U.S. crude stockpiles fell 3.3M barrels last week, API says
The American Petroleum Institute reportedly shows a draw...
The American Petroleum Institute reportedly shows a draw of 3.3M barrels of oil in U.S. commercial stockpiles for the week ending May 30.
Gasoline inventories reportedly increased by 4.7M barrels for the week, and distillate inventories increased by 760K barrels.
The Energy Information Administration will release its weekly U.S. petroleum supply report on Wednesday; analysts surveyed by The Wall Street Journal forecast domestic commercial crude stocks will decrease by 1.3M barrels, gasoline inventories are expected to decrease by 400K barrels, and distillate inventories are seen increasing by 500K barrels.
ONEOK's $940MM Deal Takes Full Control of Delaware G&P JV
ONEOK has bought the remaining stake of a gas and processing (G&P)...
ONEOK has bought the remaining stake of a gas and processing (G&P) asset that was included in the company’s EnLink Midstream acquisition in January in a cash-and-stock deal valued at $940 million.
ONEOK purchased the interest from Delaware G&P LLC (Delaware Basin JV), which is held by ONEOK joint venture partner NGP Midstream Holdings.
Delaware Basin JV owns natural gas G&P facilities in the Delaware Basin in Texas and New Mexico. The company’s network has a processing capacity of more than 700 MMcf/d.
Tulsa, Oklahoma-based ONEOK said on June 3 that it acquired the remaining 49.9% stake in Delaware Basin JV with $530 million in cash and $410 million in ONEOK common stock.
The transaction closed on May 28, making ONEOK the sole owner.
The Netherlands’s fragile governing coalition fell apart yesterday after far-right leader Geert Wilders withdrew his party over an immigration dispute. That forced Prime Minister Dick Schoof to offer his resignation, though he’s expected to stay on as a caretaker until the country can return to the polls. The coalition, which was formed just 11 months ago, was the Netherlands’s first far-right government, seizing on a wave of anti-immigrant sentiment sweeping Europe. Wilders said he exited abruptly because the government wasn’t implementing his desired curbs on immigration fast enough. Support for his Freedom Party continues to drop in polls, the BBC reported.
Musk called President Trump’s spending bill a “disgusting...
Musk called President Trump’s spending bill a “disgusting abomination.” In by far the biggest break with the president since becoming his political advisor last year, Elon Musk maligned Trump’s tax bill in a scathing post on X. “Shame on those who voted for it: you know you did wrong,” the Tesla CEO added. Musk had previously voiced concerns with the bill, arguing it increases the deficit and undermines the work of DOGE, which he spearheaded until leaving the administration last week to focus on running his companies. After passing the House by just one vote, the bill now heads to the Senate, where it’s already met resistance, including from some of Trump’s fellow Republicans who are worried about adding trillions to the US’ debt.
Ford sales jumped 16% year over year in May, the third straight month of double-digit increases after the automaker began offering employee pricing on certain models to all customers.
McKinsey’s generative AI platform has taken over some tasks that had typically been done by junior employees, Bloomberg reported.
The New York Knicks fired head coach Tom Thibodeau after the NBA team reached its first Eastern Conference final in 25 years, losing in six games to the Indiana Pacers.
Lee Jae-myung, the leader of South Korea’s liberal opposition party who survived an assassination attempt last year, won the country’s presidency in a snap election yesterday.
Jeopardy! and Wheel of Fortune will stream on Hulu and Peacock the day after episodes air on TV starting in the fall, Sony Pictures Television announced.
Oil climbs 2% to 2-week high on geopolitical tensions
Oil prices climbed about 2% on Tuesday to a two-week...
Oil prices climbed about 2% on Tuesday to a two-week high as persistent geopolitical tensions between Russia and Ukraine, and the U.S. and Iran, looked set to keep sanctions on both OPEC+ members, Russia and Iran, in place for longer.
Brent crude futures rose $1, or 1.5%, to settle at $65.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 89 cents, or 1.4%, to close at $63.41.
"Risk premium has ramped up this week as the prospect of a Russia/Ukraine ceasefire as well as an Iranian nuclear deal now appear to have been pushed back for weeks if not months," analysts at energy advisory firm Ritterbusch and Associates said in a note.
