Oil prices post back-to-back losses on prospect of Russia-Ukraine peace talks
Oil futures tallied back-to-back session losses on Thursday, a day after...
Oil futures tallied back-to-back session losses on Thursday, a day after President Donald Trump said that he and President Vladimir Putin of Russia had agreed to begin talks on ending the war in Ukraine, which helped to ease some concerns over supply risks.
West Texas Intermediate crude for March delivery edged down by 8 cents, or 0.1%, to settle at $71.29 a barrel on the New York Mercantile Exchange after losing 2.7% Wednesday.
April Brent crude the global benchmark, declined by 16 cents, or 0.2%, at $75.02 a barrel on ICE Futures Europe.
March gasoline added 1% to $2.11 a gallon, while March heating oil lost 0.1% to $2.45 a gallon.
Natural gas for March delivery settled at $3.63 per million British thermal units, up 1.8%.
S&P 500 ends shy of record as U.S. stocks climb after Trump's tariff update
U.S. stocks booked big gains on Thursday after President...
U.S. stocks booked big gains on Thursday after President Trump's awaited trade-war update included no deadline or concrete specifics on how "reciprocal tariffs" might be applied.
The Dow Jones closed about 342 points higher, or 0.8%, ending near 44,711, according to preliminary data. That was its best daily percentage gain since Jan. 23, according to FactSet.
The S&P 500 gained about 63 points, or 1%, ending around 6,115. That was slightly below its closing high at 6,118.71, set on Jan. 23, 2025.
The Nasdaq Composite rose about 295 points, or 1.5%, finishing around 19,945.
Aramco’s Motiva Expands Texas Refinery to Become Largest in US
Motiva Enterprises' Port Arthur, Texas, refinery has become America's...
Motiva Enterprises' Port Arthur, Texas, refinery has become America's largest fuel-making facility, now capable of processing 654,000 barrels of crude daily, surpassing plants owned by ExxonMobil and Marathon Petroleum. The Saudi Aramco-owned company achieved this expansion through process optimization rather than major construction, reflecting an industry trend where refiners favor incremental upgrades over large expansions amid declining fuel demand, while smaller refineries face increasing pressure to compete with these mega-facilities.
Motiva’s expansion comes alongside the closure of two other refineries: LyondellBasell Industries NV’s Houston plant and Phillips 66’s Los Angeles facility, both set to shutter this year.
Motiva ran more than 600,000 barrels of oil a day on average last year and 651,000 barrels a day in December, according to data from the Railroad Commission of Texas. By contrast, Marathon’s Galveston Bay and Exxon’s Beaumont plants, both in Texas, averaged 551,000 and 583,000 barrels per day in 2024.
Trump says talks to end Ukraine war will start “immediately” following call with Putin
After what President Trump described as a “lengthy and highly productive...
After what President Trump described as a “lengthy and highly productive phone call” with Russia’s Vladimir Putin, Trump said they’d agreed to begin negotiations to end the war that began when Russia invaded Ukraine in 2022. This represents a shift in US policy, as Joe Biden did not engage directly with Putin. Trump subsequently called Ukrainian President Volodymyr Zelensky “to inform him of the conversation.” Zelensky called their talk “meaningful” on X, saying, “No one wants peace more than Ukraine.”
The oil company says it plans to fire 15% to 20% of its global workforce, or about 9,000 people, by the end of next year as it looks to cut $2 billion to $3 billion in costs. It’s not the only large energy company slashing its headcount as oil prices dip: Britain’s BP recently announced plans to cut 5%. Meanwhile, the status of Chevron’s deal to buy Hess for $53 billion, which would give it access to Guyana’s oil field, is uncertain amid a legal challenge from competitor ExxonMobil.
