April shows lower US oil production, record gas output
US crude oil production reached a ...
US crude oil productionreached a two-month lowof 12.615 million barrels per day in April, while demand for crude and petroleum products slipped to 20.446 million bpd, the Energy Information Administration has reported. On the other hand, gross natural gas production in the contiguous US climbed to a record 113.9 Bcf/d in April, with Texas achieving a second consecutive month of output records.
New round of contracts awarded for SPR refill program
Four companies including Shell...
Four companies including Shell Tradingand Atlantic Trading & Marketing have won Energy Department contracts to supply a combined 3.2 million barrels of crude oil to the Strategic Petroleum Reserve at an average price of $71.98 per barrel, with deliveries set for September. The department plans to issue another solicitation for SPR purchases on Friday.
Benchmark U.S. crude oil for August delivery fell 85 cents to $69.79 a barrel Monday. Brent crudefor September delivery fell 76 cents to $74.65 a barrel.
Wholesale gasoline for August delivery fell 8 cents $2.46 a gallon. August heating oil fell 7 cents to $2.38 a gallon. August natural gasfell 9 cents to $2.71 per 1,000 cubic feet.
🧨MarketWatch: Stocks lock in modest gains for holiday-abbreviated session
Stocks ended a lackluster, holiday-shortened trading session with minor gains to kick off the second...
Stocks ended a lackluster, holiday-shortened trading session with minor gains to kick off the second half of 2023.
The Dow Jones Industrial Average rose around 11 points, or less than 0.1%, while the S&P 500advanced 0.1% and the Nasdaq Composite eked out a 0.2% rise.
U.S. markets will be closed Tuesday for the Independence Day holiday.
Stocks posted gains Friday, with the Nasdaq Composite posting a 31.7% first-half advance, its strongest since 1983. The S&P 500 jumped 15.9%. The Dow lagged behind, up 3.8% for the first half.
Saudi Arabia will prolong its unilateral oil production cut...
Saudi Arabia will prolong its unilateral oil production cut by one month, keeping a lid on supply amid persisting fears over the global economy. Its OPEC+ ally Russia also announced fresh curbs on exports.Â
The kingdom will maintain the 1 million barrel-a-day reduction — launched this month on top of existing curbs agreed with OPEC+ — into August and could extend it further, according to a statement published by state-run Saudi Press Agency. The country will pump about 9 million barrels a day, the lowest in several years, sacrificing sales volumes for what has so far been a minimal reward in terms of higher prices.
