Biggest Crude Inventory Build of Decade Slams Oil Bulls
The American Petroleum Institute (API) estimated that crude oil inventories...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose sharply for the second week in a row, this time gaining an additional 19.10 million barrels in the week ending July 11. That’s on top of last week’s 7.1 million barrel build. It is the largest single-week build reported by the API in at least a decade.
Analysts were a mile off, estimating a 2.0-million-barrel draw.
So far this year, crude oil inventories are up 30 million barrels, according to Oilprice calculations of API data, with the trajectory of crude oil demand running contrary to the expected seasonal drawdown brought on by the typical spike in summer demand.
Oil slips as Trump's 50-day deadline for Russia eases supply fears
(Reuters) - Oil prices dropped by less than 1% on Tuesday...
(Reuters) - Oil prices dropped by less than 1% on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased concerns about any immediate supply disruption.
Brent crude futures settled down 50 cents, or 0.7%, at $68.71 a barrel. U.S. West Texas Intermediate crude futures were down 46 cents, or 0.7%, at $66.52.
"The focus has been on Donald Trump. There was some fear he might target Russia with sanctions immediately and now he has given another 50 days," said UBS commodities analyst Giovanni Staunovo. "Those fears about an imminent additional tightness in the market have dissipated. That's the main story."
Oil prices had climbed on the potential sanctions, but later gave up gains as the 50-day deadline raised hopes that sanctions could be avoided.
In the event the proposed sanctions are implemented, "it would drastically change the outlook for the oil market," analysts at ING said in a note.
China, India, and Turkey are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the U.S.," ING said.
Dow falls over 400 points after June CPI, but chip stocks power Nasdaq to record
U.S. stocks finished mostly lower on Tuesday after consumer...
U.S. stocks finished mostly lower on Tuesday after consumer prices in June posted the biggest increase seen since earlier this year, potentially preventing the Federal Reserve from cutting interest rates later this month.
But Wall Street saw a tale of two markets on Tuesday, as a rally in shares of semiconductor names propelled the tech-heavy Nasdaq Composite to a fresh all-time closing high.
The Nasdaq Composite ended up 0.2% at near 20,677, according to preliminary data from FactSet.
The S&P 500 was off 0.4% to end at around 6,243.
The Dow Jones Industrial Average fell by more than 400 points, or nearly 1%, ending near 44,023.
EPA: Congress killed Greenhouse Gas Reduction Fund
The Justice Department and Environmental Protection Agency have notified...
The Justice Department and Environmental Protection Agency have notified the US Courts of Appeals for the D.C. District that groups can no longer sue over the cancellation of the Greenhouse Gas Reduction Fund. They assert that the One Big Beautiful Bill Act eliminates the basis for related lawsuits. It also rescinds all unobligated funding for the program, says the EPA.
Chevron blames offshore well start for Mars contamination
Chevron has traced zinc contamination in the Mars crude oil stream to...
Chevron has traced zinc contamination in the Mars crude oil stream to the startup of an offshore well. ExxonMobil has halted Mars crude purchases until the issue is resolved and secured 1 million barrels from the Strategic Petroleum Reserve to support operations at its Baton Rouge, La., refinery. Chevron is working to address the contamination and does not expect any impact on its production guidance.
