China Stops US LNG Imports Following Shipping Tariff
As part of the ongoing trade war, China ceased importing U.S. LNG after...
As part of the ongoing trade war, China ceased importing U.S. LNG after Beijing put a 15% tariff on shipments on Feb. 10.
According to a Bloomberg report, the country has gone 40 days without a shipment of U.S. LNG, the longest gap since 2023.
China, which has made LNG imports a key part of its growth plans, raised the tariff after President Donald Trump implemented a blanket tariff on all Chinese imports.
According to the Bloomberg report, Chinese buyers with commitments to U.S. LNG producers are reselling shipments to Europe.
Putin agrees to limit attacks on Ukrainian energy infrastructure
After a 90-minute phone call between President Trump and Vladimir Putin...
After a 90-minute phone call between President Trump and Vladimir Putin yesterday, the Russian leader said the country would temporarily halt attacks on Ukrainian energy assets—but stopped short of signing onto the broader, US-backed ceasefire that Ukraine agreed to. According to the Kremlin’s readout of the call, Putin told Trump that a lasting ceasefire will require the US to suspend supplying Ukraine with weapons and intelligence. The White House called the limited ceasefire a “movement to peace” and said more negotiations will take place in the Middle East. Ukraine, its allies, and security experts are worried that Russia won’t adhere to a permanent ceasefire.
Germany approves historic spending splurge. The lower...
Germany approves historic spending splurge. The lower house of the German Parliament voted to pass a bill loosening government borrowing limits and unleashing a $547 billion fund to boost its military and kickstart its festering economy. The country’s center-right Christian Democratic Union and the center-left Social Democratic Party collaborated on the deal, which was pushed by Friedrich Merz, Germany’s chancellor in waiting. The German economy has narrowly avoided a recession in recent years but is considered by economists to be stagnant amid infrastructure problems and a manufacturing downturn.
Chief Justice John Roberts issued a rare public statement rebuking President Trump’s call to impeach a federal judge who ruled against him over the deportation of alleged Venezuelan gang members.
Frontier Airlines is offering free checked bags on flights until August in an apparent dig at Southwest, which recently announced it’s discontinuing the perk.
Roku users are apoplectic after the company started testing ads that autoplay before the home screen even appears, The Verge reported.
Starlink, Elon Musk’s satellite internet service, was reportedly installed at the White House.
Nasdaq said it will open a regional headquarters in Texas, further bolstering the state’s financial hub, aka “Y’all Street.”
Crude Oil Inventory Increase Offset by Continued Product Inventory Declines
The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.593 million barrels for the week ending March 14. Analysts had expected a smaller 1.7 million-barrel build.
Crude oil inventories have climbed more than 21 million barrels this year, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 0.3 million barrels again to 395.9 million barrels in the week ending March 14. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories fell in the week ending March 14, by 1.708 million barrels, after falling by 4.560 million barrels in the week prior. As of last week, gasoline inventories are now 1% above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories also took a dive this week, shedding 2.146 million barrels in the latest week. In the week prior, distillate inventories rose 421,000 barrels. Distillate inventories were already about 5% below the five-year average as of the week ending March 7, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma, fell 1.141 million barrels for the week, after falling 1.196 million barrels in the week prior.
Oil ends lower after Russia agrees to cease-fire on Ukraine’s energy infrastructure
Oil futures finished with a loss on Tuesday as Russia’s...
Oil futures finished with a loss on Tuesday as Russia’s temporary cease-fire on Ukraine’s energy infrastructure lifted the possibility that the U.S. will ease sanctions on the flow of crude from Moscow.
Oil prices gave up early gains on growing tensions in the Middle East following U.S. attacks on Iran-backed Houthi rebels in Yemen over the weekend that threatened to disrupt crude flow in the oil-rich region.
West Texas Intermediate crude for April delivery declined by 68 cents, or 1%, to settle at $66.90 a barrel on the New York Mercantile Exchange after ending Monday 0.6% higher.
May Brent crude, the global benchmark, fell 51 cents, or 0.7%, at $70.56 a barrel on ICE Futures Europe.
April gasoline shed 0.6% to $2.17 a gallon, while April heating oil lost 0.4% to $2.19 a gallon.
Natural gas for April delivery settled at $4.05 per million British thermal units, up nearly 0.9%.
