Tag: Markets

Oil Companies Work Around Jones Act to Supply US Fuel Markets

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…