API reports modest rise in US petroleum demand in April
US petroleum consumption reached 19.8 million barrels per day in April, which marks...
US petroleum consumption reached 19.8 million barrels per day in April, which marks a 17,000-bpd increase from the previous month but a 0.8% decline compared to the same period last year, continuing a five-month trend of year-over-year decreases, the American Petroleum Institute's latest monthly statistical report shows. US crude oil production rose marginally by 2,000 bpd month over month to 12.4 million bpd in April, while petroleum imports climbed by 7.1% and exports dropped by over 800,000 bpd compared to March.
We’re this close to not having to hear about the federal debt limit until 2025: The...
We’re this close to not having to hear about the federal debt limit until 2025: The US got one step closer to averting default on June 5 when the House approved the deal struck between President Biden and Speaker Kevin McCarthy in a 314–117 vote last night. Democrats had to help McCarthy get the bill to raise the borrowing limit onto the floor of the GOP-controlled House for the vote, but after they did, it passed swiftly. Now, the deal moves to the Senate, where Majority Leader Chuck Schumer has promised to work to pass it quickly.
Energy stocks are opening modestly higher, attempting to rebound from recent selling as trading in June commences. Broader futures were initially higher but ticked slightly into the red following stronger-than-expected May payrolls data, which keeps the Fed live at its next meeting for another potential rate hike. Other than a handful of recommendation changes in Exxon, Chevron and Phillips 66, sector news flow is light.
Oil steadied on Thursday as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world's biggest oil consumer. U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default.
Natural gas futures are lower by 3% to start June as milder than normal weather and buoyant production weigh on futures.
US stock futures edge higher early Thursday as the crucial deal to...
US stockfutures edge higher early Thursday as the crucial deal to raise the debt ceiling passed the House of Representatives and moves to the Senate. Check out the latest market moves.
Earnings on deck: Dell Technologies, Broadcom, and more, all reporting.
Oil extended this week’s decline as China’s lackluster economic...
Oil extended this week’s decline as China’s lackluster economic recovery outweighed an optimistic US jobs report.
West Texas Intermediate declined more than 1% to settle near $68 a barrel. Fresh data showed manufacturing activity in China fell at a faster pace than the previous month, prompting fears that a post-Covid bounce had petered out. Futures attempted a rally after US figures revealed job openings unexpectedly surged but were unable to withstand mounting disappointment with China and a stronger dollar.
WTI for July delivery fell $1.37 to settle at $68.09 a barrel in New York.
Brent for July settlement, which expires Wednesday, slipped 88 cents to $72.66 a barrel. The August contract settled at $72.60
