According to the American Petroleum Institute (API), crude oil inventories...
According to the American Petroleum Institute (API), crude oil inventories in the United States fell sharply this week by 4.44 million barrels for the week ending July 12.For the week prior, the API reported a 1.9 million barrel draw in crude inventories.
This week marks the third week in a row of API-estimated crude oil inventory draws, with a total loss of 15.5 million barrels.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of July 12. Inventories are now at 373.7 million barrels—the highest level since December 2022, but still well below the 656 million barrels in inventory in June 2020.
Cushing inventories fell this week by 746,000 barrels, according to API data, after falling by 1.2 million barrels in the previous week.
Former President Donald Trump is leaning into crypto, and Silicon Valley...
Former President Donald Trump is leaning into crypto, and Silicon Valley donors are lining up to give him money. Marc Andreessen and Ben Horowitz, big-name VCs who invest in startups like Open AI and SpaceX, told employees of their firm that they will be making large donations to Trump’s presidential campaign, The Information reports.
Andreessen and Horowitz, who have donated $30+ million to pro-crypto super PACs in the past year, have said they are “non-partisan, one issue voters”—and that issue is crypto.
Zyn is opening a new $600 million manufacturing plant in Colorado to boost the dwindling supply of the popular nicotine pouches.
Skechers is suing LL Bean for allegedly stealing two of its design patents.
Elon Musk claimed in a post on X that the headquarters for SpaceX and X will be moving from California to Texas in response to a CA law barring school districts from requiring that parents be notified of a student’s gender identification.
Kaspersky, the Russian cybersecurity giant, said it will shut down operations in the US after the Commerce Department banned the sale of its antivirus software in the country.
Retail sales, excluding autos, rose in June by the most in three months, showing consumers continued to spend despite inflation.
Ingrid Andress, the country singer who went viral for her historically bad rendition of the national anthem at the Home Run Derby, said she was drunk during the performance and is now checking into rehab.
Benchmark U.S. crude oil for August delivery fell $1.15 to $80.76 per barrel Tuesday. Brent crude for September delivery fell $1.12to $83.73 per barrel.
Wholesale gasoline for August delivery fell 1 cent to $2.48 a gallon. August heating oilfell 4 cents to $2.47 a gallon. August natural gasrose 3 cents to $2.19 per 1,000 cubic feet.
Dow logs its best day since June 2023, as small-caps surge
U.S. stocks finished higher on Tuesday with the Dow Jones Industrial Average notching...
U.S. stocks finished higher on Tuesday with the Dow Jones Industrial Average notching its best day in over a year.
The rally beyond mega-cap technology stocks gained more steam after stronger-than-expected retail sales data added to evidence that the U.S. economy is still holding up.
The Dowwas up 742 points, or 1.9%, to end near 40,954. The blue-chip index booked its largest one-day percentage gain since June 2023, while scoring its largest daily point gain since November 2022, according to preliminary data from FactSet.
The S&P 500 advanced 0.6%, to finish around 5,667, a new record close.
The Nasdaq Compositeeked out a modest gain of 0.2%, ending near 18,509.
Energy Transfer, Sunoco Team Up in Permian Basin JV
Energy Transfer and Sunoco LP announced a joint venture agreement on...
Energy Transfer and Sunoco LP announced a joint venture agreement on July 16 that combines some of their crude oil and produced water-gathering assets in the Permian Basin.
The JV will operate more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity over 11 MMbbl. The JV’s reach will extend from Colorado City, Texas, in Mitchell County, through the Midland Basin, and into the heart of the Delaware Basin, Lea County, New Mexico.
Energy Transfer will operate and hold a 67.5% interest in the joint venture and Sunoco a 32.5% interest. (Source: Businesswire).
