Crude oil inventories in the United States decreased this week by 797,000 barrels, the...
Crude oil inventories in the United States decreased this week by 797,000 barrels, the American Petroleum Institute (API) data showed on Tuesday after increasing by 3.026 million barrels in the week prior.
Analysts were expecting a much draw of 2.25 million barrels in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 34 million barrels, according to API data, although the net draw in crude inventories since April is more than 13 million barrels.
Crude oil production in the United States slipped back to 12.3 million bpd for the week ending July 7, according to EIA data, up just 100,000 bpd from the start of the year.
Inventories at Cushing, Oklahoma, fell by 3 million barrels, after rising by 2.150 million barrels in the previous week.
Benchmark U.S. crude oil for August delivery rose $1.60 to $75.75 a barrel Tuesday. Brent crude for September delivery rose $1.13 to $79.63 a barrel.
Wholesale gasolinefor August delivery rose 6 cents $2.69 a gallon. August heating oil rose 4 cents to $2.60 a gallon. August natural gas rose 12 cents to $2.63 per 1,000 cubic feet.
U.S. stocks finish higher as Dow books longest winning streak since March 2021
U.S. stock indexes ended higher on Tuesday with...
U.S. stock indexes ended higher on Tuesdaywith the Dow Jones Industrial Averagesettling at the highest level in 15 months after quarterly results from Bank of America Corp. and Morgan Stanley bolstered bank stocks, while shares of Microsoft Corp. spiked to its record high, buoying the technology sector. The Dow industrials advanced 366 points, or 1.1%, to end at 34,951, its highest closing level since April 21, 2022. The S&P 500 was up 0.7%, while the Nasdaq Composite jumped 0.8%. Bank of America Corp.’s second-quarter earnings beat Wall Street expectations, sending the megabank’s stock up by more than 4.4% on Tuesday, while Morgan Stanley’s shares rallied 6.5% after its quarterly profit dropped but beat analyst expectations.
Heat wave in U.S. strains power grid: "People weren't ready for this heat"
Millions of Americans are under heat advisories...
Millions of Americansare under heat advisories as a relentless heatwave sweeps across the United States. Sweltering temperatures have settled over at least 14 states, straining the power gridin some parts of the country. The prolonged heat increases the risk of transformer failures.
California is urging residents to conserve air conditioning usage and set thermostats to 78 degrees Fahrenheit to prevent potential blackouts. In one example of the extreme heat, the state's Death Valley is seeing temperatures above 110 — at night. Las Vegashas also endured scorching temperatures of 110 degrees or higher for over a week.
In Arizona, the power grid is managing to meet demand, despite residents in the Phoenix area setting a new record for electricity consumption. The city is expected to break a heat record Tuesday — experiencing 19 consecutive days of temperatures at or above 110 degrees.
The Ukraine war has reshaped Asia's crude trade dynamics, resulting in Taiwan replacing India as one of the top three customers for North American light sweet crude.S&P Global Commodity Insights data reveal that the market share of US crude oil in Asia hit a record 7% in the second quarter, driven by double- and even triple-digit growth in imports from China, South Korea and Taiwan.
