Benchmark U.S. crude oil for July delivery fell...
Benchmark U.S. crude oil for July delivery fell $1.24 to $71.29 a barrel Thursday. Brent crude for August delivery fell 99 cents to $75.96 a barrel.
Wholesale gasolinefor July delivery fell 3 cents $2.61 a gallon. July heating oil fell 1 cent to $2.39 a gallon. July natural gasrose 2 cents to $2.35 per 1,000 cubic feet.
The US solar market is on track to more than double over the next five years as the landmark Inflation...
The US solar market is on track to more than double over the next five years as the landmark Inflation Reduction Act boosts domestic manufacturing. Total installed capacity will reach 377 gigawatts at the end of 2028, up from 142 gigawatts at the end of last year, according to a report from the Solar Energy Industries Association and Wood Mackenzie published Thursday.
U.S. stocks rose Thursday, with the S&P 500 closing above...
U.S. stocks rose Thursday, with the S&P 500 closing above the threshold that marks an exit from a bear market. Stocks were buoyed following a rise in weekly jobless claims that reinforced expectations the Fed will hold rates steady next week, analysts said. The S&P 500SPX, +0.62% rose around 26 points, or 0.6%, to close just shy of 4,294, according to preliminary figures. A close above 4,292.44 meets the criteria for exiting a bear market, marking a 20% rise from the benchmark’s October closing low. The Dow Jones Industrial AverageDJIA, +0.50% rose around 169 points, or 0.5%, while the Nasdaq Composite COMP, +1.02% jumped 1%.
Energy stocks are set to open in the green amid higher broader...
Energy stocks are set to open in the green amid higher broader index futures and gains in both crude oil and natural gas this morning. News flow in the sector remains light, with sector equities tracking broader markets and commodity prices.
Oil rose on Thursday as tighter supply resulting from Saudi Arabia's pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown. At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million bpd in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.
Natural gas futures are higher by a penny ahead of weekly inventory data expected to show a build of 116 bcf for last week.
Cushing hub sees gain in stored crude oil while U.S. total slips
The amount of crude oil in storage at Oklahoma’s Cushing hub...
The amount of crude oil in storage at Oklahoma’s Cushing hub increased in the past week, while national figures saw a slight decline.
Nationally, the total amount of crude oil in storage was 459.2 million barrels as of early June, compared to the 416.8 million barrels reported in early June of 2022. The U.S. storage total declined 500,000 barrels from the 459.7 million reported by the EIA as of May 26.
The U.S. Energy Information Administration reported Cushing held 40.6 million barrels of oil as of June 2 of this year, up 1.7 million from the 38.9 million reported on May 26. A year ago, Cushing held only 23.4 million barrels in early June 2022.
