Crude oil inventories in the United States fell again this week, this time by 3.9 million barrels...
Crude oil inventories in the United States fell again this week, this time by 3.9 million barrels for the week ending July 19, according to The American Petroleum Institute (API). The reality was far from analyst predictions that pegged the inventory move at a 700,000-barrel build for the week.
This week marks the fourth week in a row of API-estimated crude oil inventory draws, with a total loss of 19.4 million barrels.
On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of July 19. Inventories are now at 374.4 million barrels—the highest level since December 2022, but still well below the 656 million barrels in inventory in June 2020.
Cushing inventories rounded out this week’s losses, losing 1.6 million barrels, according to API data, on to pof the 746,000 barrel drop in the previous week.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery fell $2.82to $76.96 per barrel Tuesday. Brent crude for September delivery fell $1.39 to $81.01 per barrel.
Wholesale gasoline for August delivery fell 6 cents to $2.41 a gallon. August heating oil fell 2 cents to $2.41 a gallon. August natural gas fell 6 cents to $2.19 per 1,000 cubic feet.
U.S. stocks finish lower as investors await Tesla, Alphabet earnings
U.S. stocks finished lower on Tuesday as investors awaited earnings reports...
U.S. stocks finished lower on Tuesday as investors awaited earnings reports from Google parent Alphabet Inc. and electric-car maker Tesla Inc. after the closing bell.
According to FactSet data, the Dow Jones Industrial Average finished 57.35 points lower, or 0.1%, at 40,358.09.
The S&P 500 ended down 8.67 points, or 0.2%, to finish at 5,555.74.
The Nasdaq Composite shed 10.22, or 0.1%, ending at 17,997.35.
Small-cap stocks gained on Tuesday as a rotation out of megacap technology companies gathered more steam.
The Russell 2000 finished 1% higher on Tuesday to score its ninth move of 1% or move in the last 10 trading days. The last time the small-cap index moved 1% or more in at least nine of 10 trading days was March 23, 2023, according to Dow Jones Market Data.
After the closing bell, alphabet and Tesla were scheduled to report their quarterly results.
Bechtel Energy to build 2nd phase of Texas LNG terminal
Bechtel Energy has been signed to build the second phase of Sempra Infrastructure's...
Bechtel Energy has been signed to build the second phase of Sempra Infrastructure's Port Arthur, Texas, LNG export terminal, according to Sempra. Under the fixed-price agreement, Bechtel will be responsible for detailed engineering, procurement, construction, commissioning, startup, performance testing and operator training for the project, which is expected to produce 13 million metric tons of LNG annually.
Biden's pause not taking the wind out of US LNG's sails
US liquefied natural gas contracting remained robust in the first half...
US liquefied natural gas contracting remained robust in the first half of 2024, nearly equaling the previous year's level of activity despite the Biden administration's halt on new export approvals. US LNG exports also continued to expand, from 41.3 million tons in early 2023 to 42.7 million tons in the first six months of this year, Kpler data show.
