Oil prices rose nearly 1% on Wednesday, recovering from a sharp slide...
Oil prices rose nearly 1% on Wednesday, recovering from a sharp slide early this week, as data showed relatively strong U.S. demand, and as investors assessed the stability of a ceasefire between Iran and Israel.
Brent crude futures settled 54 cents higher, or 0.8%, at $67.68 a barrel, while U.S. West Texas Intermediate crude (WTI) ended up 55 cents, or 0.9%, at $64.92, both paring some of the 13% losses made earlier in the week.
After U.S. President Donald Trump announced the ceasefire on Tuesday, Brent settled at its lowest since June 10 and WTI ended at its lowest since June 5 on the reduced Middle East supply risk.
Oil prices had rallied after June 13, when Israel launched a surprise attack on key Iranian military and nuclear facilities. Prices hit five-month highs after the U.S. attacked Iran's nuclear facilities over the weekend.
"While concerns regarding Middle Eastern supply have diminished for now, they have not entirely disappeared, and there remains a stronger demand for immediate supply," said ING analysts in a client note.
Dow ends lower, Nasdaq books gain on Nvidia’s new record closing high
U.S. stocks finished mixed on Wednesday, with the S&P...
U.S. stocks finished mixed on Wednesday, with the S&P 500 stumbling on its path back to record territory.
Big gains for tech stocks — including a new record closing high for Nvidia Corp.— weren't enough to bridge the roughly 1% gap between the S&P 500 and its previous record close in February. Equities have been helped out this week by easing in oil prices and lower bond yields.
The Dow Jones Industrial Average fell about 105 points, or 0.3%, ending near 42,982, according to preliminary data.
Diamondback: Permian Gas Next Target but Pipe, Prices Needed
More gas pipelines—and gas demand—could make the Permian Basin’s...
More gas pipelines—and gas demand—could make the Permian Basin’s gassier rock economic, the basin’s No. 2 oil producer’s director of infrastructure said.
“There is a tremendous amount of gas wells in the Permian to also drill—some deeper wells [and] some other areas more on the fringe,” Diamondback Energy’s Michael Sollee told Independent Petroleum Association of America (IPAA) members at their annual meeting recently.
But before the Permian’s operators can target the basin’s gas-rich formations, the area’s producers need at least enough takeaway capacity to bring the current volume of associated gas to market.
“In the Permian, we're seeing only about half of the price of natural gas at Henry Hub. … In certain months, it's negative. We're literally giving it away,” Sollee said.
President Trump criticizes Israel and Iran amid fragile ceasefire. Hours...
President Trump criticizes Israel and Iran amid fragile ceasefire. Hours after Trump announced that Israel and Iran agreed to end hostilities after 12 days, both countries reportedly launched attacks against the other—though they each denied violating the truce. Trump then told reporters on the White House lawn that the countries have been fighting for so long that “they don’t know what the fuck they’re doing.” Trump later posted on social media that the ceasefire was still in effect despite the breaches. Neither side has yet provided details on the terms of the agreement. In related news, a preliminary classified report said that US strikes on Iran’s nuclear sites failed to destroy their underground buildings and may have only set its nuclear program back by a few months, per the New York Times.
Boeing and the FAA were both blamed for the terrifying mid-flight door plug blowout on an Alaska Airlines flight in January 2024, the NTSB said yesterday, ahead of its formal report on the incident.
Lime, the company that makes the light-green electric scooters you see plunked all over dozens of cities, hired an investment bank as it prepares to go public, Reuters reported.
Anthropic won a major AI copyright case, with a federal judge arguing that training its models on legally purchased books without the authors’ permission counts as fair use.
Microsoft is planning another significant round of layoffs at Xbox next week, the fourth staff reduction at the gaming company in the last 18 months, Bloomberg reported.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again, this time by 4.277 million barrels in the week ending June 20 after analysts had estimated a much more conservative 600,000-barrel draw. The draw adds to last week’s shockingly massive 10.133 million barrel inventory decrease.
So far this year, crude oil inventories are up 3.3 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.5 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories rose in the week ending June 20, by 764,000 barrels, after falling by 20,000 barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell this week by 1.026 million barrels. In the week prior, distillate inventories rose 318,000 barrels. Distillate inventories were already a starting 17% below the five-year average as of the week ending June 13, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell 75,000 barrels in the week after falling 800,000 in the previous week.
