US Energy Secretary Chris Wright expects average energy prices to be lower during President Donald Trump's second term than during the previous administration, but expressed confidence that the US shale industry "is going to survive and thrive." With crude falling under $65 per barrel, below breakeven for many shale producers, Wright emphasized the industry's track record of weathering downturns through cost-cutting, efficiency improvements and innovation.
China pullback frees up WTI barrels for other Asian buyers
As China retreats from US crude purchases amid steep new tariffs, North...
As China retreats from US crude purchases amid steep new tariffs, North and Southeast Asian refiners may seize the opportunity to snap up discounted WTI Midland barrels loaded onto re-routed VLCCs. However, traders and feedstock managers say actual uptake will depend on refining margins, regional demand and price spreads with Persian Gulf grades.
Thanks to market volatility, Goldman Sachs took in its highest stock...
Thanks to market volatility, Goldman Sachs took in its highest stock trading revenue ever over the first three months of the year, raking in $4.19 billion—a 27% jump from the same period a year before. It’s not the only big bank making bank off the market chaos: JPMorgan and Morgan Stanley also recently announced record equities trading revenue for the quarter. Even though the volatility has been a boon, Goldman CEO David Solomon noted that the uncertainty caused by the trade war is a threat to the economy, saying, “We are hopeful that feedback from companies, large and small, institutional investors and, ultimately, consumers will support an approach that will lead to greater economic certainty and long-term growth.”
Trump admin freezes $2.2b in funding after Harvard rejects...
Trump admin freezes $2.2b in funding after Harvard rejects demands. The oldest and richest university in the US refused to accept policy changes proposed by the Trump administration, which threatened to withhold $9 billion in federal funding over what it considers the school’s insufficient response to antisemitism. In a letter to the Harvard community, the university’s president said it “will not surrender its independence or relinquish its constitutional rights,” saying the government was unlawfully trying to dictate teaching and operations at Harvard. Hours later, the administration said it was freezing $2.26 billion in grants and contracts for Harvard. The response stands in contrast to fellow Ivy League university Columbia, which has agreed to several demands in hopes of getting federal funding restored.
Authorities say the man charged with starting a dangerous fire at the Pennsylvania governor’s mansion planned to attack Gov. Josh Shapiro with a hammer if he found him there.
Mark Zuckerberg testified as the trial for the FTC’s antitrust case against Meta over its purchases of Instagram and WhatsApp began yesterday.
Pfizer said it would end development of its daily weight loss pill after a patient reported liver damage.
A graduate student with a green card who organized pro-Palestinian protests at Columbia University was arrested by immigration officials while attending a US citizenship interview. His lawyer said he was detained “in direct retaliation” for his activism.
Southern California was shaken by a 5.2-magnitude earthquake near San Diego yesterday.
Vice President JD Vance nearly dropped Ohio State’s national championship football trophy during a White House celebration of the Buckeyes’ win but recovered from the fumble of his home state’s hard-won hardware.
Crude futures eke out modest gains in an up-and-down session, with U.S....
Crude futures eke out modest gains in an up-and-down session, with U.S. tariff relief on electronic goods helping and a 150,000 barrels-a-day cut in OPEC’s demand growth outlook weighing on prices. “The diverging picture between inventories and global demand may drive volatility in crude oil markets for some time,” Kenny Zhu of Global X says in a note. “This is keenly exhibited by the disconnect between near-term supply/demand dynamics and expected demand.” WTI settled up 3 cents at $61.53 a barrel, and Brent rises 0.2% to $64.88 a barrel.
