Oil steady on strong gasoline demand, Red Sea attacks while Trump tariffs loom
(Reuters) - Oil prices were steady on Wednesday as investors...
(Reuters) - Oil prices were steady on Wednesday as investors weighed strong U.S. gasoline demand data and attacks on shipping in the Red Sea, while U.S. copper tariffs loomed.
Brent crude futures settled up 4 cents, or 0.06%, to $70.19 a barrel. U.S. West Texas Intermediate crude settled up 5 cents, or 0.07%, to $68.38 a barrel.
After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week. Rescuers pulled six crew members alive from the Red Sea on Wednesday and 15 were still missing from the second of two ships sunk in recent days in attacks claimed by Yemen's Iran-aligned Houthi militia after months of calm.
Oil prices were also supported by an EIA forecast on Tuesday that the U.S. will produce less oil in 2025 than previously expected, as declining prices have prompted U.S. producers to slow activity.
On Tuesday, U.S. President Donald Trump said he would impose a 50% tariff on copper, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
Nasdaq closes at new record as stocks rally after Fed minutes point to rate cuts
U.S. stocks finished higher on Wednesday, with a surge...
U.S. stocks finished higher on Wednesday, with a surge in shares of Nvidia Corp. propelling the Nasdaq Composite to a fresh intraday and closing record.
The Dow Jones Industrial Average rose over 200 points, or 0.5%, to end near 44,458, according to preliminary data from FactSet.
The Nasdaq Composite was up 0.9%, to end at around 20,611, a new all-time closing high.
The S&P 500 advanced 0.6%, to finish near 6,263.
Federal Reserve minutes from the central bank's June policy meeting were a focus, hinting that rate cuts this year looked likely as of the meeting last month.
Imported fuel oil falls out of favor with US Gulf refiners
US Gulf Coast refiners' increased preference for heavy crude caused...
US Gulf Coast refiners' increased preference for heavy crude caused fuel oil imports to the region to fall to a record low of 213,000 barrels per day in June, down from 233,000 bpd month over month and 430,000 bpd in June 2024, Kpler data show. Analysts attribute the shift to higher fuel oil prices amid global supply tightness and a longer-term trend toward greater use of domestic refinery residue and medium-to-heavy crude slates.
Growing domestic output shrinks energy import share in 2024
Imports accounted for 17% of the US energy supply in 2024, the lowest...
Imports accounted for 17% of the US energy supply in 2024, the lowest level in nearly four decades and half the peak recorded in 2006, according to the Energy Information Administration, which attributes the decrease to rising domestic energy production and declining imports. The US maintained its net energy exporter status last year as several domestic energy sources, including crude oil and natural gas, set production records, the EIA noted.
Trump says the US will resume sending weapons to Ukraine
Just days after the White House announced it was pausing military aid...
Just days after the White House announced it was pausing military aid to Ukraine while the Pentagon reviewed stockpiles, President Trump said the US would in fact restart shipments to the country to help it defend itself against Russia. The Wall Street Journal reported that Trump told Ukrainian President Volodymyr Zelensky that he was not the one who ordered the pause in deliveries. The reversal comes as Russia intensifies its attacks on Kyiv and Trump grows more publicly frustrated with Vladimir Putin stonewalling attempts at a ceasefire. “He’s very nice to us all the time, but it turns out to be meaningless,” Trump said this week.
