The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, adding 1.539 million barrels in the week ending July 25. This is a stark contrast to the expected 2.5 million barrel draw that analysts had expected.
So far this year, crude oil inventories are up nearly 13 million barrels, according to Oilprice calculations of API data.
Gasoline inventories fell in the week ending July 25 by 1.739 million barrels, after falling by 1.228 million barrels in the week prior. As of last week, gasoline inventories were slightly above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose substantially again this week, by 4.189 million barrels after rising by 3.48 million barrels in the week prior. Distillate inventories were 19% below the five-year average as of the week ending July 18, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 465,000 barrels in the week. In the week prior, Cushing inventories had risen by 314,000 barrels.
Fed leaves interest rates unchanged despite pressure from Trump
The Federal Reserve left its benchmark interest rate...
The Federal Reserve left its benchmark interest rate unchanged for the fifth straight meeting amid tremendous pressure from President Donald Trump to reduce borrowing costs.
For the first time since 1993, two of the seven members of the Fed’s board of governors dissented.
Fed Govs. Christopher Waller and Michelle Bowman voted in favor of a rate cut. They have expressed concern that the labor market is weakening underneath the surface.
In a statement Wednesday, the Fed said the latest data show economic activity “moderated” in the first half of the year. The labor market remains solid, the committee said.
The historic transcontinental railroad merger is a go
That sound you’re hearing is every AP US History teacher racing to...
That sound you’re hearing is every AP US History teacher racing to update their syllabus. Union Pacific and Norfolk Southern officially struck a merger deal to create the country’s first coast-to-coast railroad, the companies announced yesterday, less than a week after they were reported to be in talks. If approved, the merger would mark the first time in US history that a single company controlled rail shipments across the US. Three private companies built the first transcontinental railroad in the 1860s, but that only stretched from Iowa to California. The Wall Street Journal reports that regulators have been suspicious of rail mergers in the past due to worries that they will hike prices and lower safety standards.
An 8.8-magnitude earthquake hit Russia, prompting widespread...
An 8.8-magnitude earthquake hit Russia, prompting widespread tsunami warnings. The quake, one of the four largest of the 21st century, struck Russia’s Far East early Wednesday, triggering tsunami waves that impacted Russia, Japan, and Hawaii. No major damage has been reported thus far. Hawaii Gov. Josh Green said he was monitoring wave activity near the Big Island before he would lift emergency precautions, but that he expected to declare “all clear” in a few hours, according to the New York Times. Tsunami waves also reached the coasts of California, Oregon, and Washington. The National Oceanic and Atmospheric Administration issued a tsunami threat alert for Papua New Guinea, Solomon Islands, and Vanuatu, urging US citizens there to be prepared to evacuate. The National Tsunami Warning Center in Alaska told the Associated Press that tsunami impacts could last for hours or up to a day in some places.
The US and China agreed to continue their tariff truce talks following the latest round of trade negotiations in Stockholm, Bloomberg reported.
UK Prime Minister Keir Starmer said the country will recognize a Palestinian state unless Israel agrees to a Gaza ceasefire by September, a move that Israel called “a reward for Hamas.”
Apple closed a retail store in China for the first time, even as it looks to mount a comeback in the market, where sales have floundered.
JPMorgan Chase is nearing a deal to replace Goldman Sachs as Apple’s credit card partner, the Wall Street Journal reported.
Starbucks same-store sales fell for the sixth straight quarter, though CEO Brian Niccol said the company’s turnaround is ahead of schedule.
Oil prices rally on US pressure on Russia, trade deal optimism
(Reuters) - Oil prices gained more than 3% on Tuesday...
(Reuters) - Oil prices gained more than 3% on Tuesday as President Donald Trump ramped up pressure on Russia over its war in Ukraine and on optimism that a trade war between the U.S. and its major trading partners was abating.
Brent crude futures settled $2.47, higher at $72.51 a barrel, while U.S. West Texas Intermediate crude gained $2.50, or 3.75%, to settle up at $69.21. Both contracts settled at their highest since June 20.
On Tuesday, Trump said he would start imposing tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in Ukraine.
"We've amped it up. We have a hard deadline of 10 days," said Phil Flynn, senior analyst with Price Futures Group. "And there's a suggestion that other countries are going to join us."
Also on Tuesday, U.S. Treasury Secretary Scott Bessent said he had told Chinese officials that, given U.S. secondary tariff legislation on sanctioned Russian oil, China could face high tariffs if Beijing continued its Russian oil purchases.
