US oil production is projected to decline by 0.4% to 13.37 million barrels per day next year, marking...
US oil production is projected to decline by 0.4% to 13.37 million barrels per day next year, marking the first drop since 2021, according to a projection from Wood Mackenzie. However, the drop will be substantially offset by projects in the Gulf of America coming online in 2026. The additions will take that region's production to over 2 million bpd.
Dow ends flat, S&P and Nasdaq fall as details emerge on U.S.-China trade deal
The Dow Jones Industrial Average finished flat on Wednesday,...
The Dow Jones Industrial Average finished flat on Wednesday, while the S&P 500 and Nasdaq closed lower for the first time in four sessions, as traders assessed a Wall Street Journal report that indicated China has the upper hand in trade talks with the U.S.
Stocks closed lower despite a surprisingly muted consumer-price index for May and a solid $39 billion 10-year Treasury auction.
The Dow Jones Industrial Average finished little changed at around 42,866 after swinging between gains and losses earlier in the day, based on preliminary data.
The S&P 500 dropped almost 0.3% to end at roughly 6,022.
The Nasdaq Composite declined 0.5% to close at almost 19,616.
U.S. Policy to Hobble Midstream Cos.' Feedstock Shipments to China
The U.S. Energy Information Administration (EIA) reported June 10 that...
The U.S. Energy Information Administration (EIA) reported June 10 that a new U.S. policy will cut ethane trade by a quarter in 2025 and by a half in 2026.
The policy directly affects midstream companies Energy Transfer (ET) and Enterprise Products Partners (EPD).
In May, the U.S. Bureau of Industry and Security (BIS), part of the Commerce Department, notified companies that ethane and butane played a large role in creating end-use items for China’s military and that exporting the NGLs posed an unacceptable security risk.
About half of U.S. ethane production goes to China, and Enterprise and Energy Transfer are the only two companies exporting to the nation. All of China’s ethane exports come from the U.S.
The government now requires permits to continue trading.
Per Pentagon officials, that’s how much the US government ...
Per Pentagon officials, that’s how much the US government is spending to send, house, and feed the 4,000 National Guard troops and 700 Marines that President Trump ordered to Los Angeles this week amid anti-ICE protests. California Gov. Gavin Newsom, who filed an emergency motion yesterday to block Trump’s deployment of troops to the state, has argued California doesn’t need military help to handle the protests and that its presence only increases tensions. Despite Newsom’s objections, Defense Secretary Pete Hegseth said yesterday that the deployments will last 60 days. Trump also warned that any protesters at a planned military parade in Washington, DC, on Saturday will be met with “very big force.”
World Bank predicts weakest growth since the 1960s. Global...
World Bank predicts weakest growth since the 1960s. Global economic growth this decade is on track to average 2.5%, which would be the slowest since The Andy Griffith Show dominated airwaves, according to the World Bank’s latest estimates. The international financial group cut this year’s forecast to 2.3% from 2.8% last year (and 2.7% as of a January prediction). “Without a swift course correction, the harm to living standards could be deep,” Chief Economist Indermit Gill wrote in the report. Gill cited “international discord—about trade, in particular” for the pessimistic outlook. The World Bank lowered forecasts for nearly 70% of economies, but notably did not yet foresee a global recession.
Paramount cut its US workforce by 3.5% yesterday in another round of layoffs as it awaits regulatory approval for its proposed merger with Skydance.
Khaby Lame, the Italian-Senegalese social media star who leads the world in TikTok followers, was detained by ICE last week for reportedly overstaying his visa, and then self-deported.
FEMA will be phased out after this year’s hurricane season, President Trump revealed yesterday, saying only that his administration will do disaster response “much differently.”
Leaders of OneTaste, an “orgasmic meditation” company that some have accused of being a cult, were convicted yesterday of federal forced labor charges and now face up to 20 years in prison.
