Benchmark U.S. crude oil for August delivery fell $1.67 to $67.70 a barrel Tuesday. Brent crude for August delivery fell $1.92 to $72.26 a barrel.
Wholesale gasolinefor July delivery fell 2 cents $2.52 a gallon. July heating oilfell 4 cents to $2.40 a gallon. July natural gasfell 3 cents to $2.76 per 1,000 cubic feet.
The American Petroleum Institute (API) reported a draw of 2.408 million barrels of oil for last...
The American Petroleum Institute (API) reported a draw of 2.408 million barrels of oil for last week. Analysts were expecting a smaller 1.467-million-barrel draw in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 36 million barrels according to API data, although the net draw in crude inventories since April is more than 8 million barrels.
Crude oil production in the United States fell back to 12.2 million bpd for the week ending June 16, according to EIA data, matching the previous low for this year.
Inventories at Cushing, Oklahoma, rose by 1.45 million barrels, after rising 50,000 barrels in the previous week.
S&P 500 scores best day in almost two weeks as tech shares march higher
U.S. stocks jumped on Tuesday, with the S&P 500 scoring its...
U.S. stocks jumped on Tuesday, with the S&P 500 scoring its best daily gain in almost two weeks as technology shares climbed and housing data pointed to continued resilience in the U.S. economy, despite the Federal Reserve’s sharply higher interest rates.The Dow Jones Industrial Average DJIA rose about 211 points, or 0.6%, ending near 33,926, according to preliminary FactSet data. The S&P 500 index SPX gained 1.1%, posting its best daily percentage gain since June 15, according to FactSet data. The Nasdaq Composite Index COMP rose 1.7%. Stocks appeared poised to resume a tech-fueled rally that has the S&P 500 up 14% on the year so far and the Nasdaq about 29.5% higher. The S&P 500’s information technology sector jumped 2% Tuesday, while Communication Services rose 1.1%. Bolstering the tone, new home sales surged 12.2% in May, while the S&P CoreLogic Case-Shiller 20-city house-price index climbed in April.
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities while major equity futures steadied as investors looked toward the next crop of economic data that includes home sales, durable goods, and consumer confidence.
WTI and Brent crude oil futures dropped this morning, stumbling ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating. Brent's six-month backwardation is at its lowest since December and barely positive, indicating shrinking concern about supply crunches while the two-month spread is in shallow contango, indicating traders are factoring in a currently slightly oversupplied market. Focus will now turn to the latest round of U.S. inventory data from the API this afternoon followed by government data tomorrow which analyst expected to show a draw last week.
After four consecutive days of strong gains, natural gas inched lower this morning, retreating from three-month highs hit in the prior session on slightly moderating weather forecasts in key consuming regions while expectations for rising LNG exports stemmed the declines.
Hundreds of flights canceled as severe weather slams East Coast
Millions across the country are waking up to more...
Millions across the country are waking up to more severe weather Tuesday, with hundreds of flights in and out of the East Coast canceled overnight after thunderstorms struck the region and a deadly heatwave smothered the South.
More than 715 flights within, into, and out of the U.S. were canceled as of early Tuesday morning,with nearly 280 of those flights going into and out of Newark Liberty International Airport, according to online tracker FlightAware.
LaGuardia Airport had more than 115 cancellations, while John F. Kennedy International Airport had more than 70 and Boston Logan International Airport had nearly 60.
