While oil traders have been adding to their net long positions in recent...
While oil traders have been adding to their net long positions in recent weeks, the rate of increase has slowed. Last week, traders of WTI increased their net long positions by only 4.25% by increasing their long positions while decreasing their short positions. In contrast, traders of Brent crude decreased their net long positions by increasing their short positions.
The price of Brent crude ended the week at $82.63 after closing the previous week at $85.03. The price of WTI ended the week at $80.13 after closing the previous week at $82.21. The price of DME Oman crude ended the week at $81.88 after closing the previous week at $84.65. The price of Brent crude oil is now threatening to fall below its 200-day moving average, with the price declining from $87.34 on July 3.
Benchmark U.S. crude oil for August delivery fell 35 cents to $79.78 per barrel Monday. Brent crude for September delivery fell 23 cents to $82.40 per barrel.
Wholesale gasoline for August delivery rose 2 cents to $2.47 a gallon. August heating oil rose 2 cents to $2.43 a gallon. August natural gas rose 12 cents to $2.25 per 1,000 cubic feet.
U.S. stocks post gains after Biden's withdrawal, with Big Tech back in the lead
U.S. stocks ended higher on Monday as Wall Street digested President...
U.S. stocks ended higher on Monday as Wall Street digested President Joe Biden's withdrawal from the 2024 presidential race, while investors looked forward to earnings from Big Tech companies.
Tech stocks led the gains after a rotation out of mega-cap tech companies last week. This turned into a full-scale retreat, and the S&P 500 logged its worst weekly performance since April.
According to preliminary closing data from FactSet, the Dow Jones Industrial Average ended up 0.3%.
The S&P 500 closed 1.1% higher, snapping a three-day losing streak.
The Nasdaq Composite gained 1.6%, also snapping a three-day losing streak.
Woodside Energy to Buy LNG Developer Tellurian for $900 Million
Tellurian said on July 21 that Woodside Energy Group Ltd. has entered...
Tellurian said on July 21 that Woodside Energy Group Ltd. has entered into a definitive agreement to buy Driftwood LNG developer Tellurian Inc. for approximately $900 million.
Subsidiaries of Australian E&P Woodside Energy will acquire all the outstanding shares of Tellurian in an all-cash transaction for $1 per share.
The acquisition price represents a 75% premium to Tellurian’s closing price of $0.571 per share on July 19 and a 48% premium to Tellurian’s 30-day volume weighted average price, the company said in a press release.
ONEOK invests $480M to address Denver area fuel demand
ONEOK has announced a $480...
ONEOK has announced a $480 million investment to boost refined product flows from the Midcontinent and Gulf Coast to the Greater Denver Area. The project involves a new 230-mile pipeline from western Kansas to the Denver International Airport and pump station upgrades and additions. It is expected to be completed by mid-2026 and aims to meet the region's increasing fuel demand.
