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Business Recorder
4 days ago
- Business
- Business Recorder
Oil prices gain on Russian gasoline ban, US trade optimism, crude inventories
HOUSTON: Oil prices rose on Thursday, lifted by expected cuts in Russian gasoline supply and optimism over US trade negotiations that would ease pressure on the global economy, with a further boost from a sharper-than-expected decline in US crude inventories. Brent crude futures had gained 80 cents, or 1.17%, to $69.31 a barrel by 10:52 a.m. CDT (1552 GMT). US West Texas Intermediate crude futures climbed 97 cents, or 1.49% to $66.22 per barrel. 'Russia looking to cut off gasoline exports gave the market a boost,' said Phil Flynn, senior analyst with Price Futures Group. 'The market was looking for a reason to go higher.' Three industry sources told Reuters that Russia was considering a tighter export ban as early as Monday that would include fuel producers. The restrictions will exclude supplies to the Moscow-led Eurasian Economic Union, a group of five former Soviet states, and to countries such as Mongolia with which Russia has intergovernmental agreements on fuel supplies, the sources said. Early in the session, futures rose on the previous day's report of a US crude inventory draw and on hopes for a trade deal between the US and the European Union that would lower tariffs. 'The US crude inventory draw and the trade efforts are adding some support to prices,' said Janiv Shah, an analyst at Rystad. On Wednesday, two European diplomats said the EU and the US were moving toward a trade deal that could include a 15% US baseline tariff on EU imports and possible exemptions. This could pave the way for another major trade agreement following the Japan deal. Also on Wednesday, US Energy Information Administration data showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw.
Reuters
4 days ago
- Business
- Reuters
Oil pares gains on possible US OK for Chevron to renew Venezuelan operations
HOUSTON, July 24 (Reuters) - Oil pared gains on Thursday afternoon following a Reuters report that U.S. President Donald Trump's administration may allow Chevron to resume operations in Venezuela. Brent crude futures were up 26 cents, or 0.38%, to $68.77 a barrel by 1:14 p.m. CDT (1814 GMT). U.S. West Texas Intermediate crude futures rose 44 cents, or 0.67%, to $65.69 per barrel. Earlier in the session, WTI had been up more than a dollar and Brent crude came near that level. "The news about Chevron being able to go back into Venezuela and get oil going again just took the knees out of the market," said John Kilduff, partner at Again Capital LLC. Kilduff said the market does not expect the Trump administration will open up Venezuela to other U.S. oil companies. "This is a unique one-off," he said. Oil was stronger on news Russia was planning to cut gasoline exports to all but a few allies and nations Mongolia, with which it has supply agreements. "Russia looking to cut off gasoline exports gave the market a boost," said Phil Flynn, senior analyst with Price Futures Group. "The market was looking for a reason to go higher." Early in the session, futures gained on the previous day's report of a U.S. crude inventory draw and on hopes for a trade deal between the U.S. and the European Union that would lower tariffs. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, an analyst at Rystad. On Wednesday, two European diplomats said the EU and the U.S. were moving toward a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions. This could pave the way for another major trade agreement following the Japan deal. Also on Wednesday, U.S. Energy Information Administration data showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Oil prices were also supported by a suspension of Azeri crude exports from the Turkish port of Ceyhan and a brief halt to loadings at Russia's main Black Sea ports which has since been resolved. BP (BP.L), opens new tab said organic chlorides were detected in some of the oil tanks in the terminal at Ceyhan, adding that oil loading continued from some of the tanks with chloride levels assessed to be within normal specifications, while export activities via the BTC pipeline also continued. Traders will watch for further news on loadings from Ceyhan and Novorossiysk, which together make up around 2.5% of global oil supply at 2.5 million barrels per day, according to Reuters calculations based on loading data from the region. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. "Next to watch would be the demand indicators as we are in the peak season and any upside or downside would impact refining margins," Rystad's Shah added.
Business Recorder
5 days ago
- Business
- Business Recorder
Wheat down 1-2 cents, corn steady-up 1, soy up 5-6
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday. Wheat - Down 1 to 2 cents per bushel Wheat futures rose on Wednesday, extending gains from the previous session, after top exporter Russia trimmed its harvest and export forecasts, but gains were limited by ample global supply. Crop scouts on the first day of an annual three-day tour of North Dakota's hard red spring wheat crop projected above-average yields in the southern part of the top-producing state following plentiful rains this summer, although the yields fell short of a record set last year. CBOT September soft red winter wheat was last down 2-1/2 cents to $5.47 per bushel. K.C. September hard red winter wheat was last down 2-1/4 cents to $5.31 per bushel. Minneapolis September wheat was last down 1 cent to $5.90-3/4 a bushel. Wheat up 1-2 cents, corn down 3-4, soy down 2-5 Corn - Steady to up 1 cent per bushel Corn futures were nearly unchanged as forecasts for crop-friendly rainy weather and plentiful supply weighed. The United States and Japan struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that included a $550 billion package of U.S.-bound investment and loans from Tokyo. The U.S.-Japan deal has added broad support to grain futures. CBOT December corn was last unchanged at $4.18 per bushel. Soybeans - Up 5 to 6 cents per bushel Soybeans climbed following a decline in U.S. crop ratings and hopes that trade deals may boost demand for U.S. exports. Beneficial weather has continued to weigh on soy futures. CBOT November soybeans were last 5-3/4 cents higher to $10.31-1/4 per bushel.
Newsweek
6 days ago
- Climate
- Newsweek
Hundreds of Thousands Given Minutes to Take Shelter As Severe Storms Hit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Communities across the Midwest, Southeast, and South United States were placed under urgent severe thunderstorm warnings Tuesday, with the National Weather Service (NWS) issuing immediate shelter directives to hundreds of thousands of residents across numerous states. Within minutes, warnings and shelter-in-place orders were issued in regions from Minnesota to Florida, as radar indicated storms threatened to bring damaging winds, hail, flash flooding, and the risk of tornadoes to impacted areas. Why It Matters Severe storm warnings, especially those issued with little advance notice, can leave affected residents with only minutes to seek safety. Tuesday's alerts underscored the unpredictability and widespread reach of hazardous summer weather in the U.S., with more than 400,000 people at risk of lightning, hail, and destructive winds with the current warnings. Past events, such as the deadly flash floods in Texas and tornado outbreaks across the Midwest earlier this year, highlight the life-threatening nature of such rapidly developing storms. A storm is seen over a rural landscape. A storm is seen over a rural landscape. Greg Kelton/Getty What to Know On Tuesday, the National Weather Service (NWS) issued multiple severe thunderstorm warnings across Alabama, Florida, Minnesota, and South Carolina. The warnings affected counties such as Jackson and DeKalb in Alabama, St. Lucie, Okeechobee, Martin, Gadsden, Leon, Wakulla, and others in Florida, Aitkin and Crow Wing in Minnesota, and Clarendon, Orangeburg, and Charleston in South Carolina. Alabama: At 2:44 p.m. CDT, a severe thunderstorm near Pisgah prompted warnings for southeastern Jackson and central DeKalb counties, threatening 60 mph wind gusts and penny-sized hail. The NWS warned of roof, siding, and tree damage and the possibility of flash flooding in low-lying areas. At 2:44 p.m. CDT, a severe thunderstorm near Pisgah prompted warnings for southeastern Jackson and central DeKalb counties, threatening 60 mph wind gusts and penny-sized hail. The NWS warned of roof, siding, and tree damage and the possibility of flash flooding in low-lying areas. Florida: Warnings covered areas near Tallahassee, Okeechobee, St. Lucie, and Martin Counties, with storms producing wind gusts up to 60 mph and hail. Locations threatened included state capitols and major highways. Residents in mobile homes or outdoors were advised to seek immediate shelter. NWS meteorologist Blair Scholl told Newsweek it's possible another severe thunderstorm warning will be issued over the next few hours in the Florida panhandle region. Warnings covered areas near Tallahassee, Okeechobee, St. Lucie, and Martin Counties, with storms producing wind gusts up to 60 mph and hail. Locations threatened included state capitols and major highways. Residents in mobile homes or outdoors were advised to seek immediate shelter. NWS meteorologist Blair Scholl told Newsweek it's possible another severe thunderstorm warning will be issued over the next few hours in the Florida panhandle region. South Carolina: Severe thunderstorms with wind gusts forecast at 60 mph impacted Charleston, Clarendon, and Orangeburg counties. The warnings instructed people to move to interior rooms on the lowest floors and avoid windows due to the risk of falling trees and property damage. Severe thunderstorms with wind gusts forecast at 60 mph impacted Charleston, Clarendon, and Orangeburg counties. The warnings instructed people to move to interior rooms on the lowest floors and avoid windows due to the risk of falling trees and property damage. Minnesota: In Aitkin and Crow Wing counties, a storm near Emily moved east at 35 mph, bringing possible 70 mph wind gusts and quarter-sized hail. The NWS issued a precaution about the chance of tornado development, advising residents to monitor warnings closely and prepare for rapid changes. Across the affected regions, the NWS warnings highlighted specific at-risk locations, such as campgrounds, marinas, universities, and urban areas, and included directives such as: "For your protection move to an interior room on the lowest floor of a building." Severe thunderstorm warnings can sometimes precede tornado development, as noted in guidance urging residents to remain alert for updates. Hail and damaging winds were some of the most serious impacts of the storm, but in Alabama, torrential rainfall also endangered people. "Torrential rainfall is occurring with this storm, and may lead to flash flooding," the severe thunderstorm warning said. "Do not drive your vehicle through flooded roadways." The NWS advised that severe thunderstorms can develop with little notice, leaving limited time for preparation. As severe weather sweeps into the evening hours, risks include downed trees and powerlines, property damage, and dangerous flash flooding. Power outages and travel disruptions are likely in the most severely hit regions. What People Are Saying NWS Tallahassee in a post on X, formerly Twitter: "It's getting messy with these storms converging on each other. The I-10 corridor down to #Tallahassee is will be impacted imminently. Seek shelter if you're in the area. Can't rule out a severe thunderstorm and/or flash flood warning." NWS in a Tuesday forecast: "Scattered severe thunderstorms are expected over parts of the northern Plains into the upper Mississippi Valley today, with damaging winds and large hail as the primary threats. Heavy rainfall could lead to areas of flooding across the northern Plains, Upper Midwest, Southeast and Southwest." What Happens Next Although some warnings began to expire within an hour—reflecting the swift movement of the storm cells—the NWS cautioned that atmospheric conditions remain conducive to further severe weather. Additional warnings, including tornado watches, could be issued in the coming hours. Residents in threatened areas were advised to remain vigilant, stay tuned to official weather alerts, and take immediate action if additional warnings are broadcast.
Business Recorder
6 days ago
- Business
- Business Recorder
Wheat up 1-2 cents, corn down 3-4, soy down 2-5
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Tuesday. Wheat - Up 1 to 2 cents per bushel Wheat futures firmed slightly, though expectations of strong global supply continued to hang over the market. Russia, the world's biggest wheat exporter, has trimmed its forecasts for the 2025 wheat harvest and for wheat exports in the 2025/26 marketing season, Agriculture Minister Oksana Lut told a government meeting on Tuesday. The U.S. winter wheat harvest is speeding along, with the U.S. Department of Agriculture reporting 73% of the crop has been harvested, compared to 63% harvested in the previous week. CBOT September soft red winter wheat was last up 1 cent to $5.43-1/4 per bushel. K.C. September hard red winter wheat was last 2-3/4 cents higher to $5.28-1/2 per bushel. Minneapolis September wheat was last up 1/4 cent to $5.87-3/4 a bushel.. Wheat up 7-10 cents, corn up 3-6, soybeans up 8-12 Corn - Down 3 to 4 cents per bushel Corn futures ticked down following strong crop ratings released by the USDA and forecasts for crop-friendly rain in the U.S. Midwest. The USDA rated 74% of the U.S. corn crop in good-to-excellent condition as of Sunday, the highest rating for this time of year since 2016 and unchanged from the previous week. CBOT December corn was last down 4-1/4 cents to $4.18 per bushel. Soybeans - Down 2 to 5 cents per bushel Soybeans fell on beneficial crop weather in the U.S. Midwest as well as expectations of a plentiful global supply. The USDA rated 68% of the soybean crop in good-excellent condition, down from 70% the previous week and below the average analyst estimate. The USDA may have lowered soy condition ratings due to dryness in parts of the U.S. soy belt, analysts said. CBOT November soybeans were last 2-3/4 cents lower to $10.23-1/4 per bushel.
