Benchmark U.S. crude oil for August delivery rose 69 cents to $82.10 per barrel Wednesday. Brent crude for September delivery rose 42 cents to $85.08 per barrel.
Wholesale gasoline for August delivery fell 3 cents to $2.50 a gallon. August heating oil was unchanged at $2.52 a gallon. August natural gas fell 1 cent to $2.33 per 1,000 cubic feet.
S&P 500 closes above 5,600 for first time while Dow logs best day since May
U.S. stocks soared to new milestones on Wednesday, with the S&P 500...
U.S. stocks soared to new milestones on Wednesday, with the S&P 500 finishing above 5,600 for the first time and the Nasdaq Composite securing its 27th record close of 2024.
Based on preliminary data, the Dow Jones Industrial Average finished higher by 429.39 points, or 1.1%, at 39,721.36. This was the best day for the Dow Jones since May 31.
The S&P 500 closed up by 56.93 points, or 1%, at 5,633.91 for its 37th record close of 2024. It has closed with six consecutive records in as many sessions, the longest such streak since November 2021.
The Nasdaq Composite ended up by 218.16 points, or 1.2%, at 18,647.45.
The S&P 500 and Nasdaq have each closed higher for seven straight sessions. That's the longest stretch for the S&P 500 since November 8 of last year and matches the longest stretch for the Nasdaq since June 18.
Microsoft to buy 500K DAC carbon credits from Occidental
Microsoft has agreed to acquire 500,000 carbon credits from Occidental...
Microsoft has agreed to acquire 500,000 carbon credits from Occidental Petroleum over six years in an undisclosed deal. The credits will come from Occidental's Stratos direct air capture project in Texas and help Microsoft curb its emissions amid surging demand for AI and data centers. The tech giant has set a goal to become carbon-negative by 2030.
On Tuesday, the Department of Energy (DoE) reported that crude...
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 500,000 barrels as of July 5. Inventories are now at 373.1 million, up from 372.6 million barrels the previous week. That is the highest level since December 2022, but still short of the 656 million barrels in inventory in June 2020.
Crude oil inventories in the United States fell...
Crude oil inventories in the United States fell this week by 1.9 million barrels for the week ending July 5, according to The American Petroleum Institute (API), after analysts had expected a 250,000-barrel draw.
The API reported a surprise 9.163-million-barrel draw in crude inventories for the week prior.
Gasoline inventories fell by 3 million barrels this week, after last week’s 2.468-million-barrel increase.
The inventory outlier was distillates, which saw a 2.3-million-barrel increase in stockpiles, compared to last week’s 740,009-barrel draw.
Cushing inventories were down 1.2 million barrels this week, according to API data, after rising by 404,000 barrels in the previous week.
