US refiners cut fall maintenance plans to 3-year low
US refiners plan to idle...
US refiners plan to idle only around 529,000 barrels per day of crude-processing capacity for maintenance this fall, roughly half the volume taken offline last year, marking the lightest fall turnaround season since 2021, according to IIR Energy. While the reduced downtime may help alleviate crude oversupply concerns, it could further tighten already narrow refining margins.
Israel strikes Beirut as tensions rise. Israel’s...
Israel strikes Beirut as tensions rise. Israel’s airstrike on the Lebanese capital killed top Hezbollah commander Ibrahim Akil and 10 other Hezbollah operatives. Akil had been sanctioned by the US for his role in 1983 terrorist attacks that killed more than 300 people at a US embassy and Marine barracks. Lebanon said Israel’s attack yesterday killed at least 14 people and wounded dozens. The attack follows the deadly detonation of pagers and walkie-talkies used by Hezbollah, for which the militant group vowed to retaliate against Israel. The escalation continues to raise the prospect of a regional war breaking out.
OpenAI has so many interested investors it’ll have to turn some away from an expected $6.5 billion funding round that values the company at $150 billion.
Disney employees will have to stop using Slack in the wake of a hack that leaked the company’s chat logs.
The Secret Service has acknowledged failures that led to the attempted assassination of Donald Trump at a Pennsylvania rally in July.
A sheriff in rural Kentucky was charged with the murder of a local judge who was fatally shot in his chambers.
Political reporter Olivia Nuzzi has been put on leave by New York Magazine after disclosing an “emotional and digital” relationship with former independent presidential candidate RFK Jr.
Oil ends week higher as investors take stock of Fed rate cut
Oil prices settled lower on Friday but recorded a second straight week...
Oil prices settled lower on Friday but recorded a second straight week of gains, garnering support from a U.S. interest rate cut and a dip in U.S. supply.
Brent futures settled down 39 cents, or 0.52%, at $74.49 a barrel. U.S. WTI crude futures settled down 3 cents, or 0.4%, to $71.92.
Signs of a slowing economy in major commodity consumer China gave prices a ceiling. However, both benchmarks settled up more than 4% for the week.
Prices have recovered after Brent fell below $69 for the first time in nearly three years on Sept. 10.
Dow rises to record high as stocks book weekly gains after Fed rate cut
The Dow Jones Industrial Average closed modestly higher...
The Dow Jones Industrial Average closed modestly higher Friday to notch a fresh record high, as major U.S. stock benchmarks booked weekly gains in the wake of the Federal Reserve’s large interest-rate cut on Wednesday.
The Dow Jonesrose 38.17 points,or 0.1%, to close at 42,063.36.
The S&P 500slipped 11.09 points, or 0.2%, to finish at 5,702.55.
The Nasdaq Compositefell 65.66 points, or 0.4%, to end at 17,948.32.
For the week, the Dow rose 1.6%, the S&P 500 climbed 1.4% and the technology-heavy Nasdaq advanced 1.5%. All three benchmarks logged back-to-back weekly gains and are now up in September.
The Dow has a monthly gain of 1.2%, while the S&P 500 has risen 1% so far this month, and the Nasdaq has climbed by 1.3% this month to date.
EQT CEO: LNG demand could drive gas output recovery
Natural gas prices will stay below $3 per million British thermal unit...
Natural gas prices will stay below $3 per million British thermal unit in the near term, but rising demand could prompt producers to restore output next year, EQT CEO Toby Rice predicted at the Gastech conference. Highlighting the importance of gas for LNG exports and power generation, Rice emphasized that market forces, not politics, should decide the energy mix.
