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Bloomberg
20 minutes ago
- Bloomberg
Stocks Fall as US Services Flash Warning Signals
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Riverfront Investment Group's Kevin Nicholson, Bessemer Trust's Holly MacDonald, Citi's Ygal Arounian, McLarty Associates' Kate Kalutkiewicz, Global Location Strategies' Didi Caldwell, SimCorp's Melissa Brown, Wedbush Securities' Matt Bryson, Cox Automotive's Stephanie Valdez Streaty, American Century Investments' Richard Weiss, Emarketer's Paul Verna. (Source: Bloomberg)
Yahoo
41 minutes ago
- Yahoo
Crude Prices Slide on a Possible Russian Air Truce with Ukraine
September WTI crude oil (CLU25) on Tuesday closed down -1.13 (-1.70%), and September RBOB gasoline (RBU25) closed down -0.0107 (-0.51%). Crude oil and gasoline prices settled lower on Tuesday, with crude posting a 1-week low. Concerns about weakening energy demand weighed on crude prices after the US Jul ISM services index unexpectedly declined. Crude prices also have a negative carryover from Sunday when OPEC+ raised its crude production levels, stoking fears of a global supply glut. Losses in crude accelerated Tuesday on a Bloomberg report that said Russia may consider an air truce with Ukraine. More News from Barchart Nat-Gas Prices Tumble on Higher US Nat-Gas Production Global Oil Glut Concerns Weigh on Crude Prices Unusual Options Volume? Why Only BP Stock Passed the Quantitative Sniff Test Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Weakness in Tuesday's global economic news was bearish for energy demand and crude prices. The US Jul ISM services index unexpectedly fell -0.7 to 50.1, weaker than expectations of an increase to 51.5. Also, the Eurozone Jul S&P composite PMI was revised downward by -0.1 to 50.9 from the previously reported 51.0. Crude prices were also pressured Tuesday after Bloomberg reported that Russia is weighing options for a concession to President Trump, including an air truce with Ukraine to avoid secondary sanctions on its energy exports. US envoy Witkoff will visit Russia this week ahead of this Friday's deadline imposed by President Trump for Russia to agree to a ceasefire with Ukraine or risk additional sanctions on its energy exports. Crude prices have support after President Trump said last Monday that he would impose new tariffs on countries buying Russian energy unless Russia reaches a ceasefire with Ukraine by this Friday. JPMorgan Chase warned that if enforced, oil markets would be unable to ignore the impact of triple-digit tariffs on Russian oil, given the significant scale of Russian exports and limited OPEC spare capacity, which could potentially lead to a supply shock. Concerns about a global oil supply glut are weighing on crude prices after OPEC+ on Sunday endorsed an additional 547,000 bpd increase in its crude production for September 1. OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production by September 2026. After Sunday's meeting, the group said it will closely monitor demand and may maintain production levels, restart halted supplies, or reverse recent production increases. OPEC+ has 1.66 million bpd of supplies that are currently due to remain offline until late 2026. The International Energy Agency said inventories have been accumulating at a rate of 1 million bpd and that the global crude oil market faces a surplus by Q4-2025 equivalent to 1.5% of global crude consumption. OPEC July crude production fell -20,000 bpd to 28.31 million bpd. The European Union recently approved fresh sanctions on Russian oil due to its aggression against Ukraine. The sanctions package includes cutting off 20 more Russian banks from the international payments system SWIFT, as well as restrictions imposed on Russian petroleum refined in other countries. A large oil refinery in India, part-owned by Russia's Rosneft PJSC, was also blacklisted. Additionally, 105 more ships in Russia's shadow fleet were sanctioned, pushing the number of sanctioned ships above 400. A decline in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -15% w/w to 79.12 million bbl in the week ended August 1. The consensus is that Wednesday's weekly EIA crude inventories will decline by -2.6 million bbl, and gasoline supplies will fall by -1.0 million bbl. Last Wednesday's weekly EIA report showed that (1) US crude oil inventories as of July 25 were -5.6% below the seasonal 5-year average, (2) gasoline inventories were -0.7% below the seasonal 5-year average, and (3) distillate inventories were -15.2% below the 5-year seasonal average. US crude oil production in the week ending July 25 rose +0.3% w/w to 13.314 million bpd, modestly below the record high of 13.631 million bpd posted in the week of 12/6/2024. Baker Hughes reported last Friday that the number of active US oil rigs in the week ending August 1 decreased by -5 rigs to a new 3.75-year low of 410 rigs. Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.25-year high of 627 rigs reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
41 minutes ago
- Yahoo
US trade deficit shrinks as import rush subsides
The US trade deficit shrank in June to its lowest level in nearly two years, as a pre-tariff rush to import goods subsided. Imports fell more than analysts expected, in a reversal of a surge in February and March; those distortions pushed down GDP at the start of the year, though the economy is expected to grow more in the second quarter. With US President Donald Trump's tariffs reduced or on pause, importers had more breathing room to secure foreign goods. But 'trade will likely remain volatile,' a Bloomberg economist said. Much depends on how US-China trade talks pan out: Trump's 30% tariff on Beijing led the US' trade deficit with China to fall to its narrowest point in 21 years. — J.D. Capelouto Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
