Crude oil inventories in the United States rose by 1.96 million...
Crude oil inventories in the United States rose by 1.96 million barrels for the week ending September 13, according to The American Petroleum Institute (API). Analysts had expected a 100,000-barrel drop.
The API reported a 2.79-million-barrel decrease in crude inventories for the week prior.
According to API data, crude oil inventories are 10.9 million barrels below their peak at the beginning of the year.
Cushing inventories saw yet another large draw, with a loss of 1.4 million barrels, according to API data, on top of the 2.6-million-barrel draw from the previous week.
Oil prices end higher after exploding-pagers attack on Hezbollah members in Lebanon
U.S. crude oil rose above $71 per barrel on Tuesday, as optimism grows that the Federal Reserve will...
U.S. crude oil rose above $71 per barrel on Tuesday, as optimism grows that the Federal Reserve will cut interest rates this week and production is still disrupted in the Gulf of Mexico.
“Supply disruptions are making their mark, including Hurricane Francine’s impact on US Gulf of Mexico infrastructure,” said Svetlana Tretyakova, senior analyst at Rystad Energy.
“Expectations of a US Federal Reserve rate cut are gaining momentum, which could be good news for demand,” Tretyakova said.
Here are Tuesday’s closing energy prices:
West Texas Intermediate October contract: $71.19 per barrel, up $1.10, or 1.57%. Year to date, U.S. crude oil is down 0.64%.
Brent November contract: $73.70 per barrel, up 95 cents, or about 1.31%. Year to date, the global benchmark has fallen more than 4%.
RBOB Gasoline October contract: $2.0019 per gallon, up 1.71%. Year to date, gasoline has declined nearly 5%.
Natural Gas October contract: $2.324 per thousand cubic feet, up 2.06%. Year to date, gas has pulled back more than 7%.
Blue chips lag as U.S. stocks edge upward ahead of Fed rate decision
U.S. stocks finished mostly higher on Tuesday as investors...
U.S. stocks finished mostly higher on Tuesday as investors prepared for the Federal Reserve’s first interest-rate cut since 2020.
The S&P 500 was up 1.49 points, ending flat at around 5,634.58. It briefly touched its previous all-time closing high of 5,667.20 in the morning session. The large-cap benchmark index has risen for seven straight days, scoring its largest seven-day point and percentage gain since August 21.
The Dow Jones Industrial Average lost 15.90 points, or less than 0.1%, to remain nearly flat at 41,606.18. This snapped the blue-chip index's four-day winning streak.
The Nasdaq Composite rose 35.93 points, or 0.2%, ending at 17,628.06.
The Federal Reserve is set lower interest rates on Wednesday at the conclusion of its two-day policy meeting. While a rate cut is widely expected, Wall Street is still split between predicting a 25-basis-point cut and one of 50-basis-point cuts.
Democrats demand stronger protections for the Arctic
A group of 55 Democratic lawmakers, led by Sen. Ed Markey of Massachusetts...
A group of 55 Democratic lawmakers, led by Sen. Ed Markey of Massachusetts and Rep. Jared Huffman of California, is pressing the Biden administration to bolster protections in the Arctic amid mounting climate threats. "This opportunity to take a renewed look at needed protections is especially timely, as the effects of climate change in the Arctic -- from declining sea ice, permafrost thaw, and record temperatures -- are felt more acutely than ever before and new extractive development encroaches more and more into important habitat and subsistence areas," they wrote in a letter to the Interior Department.
Court throws out price-fixing lawsuit against oil giants
The US Court of Appeals for the Ninth Circuit has dismissed a lawsuit...
The US Court of Appeals for the Ninth Circuit has dismissed a lawsuit accusing major oil companies and groups, including ExxonMobil, Chevron and the American Petroleum Institute, of conspiring with the Trump administration, Russia and Saudi Arabia to cut oil production and drive up prices. The court ruled that the case involved political matters beyond its jurisdiction and found no compelling evidence of price-fixing by the industry giants.
