Russia Claims OPEC+ Is Not Discussing Any Changes to Oil Its Production Plan
OPEC+ is not currently discussing any changes to its...
OPEC+ is not currently discussing any changes to its oil production plan, which includes adding supply to the market starting in December 2024. This plan was initially set to begin in October but was delayed due to a crash in oil prices in August and September. Russia's Deputy Prime Minister Alexander Novak stated that all OPEC+ members fully comply with their agreed output quotas.
Saudi Arabia is reportedly determined to increase production from December 1, aiming to regain market share lost during its recent large output cut. This marks a significant policy shift for the kingdom, which is now willing to accept short-term price and revenue declines to achieve this goal.
The Saudi strategy represents a departure from its unofficial $100 oil price target, prioritizing market share over price maintenance. This change in approach could have significant implications for global oil markets and prices in the coming months.
The United States is the world’s largest exporter of motor gasoline...
The United States is the world’s largest exporter of motor gasoline (finished gasoline plus gasoline blending components), supplying over 16% of total global exports. U.S. motor gasoline exports in 2023 averaged 900,000 barrels per day (b/d), equivalent to about 10% of domestic consumption and enough to fill up the tanks of over 1.5 million SUVs per day, assuming an average tank size of 24 gallons.
Israel is preparing for a ground war in Lebanon, the head of its military said, as its conflict with Hezbollah continues to escalate.
Eric Adams, the mayor of New York City, has been indicted following a federal corruption investigation. The charges in the sealed indictment were not immediately made public.
Congress passed a short-term funding bill, which will fund the government through Dec. 20, potentially setting up another funding battle in the aftermath of the election.
One passenger was killed when a person with a gun hijacked a Los Angeles city bus and led police on a chase. A suspect was arrested.
The FTC is suing five companies over allegedly deceptive uses of AI.
Southwest plans to cut one-third of its flights to Atlanta in a move to slash costs as it faces pressure to boost its stock price from an activist investor.
Dow snaps 4-day winning streak as stocks edge back from records
Stocks stalled in tepid trading today, with most S&P 500 sectors...
Stocks stalled in tepid trading today, with most S&P 500 sectors losing ground after two days of record closes to start the week. Focus lies ahead thanks to a packed menu of data and Fed speakers on the way tomorrow and Friday.
The S&P 500® index (SPX) fell 10.68 points (–0.19%) to 5,722.25; the Dow Jones Industrial Average® ($DJI) dropped 293.47 points (–0.70%) to 41,914.75; the Nasdaq Composite® ($COMP) added 7.68 points (0.04%) to 18,082.21.
The 10-year Treasury note yield (TNX) climbed five basis points to 3.78% and seems stuck in a range between 3.7% and 3.8%.
The Cboe Volatility Index® (VIX) rose slightly to 15.51, still near its September lows.
Oil prices end lower, even as Hurricane Helene disrupts Gulf output
Oil futures finished lower Wednesday after posting strong gains a day earlier, when China’s announcement...
Oil futures finished lower Wednesday after posting strong gains a day earlier, when China’s announcement of an aggressive monetary stimulus plan sparked a broad commodities rally.
API: US crude, product stockpiles retreated last week
The American Petroleum Institute recorded a 4.34-million-barrel drop...
The American Petroleum Institute recorded a 4.34-million-barrel drop in US crude oil stockpiles last week, far surpassing analysts' expectations of a 1.1-million-barrel decline. Gasoline and distillate inventories also decreased by 3.44 million barrels and 1.11 million barrels, respectively.