Marathon weighs strategy to shield against tariffs
Marathon Petroleum is prepared...
Marathon Petroleum is prepared to adjust crude slates at its Midwest refineries to process lighter domestic crude grades if tariffs restrict access to Canadian oil. As the company evaluates how tariffs might impact it, CEO Maryann Mannen warned that producers and, to a lesser extent, consumers will shoulder most of the financial burden of trade disruptions.
API: US oil, gasoline inventories expanded last week
US crude oil inventories...
US crude oil inventories surged by 5.03 million barrels last week, exceeding analyst expectations, while gasoline stocks also climbed by 5.43 million barrels, according to the American Petroleum Institute. In contrast, distillate inventories dropped sharply for a second consecutive week, falling by 6.98 million barrels.
ONEOK and Marathon Petroleum's MPLX are joining forces to develop a...
ONEOK and Marathon Petroleum's MPLX are joining forces to develop a $1.4 billion, 400-barrel-per-day liquefied petroleum gas export terminal in Texas City, Texas, along with a $350 million pipeline linking the terminal to ONEOK's Mont Belvieu storage facility. The projects are expected to become operational by 2028.
The high-stakes game of tariff chicken may have temporarily worked Monday...
The high-stakes game of tariff chicken may have temporarily worked Monday with Mexico and Canada, but China and the US just barreled right on through. In response to President Trump imposing a sweeping 10% duty on all Chinese imports, China announced its own import tax on US goods that is set to go into effect on February 10.
The details: China is preparing to impose a 15% tariff on coal and liquefied natural gas and a 10% tariff on about 80 products—including crude oil, ag machinery, and some large vehicles. Some other changes:
China will tighten export controls on minerals critical to US defense or tech supply chains like tungsten, tellurium, and bismuth.
Minutes after the tariff announcement, a Chinese government agency said it would investigate Google on anti-monopoly grounds.
The Chinese Commerce Ministry added two American companies to its “unreliable entities” list: PVH Group, the parent company of Calvin Klein and Tommy Hilfiger, and the biotech company Illumina.
Trump says US should “own” Gaza. In a joint press...
Trump says US should “own” Gaza. In a joint press conference with Israel’s Benjamin Netanyahu, President Donald Trump said he sees “a long-term ownership position” for the US in Gaza, an area devastated by the 15-month war between Israel and Hamas. Trump said the 2 million Palestinians who live there should go to other countries while the area is redeveloped and eventually turned into “the Riviera of the Middle East,” where “the world’s people,” Palestinians included, could live.
At least 10 people, including the shooter, were killed in an attack on an adult education center in what Sweden’s prime minister called the nation’s worst mass shooting.
RFK Jr. and Tulsi Gabbard cleared key hurdles to becoming health secretary and director of national intelligence, respectively, as their nominations were approved by committees and sent to the full Senate, likely clearing the way for confirmation.
The Trump administration said it had sent its first flight deporting migrants to Guantánamo Bay. Meanwhile, Trump and the president of El Salvador said they’d made a deal to send both deported migrants and US citizens convicted of crimes to the Central American nation’s mega-prison.
State Farm, California’s largest home insurer, has sought permission from the state to raise rates by an average of 22% in the wake of the LA wildfires.
McDonald’s is bringing back the Shamrock Shake and, in a play for recreating its recent viral magic, is bringing back Grimace’s uncle to promote it.
