Donald Trump has been elected as the next president of the US and updating...
Donald Trump has been elected as the next president of the US and updating tax, trade and energy policy will likely be priorities for the incoming administration, which will have a Republican majority in the Senate. Although the president-elect's immediate agenda is still taking shape, he has pledged to "terminate" Environmental Protection Agency rules targeting power plant pollution, end certain rules encouraging electric vehicle sales, ease LNG export permitting and take other steps to "unleash American energy" and address trade concerns.
The U.S. Energy Information Administration reported an...
The U.S. Energy Information Administration reported an inventory build of 2.1 million barrels for the week to November 1. EIA HERE
This compared with a modest inventory draw of half a million barrels for the previous week and a crude oil inventory build for the week to November 1 as estimated by the American Petroleum Institute on Tuesday.
The API also reported estimated fuel inventory draws for the week to November 1, and the EIA reported builds in gasoline and middle distillates.
In gasoline, the authority estimated an inventory increase of 400,000 barrels for last week, with production averaging 9.7 million barrels daily. This compared with an inventory draw of 2.7 million barrels for the previous week, when production averaged 9.7 million barrels daily as welly.
In middle distillates, the EIA reported an inventory build of 2.9 million barrels for the week to November 1, with production at 5.1 million barrels daily. These figures compared with an inventory drop of 1 million barrels for the previous week, when production averaged 4.9 million barrels daily.
The EIA also said imports last week stood at 6.2 million barrels daily, while refinery run rates averaged 16.3 million barrels daily. The numbers compared with an import rate of 6 million barrels daily for the previous week and a refinery run rate of an average 16.1 million barrels daily.
Asian demand for US crude is unlikely to waver regardless of the US election...
Asian demand for US crude is unlikely to waver regardless of the US election outcome, although potential policy shifts on Iran, Russia and Venezuela could shake up trade dynamics. A second Donald Trump term might pressure China to diversify its oil sources, increasing other Asian buyers' access to US crude.
World leaders reacted to the election. Messages of...
World leaders reacted to the election. Messages of support for President-elect Donald Trump streamed in from around the globe on Wednesday. Israeli Prime Minister Benjamin Netanyahu and UK Prime Minister Keir Starmer were among the first to congratulate Trump on winning a second term in the White House, with the former saying the victory was “history’s greatest comeback.” Kremlin spokesperson Dmitry Peskov said that President Vladimir Putin was not planning to call Trump and congratulate him, saying, “We are talking about an unfriendly country that is both directly and indirectly involved in the war against our state.” However, the Russian news outlet Verstka said that Putin congratulated the president-elect through “mutual friends.” President Biden also congratulated Trump and invited him to a meeting at the White House.
Super Micro said that an independent investigation found no evidence of fraud or misconduct after Ernst & Young resigned as its auditor late last month.
Hurricane Rafael made landfall on Cuba as a Category 3 storm and knocked out the power grid again.
Spirit AeroSystems, a major Boeing supplier, said it might not be able to survive the financial damage sustained by the machinists strike.
Henry Kissinger requested a monument of himself in Arlington National Cemetery (but he’s not getting one).
Google accidentally leaked—then removed—its rumored AI web-browsing agent, Jarvis.
Oil settles lower as US dollar surges, investors take stock of Trump victory
Oil prices settled lower on Wednesday as investors weighed a strong U.S....
Oil prices settled lower on Wednesday as investors weighed a strong U.S. dollar against the potential that U.S. President-elect Donald Trump's foreign-policy plans could squeeze global oil supply.
Brent crude oil futures settled down 61 cents, or 0.81%, at $74.92 per barrel. U.S. West Texas Intermediate (WTI) crude settled down 30 cents or 0.42%, to $71.69.
Trump's election triggered a large sell-off, pushing oil prices down by more than $2 per barrel during early trade as the U.S. dollar rallied. The dollar is currently at its highest level since September 2022.
A stronger dollar makes greenback-denominated commodities such as oil more expensive for holders of other currencies and tends to weigh on prices.
