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.
Ecuador could stop pumping oil within 48 hours due to protests
Ecuador could suspend oil production completely within 48 hours over "acts of vandalism, taking...
Ecuador could suspend oil production completely within 48 hours over "acts of vandalism, taking over wells and closing roads", the Energy Ministry said on Sunday, amid anti-government protests in which at least six people have died.
The former OPEC country, which was pumping around 520,000 barrels per day before the protests, may halt oil operations as "it has not been possible to transport the supplies and diesel necessary to maintain operations," the ministry said in a statement.
Ecuador has been embroiled in mass anti-government protests since June 13, with calls for lower prices for fuel, food and other basics, which have led to its oil production falling by more than half.
