Crude finishes with 1% gain on supply concerns and US crude draws
(Reuters) - Oil prices rose 1% on Thursday as U.S. crude...
(Reuters) - Oil prices rose 1% on Thursday as U.S. crude draws and expected cuts to Russian gasoline exports overwhelmed news that oil major Chevron (CVX.N) will gain U.S. approval to renew production in Venezuela.
Brent crude futures settled at $69.18 a barrel, up 67 cents or 0.98%. U.S. West Texas Intermediate crude futures finished at $66.03 a barrel, up 78 cents, or 1.20%.
Crude fell in early afternoon trade on news that U.S. President Donald Trump's administration was preparing to allow limited oil operations in sanctioned OPEC nation Venezuela.
Earlier in the session, WTI had been up more than a dollar and Brent crude came near that level.
"The news about Chevron being able to go back into Venezuela and get oil going again just took the knees out of the market," said John Kilduff, partner at Again Capital LLC.
Even so, Kilduff said the market did not expect the Trump administration would open up Venezuela to other U.S. oil companies.
White House AI plan pushes grid upgrades, permitting fixes
A newly released White House AI action plan recommends 90 policy actions...
A newly released White House AI action plan recommends 90 policy actions to accelerate data center buildout, streamline permitting and strengthen the US power grid to meet surging electricity demand from AI-driven operations. Federal agencies are directed to review and repeal regulations that may hinder AI progress, prioritize infrastructure siting on federal land and accelerate deployment of dispatchable power sources such as advanced geothermal, nuclear fission and fusion. "The United States must explore solutions like advanced grid management technologies and upgrades to power lines that can increase the amount of electricity transmitted along existing routes," the plan states.
Dow ends lower, S&P 500 and Nasdaq notch fresh records despite Tesla's slide
Another day, another record for the S&P 500 and Nasdaq...
Another day, another record for the S&P 500 and Nasdaq Composite.
The S&P 500 eked out a 0.1% gain, marking its fourth straight record finish, while the Nasdaq Composite gained 0.2% for a second straight all-time high close. The Dow Jones Industrial Average — which finished just 0.01% away from a record on Wednesday — retreated around 316 points, or 0.7%, weighed down in part by a drop of more than 7% by IBM Corp.
Favorable results from Google parent Alphabet Inc. alongside a boost to its capital-spending plans helped provide support, while a drop in first-time weekly jobless claims and a favorable reading on activity in the U.S. services sector were also cited as positive factors. But rate-sensitive sectors lagged behind, noted Jose Torres, senior economist at Interactive Brokers, as Treasury yields ticked up and a manufacturing-activity gauge disappointed.
Range Looks to Capture 5-Bcf/d Appalachia AI Power Market Growth
Range Resources seeks to expand its gas supply agreements with power...
Range Resources seeks to expand its gas supply agreements with power generation partners in Appalachia.
With a Marcellus and Utica inventory measured in decades, Range is poised to capture a share of the anticipated 4 Bcf/d to 5 Bcf/d of additional regional power demand expected by the end of the decade, CEO Dennis Degner said.
Appalachia power demand is growing from technology hyperscalers, data centers and other industrial users. Big Tech is securing power purchase agreements for renewable sources like nuclear and hydropower wherever possible, but natural gas is expected to supply much of the baseload power needed to keep AI data centers running reliably.
Fellow Appalachia producer EQT Corp. announced two deals to supply around 1.5 Bcf/d of its Marcellus gas to two data center projects in Pennsylvania. EQT produced about 6.34 Bcfe/d from Appalachia in the first quarter.
Trump unveils “massive” trade deal with Japan, including a 15% tariff
President Trump announced that an agreement had been reached Tuesday...
President Trump announced that an agreement had been reached Tuesday night that would impose “reciprocal” tariffs on Japanese goods entering the US at 15%. That’s lower than the 25% Trump previously threatened, but still high for a tariff on a major trading partner—and the lower figure includes tariffs on cars, which have been facing a 25% duty since April. The deal also calls for Japan to invest $550 billion in the US, with the US receiving “90% of the profits,” according to Trump. The news pushed Japanese markets to a one-year high yesterday, with automakers getting the biggest boost. US car companies, which have recently reported big losses due to tariffs, criticized the deal.
