The U.S. Energy Information Administration reported an...
The U.S. Energy Information Administration reported an inventory build of 2.1 million barrels for the week to November 1. EIA HERE
This compared with a modest inventory draw of half a million barrels for the previous week and a crude oil inventory build for the week to November 1 as estimated by the American Petroleum Institute on Tuesday.
The API also reported estimated fuel inventory draws for the week to November 1, and the EIA reported builds in gasoline and middle distillates.
In gasoline, the authority estimated an inventory increase of 400,000 barrels for last week, with production averaging 9.7 million barrels daily. This compared with an inventory draw of 2.7 million barrels for the previous week, when production averaged 9.7 million barrels daily as welly.
In middle distillates, the EIA reported an inventory build of 2.9 million barrels for the week to November 1, with production at 5.1 million barrels daily. These figures compared with an inventory drop of 1 million barrels for the previous week, when production averaged 4.9 million barrels daily.
The EIA also said imports last week stood at 6.2 million barrels daily, while refinery run rates averaged 16.3 million barrels daily. The numbers compared with an import rate of 6 million barrels daily for the previous week and a refinery run rate of an average 16.1 million barrels daily.
Asian demand for US crude is unlikely to waver regardless of the US election...
Asian demand for US crude is unlikely to waver regardless of the US election outcome, although potential policy shifts on Iran, Russia and Venezuela could shake up trade dynamics. A second Donald Trump term might pressure China to diversify its oil sources, increasing other Asian buyers' access to US crude.
World leaders reacted to the election. Messages of...
World leaders reacted to the election. Messages of support for President-elect Donald Trump streamed in from around the globe on Wednesday. Israeli Prime Minister Benjamin Netanyahu and UK Prime Minister Keir Starmer were among the first to congratulate Trump on winning a second term in the White House, with the former saying the victory was “history’s greatest comeback.” Kremlin spokesperson Dmitry Peskov said that President Vladimir Putin was not planning to call Trump and congratulate him, saying, “We are talking about an unfriendly country that is both directly and indirectly involved in the war against our state.” However, the Russian news outlet Verstka said that Putin congratulated the president-elect through “mutual friends.” President Biden also congratulated Trump and invited him to a meeting at the White House.
Super Micro said that an independent investigation found no evidence of fraud or misconduct after Ernst & Young resigned as its auditor late last month.
Hurricane Rafael made landfall on Cuba as a Category 3 storm and knocked out the power grid again.
Spirit AeroSystems, a major Boeing supplier, said it might not be able to survive the financial damage sustained by the machinists strike.
Henry Kissinger requested a monument of himself in Arlington National Cemetery (but he’s not getting one).
Google accidentally leaked—then removed—its rumored AI web-browsing agent, Jarvis.
Oil settles lower as US dollar surges, investors take stock of Trump victory
Oil prices settled lower on Wednesday as investors weighed a strong U.S....
Oil prices settled lower on Wednesday as investors weighed a strong U.S. dollar against the potential that U.S. President-elect Donald Trump's foreign-policy plans could squeeze global oil supply.
Brent crude oil futures settled down 61 cents, or 0.81%, at $74.92 per barrel. U.S. West Texas Intermediate (WTI) crude settled down 30 cents or 0.42%, to $71.69.
Trump's election triggered a large sell-off, pushing oil prices down by more than $2 per barrel during early trade as the U.S. dollar rallied. The dollar is currently at its highest level since September 2022.
A stronger dollar makes greenback-denominated commodities such as oil more expensive for holders of other currencies and tends to weigh on prices.
Dow jumps 1,500 points to seal largest post election advance in over a century
U.S. stocks completed a momentous trading session on...
U.S. stocks completed a momentous trading session on Wednesday, with investor optimism over Donald Trump's presidential election victory fueling the most significant post-election jump in the Dow Jones Industrial Average in over 100 years.
Wednesday's advance in all three major U.S. stock indexes came despite a spike in Treasury yields, led by a 15.3-basis-point rise in the 30-year rate.
Based on preliminary data, the Dow Jones Industrial Average closed up 1508.05 points, or 3.6%, at a new record close of 43,729.93.
The S&P 500 closed up by 146.28 points, or 2.5%, at 5,929.04.
The Nasdaq Composite ended up by 544.29 points, or almost 3%, at 18,983.47.
The small-cap Russell 2000 Index finished up by roughly 129 points, or 5.7%, at around 2,390 for its largest one-day point gain on record.
At Janus Henderson Investors, Marc Pinto, head of Americas equities, and Lucas Klein, head of EMEA and Asia Pacific equities, said the surprisingly straightforward U.S. election results may provide additional fuel for U.S. stocks through year-end. However, they said, it remains to be seen how policy will impact future earnings—the real driver of long-term returns.
