Oil prices end higher for a second session as better-than-expected U.S. economic data ease demand worries
Oil futures ended higher for the second session in a row on Monday as better-than-expected U.S. economic...
Oil futures ended higher for the second session in a row on Monday as better-than-expected U.S. economic data eased some worries over a potential slowdown in energy demand. Traders also monitored talks by Group of Seven nations on additional moves aimed at targeting Russian crude.
West Texas Intermediate crude for August delivery CL.1, 0.90%CL00, 0.92%CLQ22, 0.90% rose $1.95, or 1.8%, to settle at $109.57 a barrel on the New York Mercantile Exchange, the highest front-month finish since June 21, FactSet data show.
August Brent crude BRNQ22, +0.90%, the global benchmark, added $1.97, or 1.7%, to $115.09 a barrel on ICE Futures Europe, while the most actively traded September contract BRNU22, +0.87% settled at $110.98 a barrel, up $1.88, or 1.7%.
Back on Nymex, July gasoline RBN22, +1.01% shed 1.2% to $3.8372 a gallon, while July heating oil HON22, +1.21% fell 3% to $4.2302 a gallon.
July natural gas NGN22, -0.95% added 4.5% at $6.501 per million British thermal units after a more than 10% loss last week.
Mexico's state-owned oil company Pemex substantially increased crude oil exports to the North American...
Mexico's state-owned oil company Pemex substantially increased crude oil exports to the North American market in May, according to the firm's most recent report, which shows a significant cut in shipments to Europe and Asia.
Pemex said its crude exports averaged 965,000 barrels per day (bpd) in May, and some 740,000 bpd went to "America," which accounts mainly for the United States.
That compares to shipments of 594,000 bpd to the same region in April, out of a total 1.02 million bpd.
Meanwhile, exports to Europe fell to 32,000 bpd in May from 100,000 bpd in April, and dispatches to the Far East fell to 192,000 bpd from 330,000 bpd in April, Pemex said without giving an explanation for the changes.
U.S. stocks finish lower Monday after losing their opening gains
U.S. stocks closed lower on Monday as a strong batch of durable-goods data appeared to contradict signs...
U.S. stocks closed lower on Monday as a strong batch of durable-goods data appeared to contradict signs of a slowing economy. The Dow Jones Industrial Average DJIA, -0.20% closed 61.10 points, or 0.2%, lower at 31,439.50. The S&P 500 SPX, -0.30% shed 11.39 points, or 0.3%, to 3,900.35. The Nasdaq Composite COMP, -0.72% dropped 101.10 points, or 0.9%, to 11,506.50. Treasury yields climbed on Monday, as did the U.S. crude-oil benchmark, reversing some of the moves that had helped spark last week's bear-market rally in stocks. "Falling yields and lower oil prices have lowered the terminal rate for the Fed. Whether this is bullish or bearish depends on one's interpretation. Last week, the market took the bullish view which may last a few more weeks before the reality of lower earnings arrives and the bear market resumes," said Michael Wilson, chief U.S. equity strategist and chief investment officer at Morgan Stanley, in a note to clients. Meanwhile, small-cap stocks outperformed on Monday, with the Russell 2000 RUT, +0.34% gaining 9.78 points, or 0.6%, to 1775.50.
Chevron to Sell Existing Headquarters, Relocate within California
Chevron Corp. is planning to relocate its global headquarters to a newly leased space in California and...
Chevron Corp. is planning to relocate its global headquarters to a newly leased space in California and sell its existing head office in the state, a company spokesperson told Reuters on June 24.
“The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population,” the company said in an email.
Chevron, currently based in San Ramon, California, is expected to shift its headquarters to the new site during the third quarter of 2023.
Russia has defaulted on its foreign debt for the first time in more than a century, reports say
Russia has defaulted on its foreign debt for the first time in more than a century as the country can't...
Russia has defaulted on its foreign debt for the first time in more than a century as the country can't pay creditors due to sanctions over the war in Ukraine, according to media reports.
Russia said it has sent the money to Euroclear for distribution to investors, but the payment seems to be held up there, the BBC reported. Euroclear would not say whether the distribution had been blocked, and said it follows all sanctions, the report said.
