U.S. retail sales flat in July but up 0.7% excluding gasoline and automobiles
The numbers: Sales at U.S. retailers fell flat in July, but largely because of falling...
The numbers: Sales at U.S. retailers fell flat in July, but largely because of falling gas prices and fewer purchases of new cars and trucks. Sales were stronger at other retailers, especially online stores such as Amazon. Economists polled by The Wall Street Journal had forecast a 0.1% increase in sales.
Retail sales are a big part of consumer spending and offer clues about the strength of the U.S. economy. Sales have slowed this year, but not enough to suggest the economy is in trouble.
If autos and gasoline stations are set aside, sales rose a solid 0.7% in July. Internet sales surged 2.7%, helped by Amazon Prime Day in the middle of the month. Inflation did not play as big a role as in previous months.
U.S. natural gas shoots to 14-year high as Europe prices near records
U.S. natural gas futures ended Tuesday's session at ...
U.S. natural gas futures ended Tuesday's session at 14-year highs, lifted partly by soaring natural gas prices in Europe that have climbed in recent days to their highest levels since Russia's invasion of Ukraine, and just shy of all-time highs.
Front-month Nymex natural gas (NG1:COM) for September delivery settled +6.9% to $9.329/MMBtu, the best closing level since August 2008; gas was trading at ~$66/MMBtu in Europe and a record $57 in Asia.
Among other factors contributing to gains in U.S. natural gas include a heat wave in California, higher air conditioning demand than previously expected, forecasts for more hot weather, and technical and option trading.
The American Petroleum Institute (API) reported a draw this week for crude...
The American Petroleum Institute (API) reported a draw this week for crude oil of 448,000 barrels, while analysts predicted a smaller draw of 117,000 barrels. The draw comes as the Department of Energy released 3.4 million barrels from the Strategic Petroleum Reserves in the week ending August 12, to 461.2 million barrels.
U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 1.7 million barrel gain since the start of 2020, according to API data.
Cushing inventories rose by 250,000 barrels this week.Last week, the API saw a build of 910,000 barrels. Official EIA Cushing inventories for the week ending August 5 were 25.189 million barrels, up from 24.466 million barrels in the prior week.
Benchmark U.S. crude oil for September delivery fell $2.88 to $86.53 a barrel Tuesday. Brent crude for October delivery fell $2.76 to $92.34 a barrel.
Wholesale gasoline for September delivery fell 5 cents to $2.90 a gallon. September heating oil rose 4 cents to $3.48 a gallon. September natural gas rose 60 cents to $9.33 per 1,000 cubic feet.
Dow, S&P 500 notch highest close in more than 3 months
Stocks ended mostly higher Tuesday, with the Dow Jones Industrial Average lifted after upbeat earnings...
Stocks ended mostly higher Tuesday, with the Dow Jones Industrial Average lifted after upbeat earnings from retailing heavyweights Walmart Inc. and Home Depot Inc. The Dow DJIA, +0.71% rose around 239 points or 0.7%, to finish near 34,152, according to preliminary figures, while the S&P 500 SPX, +0.19% gained around 8 points, or 0.2%, to close near 4,305. The Nasdaq Composite COMP, -0.19% lagged behind, falling around 26 points, or 0.2%, to 13,103.
