Dow ekes out gain Thursday, but stocks end mostly lower in late-session retreat
U.S. stocks closed mostly lower on Thursday as a sharp equity rally that followed cooler inflation data...
U.S. stocks closed mostly lower on Thursday as a sharp equity rally that followed cooler inflation data for July took a breather. The Dow Jones Industrial Average DJIA, +0.08% still gained about 27 points, or 0.1%, ending near 33,337, a day after all three major stock indexes posted their highest close since early May, according to Dow Jones Market Data. The S&P 500 index SPX, -0.07% fell about 0.1% Thursday, closing just above the key 4,200 level, while the Nasdaq Composite Index COMP, -0.58% shed 0.6%, a day after it officially exited a bear market. While investors have cheered signs that surging U.S. inflation may be starting to slow, the risk remains that the Federal Reserve could hike interest rates until the economy buckles as it looks to wrestle inflation back to a more tolerable level. The benchmark 10-year Treasury yield rose 10.6 basis points Thursday to 2.886%, its highest yield in three weeks, according to Dow Jones Market Data. The bond-market bellwether set a high for the year of 3.482% in mid-June and then retreated.
Oil output halted at three Gulf of Mexico platforms on pipeline outage, Shell says
Top U.S. Gulf of Mexico oil producer Shell said it had halted production at three of its U.S. Gulf of...
Top U.S. Gulf of Mexico oil producer Shell said it had halted production at three of its U.S. Gulf of Mexico deepwater platforms after a leak shut pipelines connecting the platforms.
Shell said its Mars, Ursa, and Olympus platforms have been shut-in. The three are designed to produce up to 410,000 barrels of oil per day combined, according to data on the company's website.
The three platforms deliver Mars sour crude, a grade prized by oil refiners in the United States and Asia. Shell said it was evaluating "alternative flow paths" to move the oil to shore via other pipelines
14,000-gallon oil spill contaminates La.'s Terrebonne Bay
Nearly 14,000 gallons of crude oil leaked into Terrebonne Bay in Louisiana on Monday after a Hilcorp...
Nearly 14,000 gallons of crude oil leaked into Terrebonne Bay in Louisiana on Monday after a Hilcorp Energy storage tank collapsed into the water. The Coast Guard has deployed vessels and a containment boom to clean up the spill, and it is testing water and investigating in partnership with the Louisiana Department of Wildlife and Fisheries and other agencies.
Changing trade patterns, coupled with increased demand and limited availability, have pushed daily shipping...
Changing trade patterns, coupled with increased demand and limited availability, have pushed daily shipping rates for mid-size Aframax oil tankers on the US Gulf Coast-to-Europe route to nearly $57,000 this week, the highest in two years and a twelvefold increase since the beginning of the year, data from the Baltic Exchange show. "Because of the reallocation of trade that's had to take place, a lot more Aframax cargoes have been bringing crudes from elsewhere, like the US Gulf into Europe to replace lost Russian barrels," said E.A. Gibson Shipbrokers Head of Research Richard Matthews.
Switch from Gas Boosts Oil Demand, but Economic Headwinds Loom: IEA
Sweltering summer temperatures and...
Sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation, the International Energy Agency (IEA) said on Aug. 11, increasing demand but masking weakness in economies beset by recession fears.
"Natural gas and electricity prices have soared to new records, incentivizing gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report in which it raised its outlook for 2022 demand by 380,000 bbl/d.
"These extraordinary gains, overwhelmingly concentrated in the Middle East and Europe, mask relative weakness in other sectors," the IEA warned.
