The Energy Information Administration has lowered its forecast for US crude oil production this year...
The Energy Information Administration has lowered its forecast for US crude oil production this year by 50,000 barrels per day, following the decision by members of the Organization of the Petroleum Exporting Countries and other leading oil producers to reduce output through to next year. These cuts are projected to weigh on global oil stocks into 2024 and support higher crude prices against the backdrop of higher global demand for oil.
Energy stocks are continuing their ascent and July outperformance,...
Energy stocks are continuing their ascent and July outperformance, tracking positive broader index futures and oil prices, which are trading near two-month highs. Companies are entering blackout periods ahead of earnings, so news flow is light.
Meanwhile, global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world's biggest economy are close to their peak. Data released on Wednesday showed U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside. Markets expect one more interest rate rise before the U.S. rate-hiking cycle peaks. Higher rates can slow economic growth and reduce oil demand. Oil prices have rallied by around 12% in two weeks, primarily in response to supply cuts from top producers Saudi Arabia and Russia, said Craig Erlam, senior market analyst at OANDA. "Some profit-taking at these levels wouldn't be hugely surprising and may have come sooner if not for the U.S. consumer price inflation data," he said.
Natural gas futures are higher by 2 cents ahead of weekly inventory data.
Russian senior general, Sergei Surovikin, considered missing amid reports of being held for interrogation by Moscow over his alleged role in Wagner Group mutiny (More) | Russian commander killed during a missile strike in Ukraine, a day after another commander was killed during a jog (More) | See updates on the war (More)
FBI Director Christopher Wray testifies before House Judiciary Committee over the agency's handling of politically sensitive cases; hearing follows June indictment of former President Donald Trump and a separate plea deal with Hunter Biden (More) | Watch the hearing (More)
Extreme weather suddenly seems to be happening everywhere at once. The heat index in parts of Arizona,...
Extreme weather suddenly seems to be happening everywhere at once.
The heat index in parts of Arizona, Texas, and Florida will surpass 110 degrees Fahrenheit today. Much of the Midwest is in a severe drought. Areas in New York and Vermont just saw as much rain in a day as is typical for all of July, and subsequent flash floods washed out homes, cars, and bridges. Wildfire smoke recently blanketed the Midwest and Northeast — at times giving U.S. cities the worst air quality in the world.
Some Vermonters added safeguards to their homes after a tropical storm 12 years ago. This week, they discovered the measures still weren’t enough.
ChatGPT used to feel slow but accurate. Now, it seems fast and inaccurate.
The AI community is whispering (slash, complaining) about what some believe was the result of OpenAI’s...
The AI community is whispering (slash, complaining) about what some believe was the result of OpenAI’s radical redesign of GPT-4. Critics are calling it “lazier” and “dumber” compared with its previous capabilities.
