US stock futures edge higher early Thursday as the crucial deal to...
US stockfutures edge higher early Thursday as the crucial deal to raise the debt ceiling passed the House of Representatives and moves to the Senate. Check out the latest market moves.
Earnings on deck: Dell Technologies, Broadcom, and more, all reporting.
Oil extended this week’s decline as China’s lackluster economic...
Oil extended this week’s decline as China’s lackluster economic recovery outweighed an optimistic US jobs report.
West Texas Intermediate declined more than 1% to settle near $68 a barrel. Fresh data showed manufacturing activity in China fell at a faster pace than the previous month, prompting fears that a post-Covid bounce had petered out. Futures attempted a rally after US figures revealed job openings unexpectedly surged but were unable to withstand mounting disappointment with China and a stronger dollar.
WTI for July delivery fell $1.37 to settle at $68.09 a barrel in New York.
Brent for July settlement, which expires Wednesday, slipped 88 cents to $72.66 a barrel. The August contract settled at $72.60
Oil Markets Shocked By Across the Board Inventory Builds
Crude oil inventories in the United rose this week by 5.202 million...
Crude oil inventories in the United rose this week by 5.202 million barrels, the American Petroleum Institute (API) data showed on Wednesday, with analysts expecting a 1.22 million barrel dip. The rise in crude oil inventories doesn’t fully offset the 6+ million barrel drop last week.
The total number of barrels of crude oil gained so far this year is just over 40 million barrels.
This week, SPR inventory dropped for the ninth week in a rowas another 2.6 million barrels of congressionally mandated crude oil was sold during the week ending May 26. There are now 355.4 million barrels—the lowest amount of crude oil in the SPR since September 1983.
Inventories at Cushing, Oklahoma, rose by 1.777 million barrels—after rising by 1.711 million barrels last week.
Despite criticism from environmental groups, Ohio has started...
Despite criticism from environmental groups, Ohio has started to accept applications from oil and gas companies to drill underneath state parks and other state-owned lands,and Texas-based Encino Energy has offered the state a $115 million signing bonus and the prospect of $2 billion in royalties. Some state officials want to use the money from leases to eliminate the state income tax but the Ohio Division of State Parks and Watercraft says the money is theirs to spend.
API reports modest rise in US petroleum demand in April
US petroleum consumption reached 19.8 million barrels per day in April, which marks a 17,000-bpd increase...
US petroleum consumption reached 19.8 million barrels per day in April, which marks a 17,000-bpd increase from the previous month but a 0.8% decline compared to the same period last year, continuing a five-month trend of year-over-year decreases, the American Petroleum Institute's latest monthly statistical report shows. US crude oil production rose marginally by 2,000 bpd month over month to 12.4 million bpd in April, while petroleum imports climbed by 7.1% and exports dropped by over 800,000 bpd compared to March.
