demand, a Department of Energy spokesperson said on Friday.
The spokesperson was commenting on a report that the chief executive of Exxon Mobil Corp, the largest U.S. oil producer, had warned the Biden Administration against limiting U.S. fuel exports. Exxon did not immediately reply to a request for comment.
Benchmark U.S. crude oil for November delivery fell $1.74 to $79.49 a barrel Friday. Brent crude for November delivery fell 53 cents to $87.96 a barrel.
Wholesale gasoline for October delivery fell 4 cents to $2.47 a gallon. October heating oil fell 5 cents to $3.37 a gallon. November natural gas fell 11 cents to $6.77 per 1,000 cubic feet.
Stocks end lower Friday, cement biggest 9-month plunge in 20 years
U.S. stocks end sharply lower Friday, closing out a brutal month...
U.S. stocks end sharply lower Friday, closing out a brutal month of September and posting their worst skid in the first 9-months of a year in two decades as higher rates and recession fears grip investors.The Dow Jones Industrial Average DJIA, -1.71% tumbled about 495 points Friday, or 1.7%, ending near 28,730 as heavy selling intensified into the closing bell. The S&P 500 index [s:spx] shed 1.5%, while the Nasdaq Composite Index COMP, -1.51% finished down 1.5%. Losses for the week and month were far worse. The Dow led the major stock indexes lower with a 2.9% weekly skid, to end September down 8.8%. But the S&P 500 and Nasdaq recorded bigger monthly losses of 9.3% and 10.5%, respectively, according to FactSet data. The Federal Reserve's unwavering stance in September on raising rates until inflation finds a path down to its 2% target has been blamed for the sharp selloff.
API responds to Biden's hurricane price gouging warning
Market forces, rather than individual companies, are responsible for gasoline price fluctuations, said...
Market forces, rather than individual companies, are responsible for gasoline price fluctuations, said American Petroleum Institute spokesperson Andrea Woods after President Joe Biden on Wednesday warned the oil and natural gas industry against taking advantage of Hurricane Ian to increase prices at the pump. "In an unfolding weather event, our industry is focused on keeping the energy market well-supplied and delivering fuels where they are needed most while ensuring the safety of our workforce," Woods said.
The US housing market slowdown will last longer than originally expected as pending home sales...
The US housing market slowdown will last longer than originally expected as pending home sales fall off a cliff. That's according to the top economist at the National Association of Realtors. He explained why his outlook has changed recently — and what he expects next for mortgage rates and home prices in 2023.
