Growth in US fuel supplies sent crude oil prices down
A stronger dollar combined with large increases in U.S. fuel inventories...
A stronger dollar combined with large increases in U.S. fuel inventories led to a more than 1% drop in crude oil prices on Wednesday. The fall came after prices rose more than 1% earlier in the trading session.
While crude oil stocks fell again across the U.S., gasoline stocks increased by 6.3 million barrels in the past week to 237.7 million barrels, reported the U.S. Energy Information Administration. The latest fuel report reversed gains prompted by tightening supplies from Russia and other OPEC members, according to Reuters.
West Texas Intermediate crude dropped 93 cents or 1.25% to $73.32 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global benchmark followed by industry, finished down 89 cents or 1.16% to $76.23 a barrel.
Crude oil stocks took another fall over the past week, both across the...
Crude oil stocks took another fall over the past week, both across the U.S. and at Oklahoma’s Cushing Hub.
The Cushing Hub, according to the U.S. Energy Information Administration, as of the week of Jan. 3, 2025 held 20 million barrels of crude oil, a drop of 2.5 million from the week of Dec. 27, 2024. Cushing’s total crude oil storage was also down 2.9 million compared to Jan. 5, 2024.
The nationwide crude stocks totaled 414.6 million during the week of Jan. 3, 2025, down one million barrels from the 415.6 million barrels during the week of Dec. 27, 2024. A year earlier, the U.S. crude oil supply totaled 432.4 million.
Dow snaps skid despite continued rise in 10-, 30-year Treasury yields
U.S. stocks closed mostly higher in choppy trading on...
U.S. stocks closed mostly higher in choppy trading on Wednesday, despite a continued climb in long-dated Treasury yields amid ongoing anxiety over inflation.
Minutes of the Federal Reserve's December meeting, released on Wednesday, showed that almost all officials saw increased upside risks to the inflation outlook as of last month, and were considering the likely impacts of potential changes in trade and immigration policy under a second Trump administration.
The Dow Jones finished up by 106.84 points, or 0.3%, at 42,635.20, based on preliminary data. It was the Dow's first gain in the past three sessions.
The S&P 500 closed up by 9.2 points, or almost 0.2%, at 5,918.25. It finished higher for the third time in the past four sessions.
The Nasdaq Composite booked a back-to-back loss and fell 10.8 points, or less than 0.1%, to 19,478.88. It closed lower for the seventh time in the past nine sessions.
Investors continued to sell off the 30-year Treasury bond for a sixth straight day, pushing its yield up to 4.931%, its highest closing level since Nov. 1. The 20-year yield briefly broke above 5% on Wednesday, and the 10-year rate rose for a fourth straight day to 4.691%, its highest closing level since April 25 of last year.
U.S. first-time unemployment claims fall to lowest level in nearly a year
The number of people who applied for unemployment benefits...
The number of people who applied for unemployment benefits in the first week of the new year fell to an 11-month low, the latest sign layoffs remain extremely low even as businesses cut back on hiring.
New jobless claims, a proxy for layoffs, fell by 10,000 to 201,000 in seven days ended Jan. 4, the government said. The report was moved up a day because of former President Jimmy Carter’s funeral on Thursday.
The labor market is in an odd state — most companies are hesitant to hire but very few are laying off workers. It’s what one economist calls the “no hire/no fire” economy.
Right now businesses are waiting to see how President-Elect Donald Trump’s economic policies pan out before they decide their next step.
Snowy weather is headed to West Texas, but how much and when are proving...
Snowy weather is headed to West Texas, but how much and when are proving hard to predict.
“There’s a system coming out of Mexico; however, unfortunately, we don’t have good observations in Mexico, so there’s still uncertainty about what precipitation will look like this week,” said Brian Curan, meteorologist at the National Weather Service [NWS] office in Midland.
Curan said he expects about 1 inch of precipitation to fall between Wednesday and Friday, and some of that could be a wintry mix of snow and sleet. There’s a 10% chance of snow showers Wednesday afternoon and a 20% chance in the evening. Snow chances rise to 40% Thursday during the day. At night, a mix of rain and snow could fall before midnight.
NWS has placed the Permian Basin under a cold weather advisory, which will expire at 6 a.m. Friday.
