Unprecedented heat weighs on US gasoline production
The unprecedented summer heat has compelled fuelmakers to reduce operations by at least 2% worldwide,...
The unprecedented summer heat has compelled fuelmakers to reduce operations by at least 2% worldwide, causing an unexpected number of refinery breakdowns and resulting in a surge in gasoline prices globally, with US prices reaching their highest since November. As high-temperature forecasts persist into August, the ability of US gasoline makers to increase production during the final part of the summer driving season is limited, potentially exacerbating the already soaring prices at the pump.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery fell 43 cents to $81.37 a barrel Tuesday. Brent crudefor October delivery fell 52 cents to $84.91 a barrel.
Wholesale gasoline for September delivery fell by 3 cents to $2.87 a gallon. September heating oilrose 3 cents to $3.02 a gallon. September natural gasfell 7 cents to $2.56 per 1,000 cubic feet.
Dow ekes out gain, stocks kick off August mixed after a blockbuster seven months
Stocks closed mixed Tuesday to kick off August, with only the Dow booking a modest advance...
Stocks closed mixed Tuesday to kick off August, with only the Dow booking a modest advance among the three major indexes in lackluster trade that followed a blockbuster seven months of equity gains. The Dow Jones Industrial Average DJIA rose about 71 points, or 0.2%, ending near 35,630, according to preliminary FactSet data. That saw the Dow book a third session in a row of gains, while the S&P 500 Index SPX shed 0.3% and the Nasdaq Composite IndexCOMP fell 0.4%. Stocks appeared to be taking a breather after roaring higher in the first seven months of 2023, with both the Dow and S&P 500 less than 5% off record territory touched in early 2022.
Crude oil production in Texas reached a record high of 5.49 million...
Crude oil production in Texas reached a record high of 5.49 million barrels per day in May, while US oil demand set a new record for the time of year of 20.8 million barrels per day. The increase, which comes against the backdrop of challenging economic conditions, was driven mainly by increased use of natural gas liquids by plastics manufacturers, as producers tapped drilled-but-uncompleted wells.
The energy sector is taking a step back this morning following two straight days of strong gains, tracking a small pullback in crude prices as major equity futures ebbed.Investors are skittish this morning as they are navigating a flood of corporate earnings reports and ahead of key economic data later this week. Sector news this morning was highlighted by results from BP and a host of mid-cap E&Ps and services.
After three-consecutive days of strong gains, WTI and Brent crude oil futures inched back this morning amid a lack of a real catalyst. Looking ahead, the group will be focused on the next round of inventory reads and to comments from the OPEC+ committee meeting on Friday. Expectations of further voluntary output cuts from Saudi Arabia has put a cap on this morning’s declines.
Natural gas futures are extending yesterday’s losses as record levels of output outweigh forecasts for above-normal temperatures in key consuming regions.
