Rising oil exports to Asia cause supertanker rate hikes
Surging oil demand in Asia has propelled oil supertanker freight rates for the Middle East-Asia...
Surging oil demand in Asia has propelled oil supertanker freight rates for the Middle East-Asia route to the highest level since April, while rates for the US Gulf Coast-China route climbed to $9.34 million on Wednesday, according to shipbroking firm Meiwa International. Refinitiv Eikon senior analyst Emril Jamil expects US crude shipments to Asia to rise 27.9% month over month to a record 10.9 million short tons in June.
Benchmark U.S. crude oil for July delivery rose $1.16 to $71.78 a barrel Friday. Brent crude for August delivery rose 94 cents to $76.61 a barrel.
Wholesale gasolinefor July delivery rose 4 cents $2.68 a gallon. July heating oilrose 7 cents to $2.55 a gallon. July natural gasrose 10 cents to $2.63 per 1,000 cubic feet.
U.S. stocks close lower Friday but notch gains for the week
Stocks ended slightly lower Friday, with bulls taking a breather...
Stocks ended slightly lower Friday, with bulls taking a breather after a six-day winning streak that pushed the S&P 500 to 14-month highs. Major indexes booked weekly gains, with investors set for a three-day holiday weekend, with U.S. markets closed Monday for Juneteenth. The S&P 500SPX fell around 16 points, or 0.4%, to close near 4,410, according to preliminary figures. The Dow Jones Industrial Average DJIA lost around 107 points, or 0.3%, to end near 34,301, while the Nasdaq CompositeCOMP shed around 93 points, or 0.7%, to finish near 13,690. The S&P 500 booked a 2.6% weekly rise, while the Dow advanced 1.3% and the Nasdaq rallied 3.3%.
Federal officials are set to investigate the recently announced merger between the PGA and the Saudi Arabian-backed LIV Golf series.The probe alleges the deal provides the newly formed group monopolistic leverage in dictating when, where, and for how much the world's best golfers compete.
Reports suggest the legal battles drained $50M of the PGA's $100M cash reserves over the course of 12 months, with some suggesting the agreement may still fall apart due to longer-term disagreements over operations.
Separately, Rickie Fowler and Xander Schauffele were tied in Los Angeles after day one of the US Open. See the leaderboard here.
Rio Grande LNG gains momentum with key endorsements
NextDecade has announced framework agreements under which Global Infrastructure Partners will become...
NextDecade has announced framework agreements under which Global Infrastructure Partners will become the majority shareholder in the first phase of the Rio Grande LNG export project in Texas, while TotalEnergies will acquire a 16.7% interest in phase one, as well as offtake 5.95 million short tons per year of LNG for 20 years. A final investment decision on the project is expected by the end of the month.
