Fierce Winds Whip Up Devastating Wildfires in Southern California
Terrifying scenes...
Terrifying scenes played out across Southern California early Wednesday as fierce winds of nearly 100 miles per hour propelled multiple wildfires that laid waste to homes and businesses, covered cities and highways in smoke, whipped up storms of embers and turned the skies red.
Officials have tallied devastating losses but warned that the worst was still to come, with wild winds expected to fuel the out-of-control blazes and hinder firefighting efforts well into Wednesday.
A devastating earthquake killed at least 126 in Tibet. A...
A devastating earthquake killed at least 126 in Tibet. A 7.1-magnitude quake struck the Tibet region in western China near the border of Nepal, rocking the holy city of Shigatse and destroying villages in the remote area. According to Chinese state media, 188 others were injured in addition to those killed, and 3,600 houses were damaged. The quake could be felt as far as Mount Everest base camp and Kathmandu, Nepal’s capital. The Dalai Lama, who lives in exile in India, said he was “deeply saddened” by the tragedy.
Anthropic is in talks to raise $2 billion in a funding round that would value the AI startup at $60 billion, the Wall Street Journal reported.
Jean-Marie Le Pen, the ultra-nationalist co-founder of France’s far-right National Front party, died at 96.
Nvidia pitched an expansion into robotics at CES in Las Vegas this week.
The Washington Post laid off 4% of staff as it deals with high-profile newsroom defections and internal criticism over leadership decisions.
JPMorgan is planning to order all employees to return to the office five days a week, per Bloomberg.
Oil prices settle up on possible supply disruption, hopes for China demand
(Reuters) - Oil prices settled higher on Tuesday, driven by concerns over limited supply...
(Reuters) - Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand.
Brent crude futures settled at $77.05 a barrel, up 75 cents, or 0.98%. U.S. West Texas Intermediate (WTI) crude finished at $74.25 a barrel, up 69 cents, 0.94%.
API Reports Large Crude Draw, Major Jump in Fuel Inventories
The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.022 million barrels for the week ending January 3. Analysts had expected a 250,000 barrel draw. For the week prior, the API reported a draw of 1.442-million-barrel in U.S. crude oil inventories in the midst of build season.
In 2024, crude oil inventories dropped by more than 12 million barrels, according to the API’s inventory data.
On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.2 million barrels as of January 3. SPR inventories are now at 393.8 million barrels, a figure that is still more than 240 million less than the inventory when President Biden took office.
Gasoline inventories rose this week by 7.331 million barrels after last week’s 2.163-million-barrel increase. As of last week, gasoline inventories are slightly above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose by 3.201 million barrels, after last week’s large 5.719-million-barrel increase. Distillate inventories were about 6% below the five-year average as of the week ending December 27, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 3.115 million barrels, according to API data, after increasing by 305,000 barrels in the previous week.
Oil CEO John Hess: Oil Markets Close To Being Balanced
At the Goldman Sachs Energy, CleanTech, and Utilities Conference in Miami,...
At the Goldman Sachs Energy, CleanTech, and Utilities Conference in Miami, Hess CEO John Hess shared a positive outlook on the oil market for 2025, describing it as more balanced than oversupplied despite potential challenges from Chinese demand and increased production by U.S. and non-OPEC countries. He was particularly optimistic about the shale oil sector and Hess Corporation's expansion in Guyana, where they plan to enhance their operations with ExxonMobil and CNOOC. The venture expects to increase its vessel deployment, significantly tapping into the discovered reserves, with plenty of potential remaining.
Hess also noted substantial gains in shale oil drilling efficiency and production sustainability, particularly in the North Dakota Bakken Basin. Despite the maturing of shale sectors outside the Permian Basin, these advancements are poised to support ongoing production levels.
Furthermore, Hess highlighted the strategic need for the U.S. to replenish its Strategic Petroleum Reserve to bolster the domestic oil industry, a move he suggested should be a priority for the incoming U.S. administration. This commentary underscores the complexities of political risks, including those stemming from Iran and Venezuela, which may influence market volatility in the near term.
