By Tyler Losier, Energy Reporter, Oil & Gas 360 Actually, it’s been a rough few weeks for crude oil. West Texas Intermediate near-month futures are down just about 20% since WTI peaked at $66.60 in late April of this year, closing out yesterday at $53.25. And by the look of today’s NYMEX chart, it seems as though the rollercoaster ride
From Bloomberg St. Louis Fed chief says trade war poses risk to U.S. economy, Bullard says yield curve may signal Fed policy is too tight The Federal Reserve may need to cut interest rates soon to prop up inflation and counter downside economic risks from an escalating trade war, St. Louis Fed President James Bullard said. “A downward policy rate
From Bloomberg Ozark pipeline out of Cushing storage hub was shut last week, futures still down on talk of China rare-earths restrictions Oil pared losses after hitting the lowest level since March as a pipeline that drains crude from the key Cushing, Oklahoma, supply hub was said to be ready to restart Thursday. Futures closed the trading session down 0.6%
From Bloomberg U.S. oil shipments are likely to be a casualty of the trade war with China, even though crude was spared from the latest list of American goods targeted with retaliatory tariffs. While oil has never been subject to levies during the dispute between the world’s two biggest economies, the flow of American cargoes to China has nevertheless been throttled by
Sellers could be forced to sell spot volumes at a discount From Bloomberg This winter could be a bleak one for America’s natural gas exporters as the fastest-growing buyer of the fuel threatens to halt purchases amid an escalating trade war. PetroChina, a unit of the state-owned China National Petroleum Corp., may suspend its buying of U.S. liquefied natural gas cargoes during
To avoid 31% EU tariff that hit Friday From The Hill Harley-Davidson’s (NYSE: HOG) announcement that it is moving some production overseas to avoid European tariffs coupled with triple-digit drops on Wall Street are raising pressure on lawmakers to do something about President Trump’s trade war. The European Union began imposing new tariffs on American goods on Friday, targeting Wisconsin-based Harley-Davidson
From Reuters A developing trade war between the world’s biggest economies is weighing on business confidence and could force central banks to downgrade their outlook, the world’s most powerful policymakers argued on Wednesday. After imposing punitive tariffs on a number of its top trading partners, the United States earlier this week threatened China with further duties on $200 billion, escalating
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