EIA: US gas exports held largely steady in H1 2024
The US exported an average of 12.6 Bcf/d of natural gas in the first half of 2024, a 1% increase over...
The US exported an average of 12.6 Bcf/d of natural gas in the first half of 2024, a 1% increase over the same period last year, according to the Energy Information Administration. Pipeline exports to Mexico grew by 7%, while imports from Canada rose 11%.
US troops deployed to Cyprus amid fears of a wider Middle East...
US troops deployed to Cyprus amid fears of a wider Middle East war. Dozens of American soldiers were sent to the Mediterranean island country this week “out of an abundance of caution,” CNN reported, as tensions rise between Israel and Hezbollah in Lebanon. The US troops are reportedly preparing for a potential evacuation operation of US citizens from Lebanon. The State Department has urged citizens to leave the country while commercial travel options are still available. On Wednesday, Israel’s army chief said it’s preparing for a possible ground war in Lebanon, as the US and other allies called for a 21-day cease-fire.
Disney+ rolled out a program aimed at cracking down on password sharing, following Netflix’s move to get moochers to pay up.
Wendy’s is selling $1 Frosty desserts until Sept. 30 to capitalize on growing furor over broken McDonald’s McFlurry machines.
California passed a law requiring subscription services to offer users a simple, one-click option to unsubscribe.
Newsmax, the right-wing cable news channel, settled its 2020 election defamation lawsuit with Smartmatic for an undisclosed amount just a day before the trial was set to begin.
Trump Media shareholder United Atlantic Ventures dumped more than 7.5 million shares, according to a regulatory filing.
U.S. crude oil falls nearly 3%, closes below $68 on report Saudi committed to production increase
U.S. crude oil prices dropped nearly 3% on Thursday following reports that Saudi Arabia intends to proceed...
U.S. crude oil prices dropped nearly 3% on Thursday following reports that Saudi Arabia intends to proceed with oil production increases later this year. Sources familiar with the kingdom's plans indicated that Saudi Arabia is prepared to move away from its unofficial price target of $100 per barrel, even if this decision leads to a prolonged period of lower oil prices. This move signals a potential shift in Saudi oil strategy, aiming to ramp up output in December regardless of the impact on global markets.
On Thursday, West Texas Intermediate (WTI) closed at $67.67 per barrel, down 2.9%, while Brent crude fell to $71.60 per barrel, down 2.53%. Year-to-date, U.S. crude oil has declined over 5%, and Brent has dropped about 7%. Other energy prices also saw declines, with RBOB gasoline down nearly 2% and natural gas falling 1.4% [October contract: $2.60 per thousand cubic feet], though natural gas remains up over 3% for the year. The market remains cautious amid growing expectations of rising oil production in Libya following the resolution of a political dispute that had previously disrupted output.
In addition to the anticipated production increases from Saudi Arabia and Libya, the oil market faces pressure from weaker demand in China, the world's largest crude importer. While Chinese oil demand has softened, prices briefly rallied earlier in the week after China announced a new economic stimulus package, offering some support to the market. However, the combination of increased global production and sluggish demand has kept oil prices under downward pressure.
Dow ends 260 points higher, S&P 500 logs 42nd record close of 2024
U.S. stocks closed higher, with the S&P 500 scoring...
U.S. stocks closed higher, with the S&P 500 scoring another record close as investors await an inflation update on Friday.
The Dow Jones Industrial Average added 260.36 points, or 0.6%, ending at 42,175.11, its second-highest close ever.
The S&P 500 rose 23.11 points, or 0.4%, ending at 5,745.37, scoring its 42nd all-time closing high this year.
The Nasdaq Composite added 108.09 points, or 0.6%, ending at 18,190.29.
Traders were dialing back expectations for how big an interest-rate cut could be on the docket at the Federal Reserve's November meeting. The odds were shifting in favor of a cut of 25 basis points on Thursday after a string of economic data pointed to resilience in the U.S. economy.
While the labor market remains the biggest focus, investors will be monitoring Friday's inflation data via the Fed's preferred PCE index. The data is likely to show inflation cooling further, backing additional rate cuts.
Hurricane Helene is now projected to intensify into a Category 4 hurricane by the time it makes landfall on Florida’s coast later today — with additional strengthening possible in the hours before.
What to know: The National Hurricane Center warned of at least 130 mph winds and a life-threatening storm surge of up to 20 feet in coastal areas. Thousands of Floridians have been forced to evacuate amid threats of flooding and power outages.
