Goldman Sachs expects ‘all time high’ oil demand to spur large deficits, boosting prices
Goldman Sachs expects record demand in oil markets to drive crude...
Goldman Sachs expects record demand in oil markets to drive crude prices higher in the near term.
“We expect pretty sizable deficits in the second half with deficits of almost 2 million barrels per day in the third quarter as demand reaches an all-time high,” Goldman’s head of oil research Daan Struyven told CNBC’s “Squawk Box Asia” on Monday.
He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end.
A 10-year rally in U.S. home prices could be coming to an end
A decade-long rally in U.S. home prices could finally come to...
A decade-long rally in U.S. home prices could finally come to an end once the Federal Reserve stops its rate-hiking cycle, said Robert Shiller, professor of economics at Yale University.
Home prices have made steady gains since 2012, according to the S&P Case-Shiller U.S. National Home Price Index.
“The fear of interest rate increases has influenced people’s thinking — it’s not just the homeowners, it’s new buyers who wanted to get in before the interest rates went up even more,” Shiller said.
“They wanted to lock in. So that’s been a positive influence on the market. But it’s coming to an end,” he added.
Amazon plans to build a $120 million facility in Florida that will ...
Amazon plans to build a $120 million facility in Florida that will prepare satellites to launch into space as it goes hard at the satellite internet business.
Leon Black, the billionaire private equity investor, agreed to pay $62.5 million to avoid a lawsuit from the US Virgin Islands over his ties to Jeffrey Epstein, the New York Times reports.
Florida Gov. Ron DeSantis has ordered an investigation into whether Bud Light’s parent company breached its obligations to its shareholders through the brand’s brief marketing partnership with transgender influencer Dylan Mulvaney, which drew massive backlash from conservatives.
Update from yesterday: Experts have concluded that the creature stalking the outskirts of Berlin was probably not a lion after all but a wild boar, and the massive police search was called off once the animal turned out to be less exotic. In other wild animal news, scientists are testing whether sharks are chomping on abandoned cocaine off the coast of Florida.
US drillers cut oil and gas rigs for second week in a row
(Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs...
(Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by six to 669 in the week to July 21, the lowest since March 2022. That was also the 11th time in the last 12 weeks that drillers cut rigs.
U.S. oil rigs fell by seven to 530this week, their lowest since March 2022, while gas rigs dropped by two to 131.
Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico,the nation's biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs.That is the lowest in both basins since April 2022.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crudeoil for September delivery rose $1.42 to $77.07 a barrel Friday. Brent crude for September delivery rose $1.43 to $81.07 a barrel.
Wholesale gasolinefor August delivery rose 6 cents $2.80 a gallon. August heating oilrose 9 cents to $2.75 a gallon. August natural gasfell 5 cents to $2.71 per 1,000 cubic feet.
