Oil fell after a key technical level provided resistance to a rally that has been driven by continued signs of tightening US crude supplies. West Texas Intermediate futures slumped more than 1% to settle below $74 a barrel after earlier rallying close to their 200-day moving average of about $75.48. The inability to to breach …
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Summary of Weekly Petroleum Data for the week ending January 3, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.0 million barrels from the previous week. At 414.6 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. U.S. …
United States President-elect Donald Trump is contemplating the declaration of a national economic emergency to legally support the imposition of extensive universal tariffs, CNN reported on Wednesday, citing four people familiar with the matter. According to the outlet, the proclamation would enable Trump to develop a fresh tariff initiative through the use of the International …
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Iranian Supreme Leader Ayatollah Ali Khamenei said on Wednesday while holding a speech that the United States made grave “miscalculations” about Tehran in the past couple of decades. “The US had brought Iran under its possession, but the country was wrested out of its grip and control. Therefore, its grudge towards the Islamic Republic and …
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The consumer confidence indicator in the euro area and the entire European Union in December 2024 went down by 0.7 and 1 percentage points, reaching negative 14.5 and negative 13.4 respectively, the European Commission shared in its final report on Wednesday. Both figures were in line with the preliminary readings. NN: Makes it hard to …
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Investors in China’s $11 trillion government bond market have never been so pessimistic about the world’s second-largest economy, with some now piling into bets on a deflationary spiral mirroring Japan’s in the 1990s. Yields on Chinese sovereign bonds maturing in 10 years have tumbled in recent weeks to all-time lows, creating an unprecedented 300-basis-point gap with …
The American Petroleum Institute (API) estimated that crude oil inventories in the United 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, …
Continue reading “Crude Draw, Major Jump in Fuel Inventories…… WTI Climbs as US Freeze Fuels Demand”
President-elect Donald Trump held his second pre-inauguration press conference from Mar-a-Lago on Tuesday. Trump called the press conference to announce a major investment in data centers in the United States, and discussed a wide range of topics when taking questions from reporters. During the question and answer portion, Trump refused to rule out the use …
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United States President-elect Donald Trump vowed on Tuesday to “immediately” reverse current President Joe Biden’s ban on offshore drilling. Speaking at a press conference at Mar-a-Lago, Trump insisted Biden’s action “will not stand” and added that “we will drill, baby drill.” He asserted that the move will also bring energy prices “way down” to a …
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United States President-elect Donald Trump claimed on Tuesday that “all hell will break out in the Middle East” if a deal for Hamas to return hostages isn’t reached before he assumes office on January 21. Trump insisted that Hamas should have returned the hostages a long time ago, or not even taken them. Insisting that …
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