U.S. Policy to Hobble Midstream Cos.' Feedstock Shipments to China
The U.S. Energy Information Administration (EIA) reported June 10 that...
The U.S. Energy Information Administration (EIA) reported June 10 that a new U.S. policy will cut ethane trade by a quarter in 2025 and by a half in 2026.
The policy directly affects midstream companies Energy Transfer (ET) and Enterprise Products Partners (EPD).
In May, the U.S. Bureau of Industry and Security (BIS), part of the Commerce Department, notified companies that ethane and butane played a large role in creating end-use items for China’s military and that exporting the NGLs posed an unacceptable security risk.
About half of U.S. ethane production goes to China, and Enterprise and Energy Transfer are the only two companies exporting to the nation. All of China’s ethane exports come from the U.S.
The government now requires permits to continue trading.
Per Pentagon officials, that’s how much the US government ...
Per Pentagon officials, that’s how much the US government is spending to send, house, and feed the 4,000 National Guard troops and 700 Marines that President Trump ordered to Los Angeles this week amid anti-ICE protests. California Gov. Gavin Newsom, who filed an emergency motion yesterday to block Trump’s deployment of troops to the state, has argued California doesn’t need military help to handle the protests and that its presence only increases tensions. Despite Newsom’s objections, Defense Secretary Pete Hegseth said yesterday that the deployments will last 60 days. Trump also warned that any protesters at a planned military parade in Washington, DC, on Saturday will be met with “very big force.”
World Bank predicts weakest growth since the 1960s. Global...
World Bank predicts weakest growth since the 1960s. Global economic growth this decade is on track to average 2.5%, which would be the slowest since The Andy Griffith Show dominated airwaves, according to the World Bank’s latest estimates. The international financial group cut this year’s forecast to 2.3% from 2.8% last year (and 2.7% as of a January prediction). “Without a swift course correction, the harm to living standards could be deep,” Chief Economist Indermit Gill wrote in the report. Gill cited “international discord—about trade, in particular” for the pessimistic outlook. The World Bank lowered forecasts for nearly 70% of economies, but notably did not yet foresee a global recession.
Paramount cut its US workforce by 3.5% yesterday in another round of layoffs as it awaits regulatory approval for its proposed merger with Skydance.
Khaby Lame, the Italian-Senegalese social media star who leads the world in TikTok followers, was detained by ICE last week for reportedly overstaying his visa, and then self-deported.
FEMA will be phased out after this year’s hurricane season, President Trump revealed yesterday, saying only that his administration will do disaster response “much differently.”
Leaders of OneTaste, an “orgasmic meditation” company that some have accused of being a cult, were convicted yesterday of federal forced labor charges and now face up to 20 years in prison.
U.S. stocks end higher as investors await May CPI report, update on trade talks
U.S. stocks finished higher on Tuesday as investors closely...
U.S. stocks finished higher on Tuesday as investors closely monitored trade talks between the U.S. and China while awaiting the release of the consumer-price index report for May on Wednesday morning to better gauge the Federal Reserve's policy path.
The Dow Jones Industrial Average rose over 100 points, or 0.3%, to end near 42,866, according to preliminary data from FactSet.
The S&P 500 was up 0.6%, to finish around 6,038.
The Nasdaq Composite advanced over 0.6%, ending near 19,714.
Oil prices held near a seven-week high on Tuesday as the market awaited direction from trade talks between...
Oil prices held near a seven-week high on Tuesday as the market awaited direction from trade talks between the U.S. and China.
Analysts have said a trade deal between the countries with the world's two biggest economies could boost prices by supporting global economic growth and increasing oil demand.
Brent crude futures slid 17 cents, or 0.3%, to settle at $66.87 a barrel, while U.S. West Texas Intermediate crude fell 31 cents, or 0.5%, to settle at $64.98. On Monday, Brent settled at its highest since April 22 and WTI at its highest since April 3.
Trade talks between the U.S. and China stretched through a second full day and into the evening in London as the two countries pushed for a breakthrough on duelling export controls that have threatened to unravel a delicate tariff truce.
U.S. Commerce Secretary Howard Lutnick said trade talks with Chinese officials were going well and he hoped they would end on Tuesday night, but said they could run into Wednesday.
