API: US crude, product stockpiles retreated last week
The American Petroleum Institute recorded a 4.34-million-barrel drop...
The American Petroleum Institute recorded a 4.34-million-barrel drop in US crude oil stockpiles last week, far surpassing analysts' expectations of a 1.1-million-barrel decline. Gasoline and distillate inventories also decreased by 3.44 million barrels and 1.11 million barrels, respectively.
US ports are bracing for a tempest, but the ominous choppiness is in...
US ports are bracing for a tempest, but the ominous choppiness is in the negotiating room. Dock workers on the East and Gulf Coasts are preparing to walk off the job if their union can’t negotiate a new contract with shipping companies by October 1, threatening a throwback to pandemic-era supply chain bottlenecks.
The International Longshoremen’s Association union and the United States Maritime Alliance, the trade organization representing port operators, remain oceans apart in their talks. The main sticking points are worker pay and plans to automate certain container operations.
The union warns that up to 45,000 port workers could strike. The labor stoppages would disrupt major ports that handle 60% of US shipping traffic, per Oxford Economics.
In his final speech before the United Nations General Assembly yesterday,...
In his final speech before the United Nations General Assembly yesterday, US President Joe Biden said the world is at an “inflection point,” reaffirmed his support for Ukraine against Russia’s invasion, implored global leaders to confront the climate crisis, and warned against a wider war in the Middle East as Israel continues to launch strikes on Hezbollah in Lebanon. Biden also cited his decision to step away from this year’s presidential race as an example for leaders to follow. “Some things are more important than staying in power,” he said.
Caroline Ellison sentenced to two years for FTX fraud. The...
Caroline Ellison sentenced to two years for FTX fraud. The ex-girlfriend and accomplice of convicted FTX fraudster Sam Bankman-Fried was sentenced to 24 months at a minimum security prison by Judge Lewis Kaplan for her role in the collapse of the crypto exchange. Ellison and her lawyers sought no prison time, while prosecutors acknowledged that a lenient sentence was justified after she cooperated with the investigation against SBF and showed remorse for the part she played in defrauding investors. Kaplan praised Ellison’s cooperation but said “there cannot be a get out of jail free card” for a crime of that magnitude. SBF was sentenced to 25 years in March for orchestrating the crypto scam.
Tropical Storm Helene is forecast to become a hurricane and then move into the Gulf of Mexico this week, putting Florida and southern Georgia at risk of heavy rains and dangerous winds.
Coca-Cola pulled its new flavor, Spiced, from shelves after just six months because apparently neither you nor anyone you know was interested in it.
Oil climbs 2% to three-week high on China stimulus, Mideast conflict
On Tuesday, oil prices climbed about 2% to a three-week high on news...
On Tuesday, oil prices climbed about 2% to a three-week high on news of monetary stimulus from China, the world's top crude importer, amid concerns that growing conflict in the Middle East could hit regional supply.
Oil markets gave up some earlier gains as it became clearer that a hurricane threatening the U.S. Gulf Coast later this week would likely miss most offshore oil and natural gas-producing regions and hit Florida. The region accounts for 15% of the country's oil and 2% of natural gas production.
Brent futures rose $1.27, or 1.7%, to settle at $75.17 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.19, or 1.7%, to settle at $71.56.
