MarketWatch: The oil rout continues as U.S. benchmark crude falls below $90 a barrel
Oil futures extended a decline Thursday, with Brent crude slipping to levels last seen before...
Oil futures extended a decline Thursday, with Brent crude slipping to levels last seen before Russia’s invasion of Ukraine and the U.S. benchmark sliding below the $90-a-barrel threshold.
West Texas Intermediate crude for September delivery CL.1, -2.34%CL00, -2.37%CLU22, -2.34% slumped $2.51, or 2.8%, to $88.15 a barrel on the New York Mercantile Exchange. The U.S. benchmark on Wednesday posted its lowest close since Feb. 10.
October Brent crude BRN00, -2.61%BRNV22, -2.62% declined $2.91, or 3%, to $93.87 a barrel on ICE Futures Europe, after ending the previous session at its lowest since Feb. 21.
Back on Nymex, September gasoline RBU22, -4.36% fell 4% to $2.797 a gallon, while September heating oil HOU22, -2.48% shed 2% to $3.347 a gallon.
September natural gas NGU22, -0.92% was down 1% at $8.187 per million British thermal units.
Shrinking U.S. exports likely to build oil stocks at Cushing storage hub
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more...
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more barrels to the top U.S. oil storage hub, continuing a recent supply build, oil dealers and traders said.
Rising storage levels at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, are putting pressure on futures prices, which could help ease U.S. inflation. After running up to $122.11 per barrel, U.S. oil futures on Wednesday settled at $90.66, down more than 25% in the last two months.
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Pelosi’s visit to Taiwan rattles global copper markets, but slowing growth in China still the bigger worry
Copper prices fell for the fourth straight day on Thursday as tensions between the U.S. and China flared...
Copper prices fell for the fourth straight day on Thursday as tensions between the U.S. and China flared as House Speaker Nancy Pelosi wrapped up her visit to Taiwan, an island that China claims as its own territory.
China serves as one of the world’s biggest metals consumers. While rising geopolitical tensions look to be an unlikely catalyst for a further selloff in copper, investors in base metals used in construction projects still worry a slowdown in global economic growth will dampen demand.
Apache Unveils $555 Million Acquisition of Texas Delaware Basin Properties
APA Corp. unveiled...
APA Corp. unveiled a $505 million acquisition in the Permian Basin in its earnings release on Aug. 3 where the Houston-based company reported second-quarter profit that nearly tripled.
Apache Corp, a subsidiary of APA, entered into a transaction during the second quarter to acquire properties in the Texas Delaware Basin. The properties, primarily in Loving and Reeves counties, Texas, are located near its existing operations, referred to as a “tuck-in acquisition” in APA investor presentation.
The purchase price was $505 million, and the transaction closed on July 29 for a total cost of $555 million, after including post-effective date adjustments to date.
