High European jet fuel prices amid fears of Middle...
High European jet fuel prices amid fears of Middle East supply disruptions prompted oil traders to ship in June the highest volumes in a year of jet fuel from South Korea and China to Europe.
These flows from Northeast Asia to Europe were estimated at a total of about 3 million barrels last month, according to trade sources and vessel-tracking firms who shared their data and insights with Reuters.
For most of last month, amid elevated concerns about supply flows due to the 12-day Israel-Iran war, the price of physical jet fuel in Northwest Europe was $60 to $80 per ton higher than the Asian prices for the fuel, per data from LSEG cited by Reuters.
The US Senate narrowly passed President Donald Trump’s tax and domestic policy bill yesterday. The final tally was 51-50, with Vice President JD Vance casting the tie-breaking vote. The revised, 940-page document heads to the House for consideration.
In June, factory activity in the US shrank for the fourth straight month, according to the Institute for Supply Management’s manufacturing index. Experts say the contraction is due to a perfect storm of declining demand and employment with rising prices—likely a reaction to tariffs. One company told Bloomberg Economics that its customers don’t want to make manufacturing commitments in the wake of so much economic uncertainty. “Everyone is on pause,” said another.
Apple is reportedly considering using OpenAI or Anthropic to...
Apple is reportedly considering using OpenAI or Anthropic to power Siri. Per Bloomberg, the move would sideline Apple’s in-house models in a “monumental reversal” of its AI strategy. Nothing has been decided, but Apple has talked with both companies and asked them to train models that could run on Apple’s cloud infrastructure for testing, Bloomberg reported. Tapping a competitor to power a new version of Siri would be an admission by Apple that it’s falling behind in the AI race. The company is reportedly still developing in-house models, so it may decide to continue powering Siri’s AI capabilities on its own.
Fed Chair Jerome Powell said that the central bank would have cut interest rates by now if not for President Trump’s tariff announcements.
Apple sued a former engineer for allegedly stealing “thousands” of documents before starting a job at Snap.
NASA will stream rocket launches and spacewalks live on Netflix starting this summer, the agency announced this week.
Columbia University received a warning from the higher education commission that it’s “in jeopardy” of losing its accreditation, a few months after President Trump signaled he could push for the Ivy League school to lose its status.
Jurassic World Rebirth is out today and getting middling reviews from critics, though it’s expected to earn a solid total at the box office.
Oil settles up on signs of strong demand; investors await OPEC+ decision
(Reuters)- Oil prices...
(Reuters)- Oil prices edged higher on Tuesday as investors took stock of positive demand indicators, while also treading cautiously ahead of an OPEC+ meeting to decide the group's August output policy.
Brent crude settled up 37 cents, or 0.6%, at $67.11 a barrel, while U.S. West Texas Intermediate crude settled 34 cents higher, or up around 0.5%, at $65.45 a barrel.
The gains were likely due to supportive data from a private-sector survey in China, which showed factory activity returned to expansion in June, said Randall Rothenberg, a risk intelligence expert at U.S. oil brokerage Liquidity Energy.
Expectations that Saudi Arabia will raise its August crude oil prices for buyers in Asia to a four-month high as well as firm premiums for Russian ESPO Blend crude oil were also supporting the notion of robust demand, Rothenberg said.
Oil's gains were kept in check by expectations that the OPEC+ group will boost its August crude oil output by an amount similar to the outsized hikes agreed in May, June, and July. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6.
