U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand for gasoline and global disruptions in fuel markets sent prices higher. Traders are increasingly sending unfinished gasoline components from the Gulf Coast to Buckeye Partners…
China’s Electricity Crisis Worsens as More Factories Suspend Operations During a Lingering Heatwave
China’s power crisis has worsened as more factories shutter while an extreme heatwave spreads across southwestern China, according to a report from Nikkei Asia on Aug. 17. The municipal authorities in Chongqing ordered all factories, including foreign-owned factories, to suspend operations through Aug. 24, in order to conserve power as the heatwave causes a surge…
Closing Prices for Crude Oil, Gold and Other Commodities (Aug. 18)
Benchmark U.S. crude oil for September delivery rose $2.39 to $90.50 a barrel Thursday. Brent crude for October delivery rose $2.94 to $96.59 a barrel. Wholesale gasoline for September delivery rose 10 cents to $3.03 a gallon. September heating oil rose 3 cents to $3.65 a gallon. September natural gas fell 5 cents to $9.19…
How Major US Stock Indexes Fared Thursday Aug. 18, 2022
Stocks ended modestly higher on Wall Street after another day of choppy trading. The S&P 500 rose 0.2 percent Thursday, putting it just barely back into the green for the week. The Dow Jones Industrial Average ended a touch higher. The Nasdaq also rose as technology companies gained ground. Cisco Systems rose after turning in…
Home Sales Drop 6 Percent in July as ‘Housing Recession’ Hits, Says NAR
Existing U.S. home sales have dropped 5.9 percent in July, the sixth consecutive month of decline, according to the National Association of Realtors (NAR), which admitted a “housing recession.” At a seasonally adjusted annual rate of 4.81 million, home sales are down 25.9 percent since January and 20.2 percent from a year ago. “The ongoing…
US Circuit Court Ruling Clears Biden Administration’s Executive Order Pausing New Oil and Gas Leases
The 5th Circuit Court of Appeals in New Orleans, on Aug. 17, cleared the way for the Biden administration’s pause on new oil, gas leasing on federal lands and waters, issued in 2021. A lower U.S. district court in Louisiana previously ordered that the administration to cease its moratorium on new oil and gas leasing on…
Wall Street Steady at Open as Investors Assess Fed Minutes
Wall Street’s main indexes were subdued at the open on Thursday, with investors seeking fresh signals for future rate hikes after minutes from the Federal Reserve’s July meeting suggested a less aggressive monetary policy tightening path. The Dow Jones Industrial Average rose 1.54 points at the open to 33,981.86. The S&P 500 opened lower by…
Eurozone July Inflation Confirmed at 8.9 Percent Year-on-Year, Core Measure Sharply Up
BRUSSELS—Eurozone inflation reached a new record high of 8.9 percent year-on-year in July, the EU’s statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1…
Dollar Holds Its Gains as Fed Set for Lengthy Inflation Fight
HONG KONG—The dollar touched a three-week high on Thursday after minutes from the Federal Reserve’s July meeting pointed to U.S. interest rates staying higher for longer to bring down inflation. The stronger greenback caused the pound briefly to dip below $1.2 in early European trading, its lowest in three weeks, the euro to drop to…
Oil Rises on US Crude Stocks Data, Tight Supply Outlook
Oil prices rose on Thursday as robust U.S. fuel consumption data and expected falls in Russian supply later in the year offset concerns that a possible recession in developed economies could undercut demand. Brent crude futures climbed $1.27, or 1.4 percent, to $94.92 a barrel by 1117 GMT. U.S. crude futures gained 93 cents, or…
US News
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- Mimi Nguyen LyA federal judge on Aug. 18 has temporarily blocked part of Florida’s “Stop WOKE Act,” also known as the state’s Individual Freedom Act. Florida Gov. Ron DeSantis in April signed the measure,… [...]
- The Associated PressCHICAGO—R. Kelly’s legal team will get its chance to question the government’s star witness on Friday after she gave what jurors could see as damning testimony against Kelly at his… [...]
- BenzingaA 55-year-old former neonatologist from Spokane, Washington, has confessed to paying $60,000 worth of Bitcoin to kidnap his estranged wife. According to federal prosecutors, Ronald Ilg intended to kidnap and inject his… [...]
- Jackson ElliottWEST PALM BEACH, Fla.—George said he thinks former president Donald Trump got what he deserved with the Mar-a-Lago raid. But he also said the raid was politically motivated and that… [...]
- Eva FuFormer Overstock CEO Patrick Byrne, a key figure in a December 2020 White House meeting seeking to encourage then President Donald Trump to investigate allegations of election fraud, has filed… [...]
- ReutersU.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand… [...]
- The Associated PressKohl’s slashed its expectations for the year after sales slumped in the second quarter, sending shares down 9 percent at the opening bell Thursday and closing out a mixed week… [...]
- Janice HisleA battle over the cellphone data of “Juror X,” who repeatedly posted on Facebook about her involvement in a high-profile Ohio case, has intensified. In a recently released order, Judge… [...]
- Steven KovacAfter hearing from more than a dozen witnesses over seven days of testimony, federal prosecutors rested their case on Thursday against two men charged with conspiracy to kidnap Michigan Governor… [...]
- Jill McLaughlinTruckers at the Port of Los Angeles are facing some uncertainties due to new California policies including a set of clean air regulations and AB 5, the “gig worker law.”… [...]