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New York, May 27 (Reuters) – U.S. crude oil inventories fell for a sixth straight week last week, according to market sources citing American Petroleum Institute data released on Wednesday, while fuel stocks also fell. Crude stocks fell by 2.8 million barrels in the week ended May 22, the sources said on condition of anonymity. …
(Reuters) – A cargo of oil from the U.S. Strategic Petroleum Reserve headed to California this month for the first time ever, ship tracking service Kpler said. The unusual movement highlights the redrawing of trade flows and shipping routes as the Iran war has cut off supplies of Middle Eastern crude. California, once a top …
Oil From US Emergency Reserve Heads to California for the First Time, Kpler Says Read More »
(Reuters) – Exxon Mobil shareholders on Wednesday approved the company’s plan to redomicile in Texas, marking a win for the top U.S. oil producer after two leading proxy advisory firms advised investors to strike down the proposal. The oil producer is incorporated in New Jersey, but the company has been headquartered in Texas since 1989. …
Exxon Wins Shareholder Backing for Legal Move to Texas Read More »
By Catarina Saraiva Lorie Logan Photographer: Desiree Rios/Bloomberg Federal Reserve Bank of Dallas President Lorie Logan sounded a warning signal that the world’s supply of oil and natural gas may start to dwindle if shipping through the Strait of Hormuz doesn’t return to normal soon. Logan, whose district includes the Permian Basin — the world’s …
Fed’s Logan Warns US Oil Production Won’t Fill Global Supply Gap Read More »
By Sheila Dang HOUSTON, May 27 (Reuters) – Chevron (CVX.N) shareholders rejected a proposal that would have required an independent board chair separate from the CEO role, according to preliminary voting results at the annual meeting on Wednesday. Chevron opposed the proposal brought by the National Legal and Policy Center, saying it should have the …
Chevron Shareholders Reject Proposal for Independent Board Chair Read More »
By Rajesh Kumar Singh and Shivansh Tiwary American sticks to 2026 profit outlook despite fuel-price jump Isom says premium, corporate and leisure demand remain strong Spirit exit, premium-seat growth support revenue outlook CHICAGO, May 27 (Reuters) – American Airlines (AAL.O) is sticking with its recently lowered full-year profit outlook despite a sharp jump in fuel …
American Airlines Sees Resilient Demand Cushioning Fuel-Price Hit Read More »
Iran’s state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict. Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from …
Iran Says Draft Deal with US Would Reopen Hormuz Shipping, End Naval Blockade Read More »
Three months since the Iran war began, persistently high oil prices have policymakers grappling with renewed inflation fears, while sliding currencies are a headache for some Asian countries. But the conflict has boosted other assets, especially oil, and the dollar’s credentials as a safe-haven. Here’s a look at some stand-out winners and losers. OIL’S …
WINNERS & LOSERS: Iran War Splits Global Markets Into Clear Winners and Losers Read More »
(Reuters) – Oil prices fell around 3% on Wednesday as traders weighed up progress in U.S.-Iran peace talks against renewed hostilities. Brent crude futures fell $2.67, or 2.68%, to $96.91 a barrel by 1139 GMT, while U.S. West Texas Intermediate (WTI) crude lost $3.43, or 3.65%, to $90.46 a barrel. The losses dented Brent’s gains …
Oil Prices Drop as Traders Look for US-Iran Talks Progress Read More »
A cargo of crude oil from the U.S. Strategic Petroleum Reserve is heading to the Philippines, the first shipment of U.S. emergency reserve oil to Asia since November 2022, ship tracking data showed. Asia receives about 80% of its oil through the Strait of Hormuz, a critical chokepoint that has remained largely closed during the …
Oil Cargo From US Emergency Reserve Heads to Asia, First in Over 3 Years Read More »
