LyondellBasell Pushes Back Houston Oil Refinery Closure
LyondellBasell Industries is pushing back plans to shutter its...
LyondellBasell Industries is pushing back plans to shutter its oil refinery on the Houston Ship Channel.The petrochemical company had anticipated shuttering the Houston oil refinery by the end of 2023.
LyondellBasell now plans to close the refinery and fully exit the refining business by the end of first-quarter 2025, the company announced. The company is evaluating new uses for the site, including hydrogen production or other green energy uses.
The refining complex, which produces products including gasoline, diesel, jet fuel, and lubricants, traces its origins back to 1918 and was one of the first petroleum refineries built along the Houston Ship Channel.
Don’t use Venmo to park your cash, regulator warns
Venmo may be the best way to remind your friend that she still hasn’t settled up for her share of last...
Venmo may be the best way to remind your friend that she still hasn’t settled up for her share of last month’s group dinner, but it’s not much better than stuffing bills under your mattress when it comes to keeping your money safe long-term, the Consumer Financial Protection Bureau cautioned. The app and others, like CashApp, Apple Pay, and PayPal, aren’t banks, so the Federal Deposit Insurance Corporation doesn’t provide insurance for funds stored there, the CFPB pointed out. The agency said there are billions of dollars at risk if these apps suffer an SVB-like failure.
Benchmark U.S. crude oil for July delivery rose $1.64 to $71.74 a barrel Friday. Brent crudefor August delivery rose $1.85 to $76.13 a barrel.
Wholesale gasoline for July delivery rose 6 cents $2.50 a gallon. July heating oilrose 5 cents to $2.36 a gallon. July natural gas rose 1 cent to $2.17 per 1,000 cubic feet.
US Oil Rig Count Falls by Most Since September 2021
U.S. energy firms this week cut the number of oil rigs operating by the most since September 2021, reducing...
U.S. energy firms this week cut the number of oil rigs operating by the most since September 2021, reducing the overall count for a fifth week in a row, via the report on June 2.
The total oil and gas rig count, an early indicator of future output, fell by 15 to 696 in the week to June 2, the lowest since April 2022. U.S. oil rigs slumped by 15 to 555 this week, their lowest since April 2022, while gas rigs held unchanged at 137. Baker Hughes said that puts the total rig count down 31, or 4%, below this time last year.
In May, the oil rig count fell for a sixth straight month as it posted the biggest monthly drop in almost three years, while gas rigs posted the biggest decline in a month since 2016, according to Baker Hughes data last week.
Dow finishes up 700 points as stocks rally following jobs report
Stocks rose Friday, with the Dow Jones Industrial Average ...
Stocks rose Friday, with the Dow Jones Industrial AverageDJIA logging its biggest point gain of 2023 after a strong May jobs report. The Dowrose around 701 points or 2.1%, according to preliminary figures. The S&P 500 SPX jumped 1.5% to close near 4,282, just shy of the 4,292.84 level that would mark an exit from the bear-market territory for the large-cap benchmark. The Nasdaq CompositeCOMP rose 1.1%.
