The American Petroleum Institute (API) reported a build this week for crude oil of 1.845 million...
The American Petroleum Institute (API) reported a build this week for crude oil of 1.845 million barrels, while analysts predicted a draw of 1.8 million barrels. The draw comes even as the Department of Energy released 7.3 million barrels from the Strategic Petroleum Reserves in Week Ending June 3.
U.S. crude inventories have shed some 74 million barrels since the start of 2021 and about 17 million barrels since the start of 2020, according to API data.
Distillate stocks saw a rise in inventory, of 3.376 million barrels for the week, compared to last week's 858,000-million-barrel increase.
Cushing saw a decrease of 1.839 million barrels this week. Cushing inventories rose to 25.034 million barrels in the week prior, as of May 27, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
Benchmark U.S. crude oil for July delivery rose 91 cents to $119.41 a barrel Tuesday. Brent crude for...
Benchmark U.S. crude oil for July delivery rose 91 cents to $119.41 a barrel Tuesday. Brent crude for August delivery rose $1.06 to $120.57 a barrel.
Wholesale gasoline for July delivery fell 3 cents to $4.16 a gallon. July heating oil fell 4 cents to $4.32 a gallon. July natural gas fell 3 cents to $9.29 per 1,000 cubic feet.
MarketWatch: Dow finishes up over 250 points as stocks book back-to-back gains
Major U.S. stock indexes booked back-to-back gains on Tuesday, erasing earlier weakness after big-box...
Major U.S. stock indexes booked back-to-back gains on Tuesday, erasing earlier weakness after big-box retailer Target Corp. lowered its operating-margin guidance. The Dow Jones Industrial Average DJIA, +0.80% rose about 264 points, or 0.8%, ending near 33,179. The S&P 500 SPX, +0.95% closed up 1%, while the Nasdaq Composite Index COMP, 0.94% rose 0.9%, adding to modest gains for all three benchmarks on Monday. Stocks wobbled earlier in the session after Target TGT, -2.31% outlined plans for price hikes, markdowns and more to help offset inventory woes tied to supply-chain bottlenecks and higher energy costs. Investors have been closely monitoring big retailers for signs of a potential pullback by consumers juggling higher costs at the gas pump, grocery store and elsewhere as inflation runs hot.
Gas prices are on the road to hitting $5 per gallon by this week, according to an industry expert.
The national average retail price for a gallon of regular gasoline jumped 25 cents since Memorial Day weekend hitting a record $4.86 Monday, according to AAA.
However, the national average is likely to hit $5 per gallon this week as oil prices continue to rise and gasoline inventories sit at their lowest level for this time of year since 2014, Andy Lipow, president of Lipow Oil Associates, told FOX Business on Monday.
U.S. trade deficit falls 19% to $87.1 billion and comes off record high
The numbers: The nation’s trade deficit shrank 19% in April to $87.1 billion as exports...
The numbers: The nation’s trade deficit shrank 19% in April to $87.1 billion as exports rebounded and imports fell, but the U.S. is still on track to post another record trade gap in 2022.
The deficit narrowed from a record $107.7 billion in March, the first time it’s ever topped $100 billion in a single month.
Economists polled by The Wall Street Journal had forecast an $89.4 billion shortfall.
Exports rose 3.5% to $252.6 billion. Imports slid 3.4% to $339.7 billion.
Market reaction: The Dow Jones Industrial Average DJIA, +0.05% and S&P 500 SPX, +0.31% were set to open lower in Tuesday trades.
