Oil prices held near a seven-week high on Tuesday as the market awaited direction from trade talks between...
Oil prices held near a seven-week high on Tuesday as the market awaited direction from trade talks between the U.S. and China.
Analysts have said a trade deal between the countries with the world's two biggest economies could boost prices by supporting global economic growth and increasing oil demand.
Brent crude futures slid 17 cents, or 0.3%, to settle at $66.87 a barrel, while U.S. West Texas Intermediate crude fell 31 cents, or 0.5%, to settle at $64.98. On Monday, Brent settled at its highest since April 22 and WTI at its highest since April 3.
Trade talks between the U.S. and China stretched through a second full day and into the evening in London as the two countries pushed for a breakthrough on duelling export controls that have threatened to unravel a delicate tariff truce.
U.S. Commerce Secretary Howard Lutnick said trade talks with Chinese officials were going well and he hoped they would end on Tuesday night, but said they could run into Wednesday.
Texas Natural Gas Production Rewrites Record Books
Texas set new natural gas...
Texas set new natural gas production records this spring, the Texas Oil & Gas Association estimates. Marketed output reached a record 34.4 billion cubic feet per day, while crude oil production stood at 5.7 million barrels daily, and natural gas liquids output reached 4.0 million bpd. The state contributed 42.2% of American crude oil and 29.2% of its marketed natural gas from January to May.
Southwest Gas open season draws $1.2B investor interest
Southwest Gas Holdings...
Southwest Gas Holdings announced significant interest in its Northern Nevada natural gas pipeline expansion, potentially leading to a capital investment of some $1.2 billion. The project, managed by Great Basin Gas Transmission, could add 1.25 billion cubic feet per day of new capacity and enter service in late 2028.
More than half a dozen US-loaded ethane vessels, initially bound for...
More than half a dozen US-loaded ethane vessels, initially bound for China, are stalled along the US Gulf Coast after Washington mandated licenses for shale gas exports to the top buyer. The move has stymied around half of all US ethane exports leading to domestic oversupply and flattening prices.
China’s exports to the US fell by the most since 2020 in May
The US and Chinese representatives meeting in London this week in hopes...
The US and Chinese representatives meeting in London this week in hopes of achieving a trade war truce have a lot to talk about—and a lot at stake. Last month, Chinese exports to the US declined 34.5%, the steepest drop since February 2020 when Covid shut down China’s economy and snarled global supply chains. This dip occurred despite a temporary trade agreement reached May 12, which led to lower (but still elevated) tariffs for 90 days. In this week’s talks, which began yesterday and are expected to continue, China is hoping the US will back down on tariffs and access to tech, while the US wants China to allow more exports of rare earth minerals. After yesterday’s meetings, Trump said China is “not easy,” but that he’s “only getting good reports.”
