The International Energy Agency expects global diesel and gasoline demand to drop from 1.5 million barrels...
The International Energy Agency expects global diesel and gasoline demand to drop from 1.5 million barrels per day in 2021 to 400,0000 bpd this year and continue to contract in 2023 as economic activity weakens. "High diesel prices are fueling inflation, adding pressure on the global economy and world oil demand," the IEA said in its monthly report.
Report identifies causes of Freeport LNG explosion
Poor operating and testing procedures, malfunctioning alarms and human error caused the June 8 explosion...
Poor operating and testing procedures, malfunctioning alarms and human error caused the June 8 explosion at the Freeport LNG export plant in Texas, the Pipeline and Hazardous Materials Safety Administration concluded in a report released Tuesday. The report identifies "severely damaged" electrical wiring as the likely ignition source for the blast.
Republicans will take over the U.S. House of Representatives two years into President Joe Biden’s term,...
Republicans will take over the U.S. House of Representatives two years into President Joe Biden’s term, though their narrow majority looks set to cause headaches for GOP leaders.
Republican hopes for a strong red wave have been dashed, but the Associated Press said Wednesday that the party won enough House seats — 218 — to control that chamber of Congress, as results from the midterm elections continue to be tabulated.
The battle for the U.S. Senate went to the Democrats late Saturday. Democrats will retain their hold on the Senate after winning a key race in Nevada, giving Biden’s party control of at least one chamber of Congress for the next two years.
“Republicans have officially flipped the People’s House!” Rep. Kevin McCarthy, R-Calif., the front-runner to become House Speaker, tweeted late Wednesday. “Americans are ready for a new direction, and House Republicans are ready to deliver.”
U.S. stocks finish lower as Target's results disappoint; Nasdaq off 1.5%
U.S. stocks closed lower on Wednesday for the second time in three days after a choppy session as a rally...
U.S. stocks closed lower on Wednesday for the second time in three days after a choppy session as a rally inspired by softening inflation data appeared to take a breather. Market strategists cited concerns about Target Corp.’s TGT, -13.14% earnings for helping to weigh on equity prices Wednesday. The S&P 500 SPX, -0.83% finished down 32.87 points, or 0.8%, to 3,958.86. The Dow Jones Industrial Average DJIA, -0.12% was off 39.22 points, or 0.1%, to 33,553.70. The Nasdaq Composite COMP, -1.54% closed off 174.75 points, or 1.5%, to 11,183.66.
Oil Sees Small Jump After EIA Confirms Significant Crude Draw
Crude oil prices inched higher today after the U.S. Energy Information Administration ...
Crude oil prices inched higher today after the U.S. Energy Information Administration reported an inventory decline of 5.4 million barrels for the week to November 11. This compares with an inventory build of 3.9 million barrels for the previous week, which pushed prices lower last week.
Gasoline inventoriesadded 2.2 million barrels over the week to November 11, with production averaging 9.8 million barrels per day, up slightly on the week.
This is compared with an inventory draw of 900,000 barrels for the previous week and production of 9.8 million barrels daily. Gasoline prices across most of the United States have continued trending lower despite inventory movements.
