Gasoline prices in U.S. look headed below $3 a gallon for first time since 2021
Oil prices fell sharply...
Oil prices fell sharply Monday, setting the stage for U.S. average gasoline prices to potentially drop below $3 per gallon for the first time since 2021, with the U.S. presidential election approaching. According to GasBuddy data, regular unleaded gas averaged $3.08 per gallon Monday afternoon, down nearly 13 cents from a month ago and 40 cents below last year's prices.
With refinery maintenance season nearing its end and global supplies remaining plentiful, OPIS analyst Tom Kloza sees "no real catalyst" for gas prices to rise. CIBC Private Wealth's Rebecca Babin suggests prices should remain stable barring any disruptions from geopolitical or weather events, as long as crude prices stay low.
TGS is expanding its seismic survey work in the Appalachian Basin, targeting...
TGS is expanding its seismic survey work in the Appalachian Basin, targeting key geological formations over 276 square miles including the Ordovician Trenton, Black River, Utica/Point Pleasant, Cambrian reservoirs and Silurian Clinton sands. The Birmingham 3D survey will deploy seismic imaging to help locate hydrocarbon traps and optimize well placement. Recording is scheduled for early 2025, with data delivery by year-end.
Boeing tries to avoid junk rating with massive stock sell-off. While...
Boeing tries to avoid junk rating with massive stock sell-off. While its machinists continue to strike, the troubled aerospace company announced the sale of about $19 billion worth of stock and depositary shares to generate much-needed cash. Boeing hopes to hang onto its investment-grade rating, which currently sits at BBB− (the lowest investment grade). Fitch Ratings has warned the planemaker that a prolonged strike by its machinists could see its credit rating downgraded to junk. The union has been on strike for more than 45 days, with pension plans being a central sticking point.
Hundreds of mail-in ballots were destroyed in two fires set Monday morning at drop boxes in Washington state and Oregon.
The Washington Post lost more than 200,000 subscribers in the first few days after news of the blocked Harris endorsement made the rounds, two anonymous internal sources told NPR. For context, that’s 8% of its total subscriber base. Post owner Jeff Bezos responded to the fallout.
Treasury Secretary Janet Yellen urged Prime Minister Benjamin Netanyahu to sign a waiver that would allow Palestinian and Israeli banks to correspond. The move would keep the Palestinian economy from collapsing.
The Quarter Pounder will return to McDonald’s menus after the brand’s beef patties were ruled out as the source of its E. coli outbreak.
JPMorgan sued customers who exploited an ATM glitch that went viral on TikTok in late August.
Oil prices fell dramatically following Israel’s limited missile strike on Iran, which did not impact the country’s oil production.
The National Hurricane Center is tracking a broad area of low pressure in the Caribbean Sea that could become a tropical depression late this week or over the weekend. Patty and Rafael will be the next named storms of the 2024 Atlantic hurricane season.
AccuWeather weather forecasters have been warning since last week about the potential for a tropical depression or storm to develop in the western Caribbean and currently give the system a high chance for development between Oct. 31 and Nov.4.
Oil falls 6% on reduced risk of wider Middle East war
(Reuters) -Oil prices tumbled 6% on Monday, or...
(Reuters) -Oil prices tumbled 6% on Monday, or more than $4 a barrel, after Saturday's retaliatory strike by Israel against Iran's military bypassed oil and nuclear facilities, not disrupting energy supplies.
Brent futures settled at $71.42 a barrel, down $4.63 or 6.09%. WTI U.S. crude futures finished at $67.38 a barrel, down $4.40 or 6.13%.
Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open.
"This is a perfect example of a headline-driven market," said Phil Flynn, senior analyst at Price Futures Group. "We still have a lot of geopolitical risk."
Analysts led by Max Layton said in a note that Citi lowered its Brent price target for the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term.
