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Philadelphia refinery closure props up gasoline; could boost diesel (gasoil)

2 days ago DieselGasoil Comments Off on Philadelphia refinery closure props up gasoline; could boost diesel (gasoil)
London — The closure of the Philadelphia Energy Solutions refinery has not only stretched the trans-Atlantic gasoline arbitrage wide open but it leaves a gaping hole in US East Coast supply that could last for months, with demand for diesel (gasoil) also possibly getting a boost this winter. Not registered? Receive daily email alerts, subscriber Read More

U.S. producer prices rise marginally, suggest tame inflation

2 days ago DieselGasoil Comments Off on U.S. producer prices rise marginally, suggest tame inflation
WASHINGTON (Reuters) – U.S. producer prices rose slightly for the second straight month in June as an acceleration in the cost of services was offset by cheaper energy goods, resulting in the smallest annual increase in producer inflation in nearly 2-1/2 years. FILE PHOTO: Price tags are pictured at a Ralphs grocery store in Pasadena, Read More

China’s June exports, imports fall as trade war takes heavier toll

3 days ago DieselGasoil Comments Off on China’s June exports, imports fall as trade war takes heavier toll
BEIJING (Reuters) – China’s exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further weakness in the world’s second-largest economy and slackening global growth. FILE PHOTO: Workers stand at the port of Qingdao, Shandong province, China June 10, 2019. REUTERS/Stringer The gloomy trade readings Read More

U.S. underlying inflation stirring; labor market tightening

3 days ago DieselGasoil Comments Off on U.S. underlying inflation stirring; labor market tightening
WASHINGTON (Reuters) – U.S. underlying consumer prices increased by the most in nearly 1-1/2 years in June amid solid gains in a range of goods and services, but that did not change expectations the Federal Reserve would cut interest rates this month. FILE PHOTO: People shop at an H&M store during the grand opening of Read More

Dow tops 27,000 as Trump’s decision on rebate boosts healthcare

3 days ago DieselGasoil Comments Off on Dow tops 27,000 as Trump’s decision on rebate boosts healthcare
(Reuters) – The Dow Industrials crossed 27,000 points for the first time and the S&P 500 was near record highs on Thursday, lifted by technology and healthcare stocks and raised bets of an interest rate cut following Fed chief Jerome Powell’s dovish remarks. Traders work on the floor at the New York Stock Exchange (NYSE) Read More

Wall Street banks bailing on troubled U.S. farm sector

4 days ago DieselGasoil Comments Off on Wall Street banks bailing on troubled U.S. farm sector
CHICAGO/WASHINGTON (Reuters) – In the wake of the U.S. housing meltdown of the late 2000s, JPMorgan Chase & Co hunted for new ways to expand its loan business beyond the troubled mortgage sector. A dairy cow is seen grazing at the family farm, God Green Acres in Mayville, Wisconsin, U.S., June 24, 2019. Picture taken Read More

Major grain traders face one-two punch from U.S. floods, trade war

4 days ago DieselGasoil Comments Off on Major grain traders face one-two punch from U.S. floods, trade war
CHICAGO (Reuters) – Severe U.S. weather likely dented earnings for large grain companies including Archer Daniels Midland Co (ADM.N) and Bunge Ltd (BG.N) for a second straight quarter, adding to headwinds from a still-unresolved U.S.-China trade war, analysts and economists said. Water stands next to a field of crops near Putnam County, Illinois, U.S. July Read More

Fed’s Powell says trade, global growth concerns continue to weigh on U.S. economy

4 days ago DieselGasoil Comments Off on Fed’s Powell says trade, global growth concerns continue to weigh on U.S. economy
WASHINGTON (Reuters) – Concerns about trade policy and a weak global economy “continue to weigh on the U.S. economic outlook” and the Federal Reserve stands ready to “act as appropriate” to sustain a decade-long expansion, Fed Chairman Jerome Powell said on Wednesday in remarks that could bolster expectations of an interest rate cut later this Read More

Feature: Saudi Arabia struggles to push GDP growth amid output cuts, weak oil prices

4 days ago DieselGasoil Comments Off on Feature: Saudi Arabia struggles to push GDP growth amid output cuts, weak oil prices
Dubai — Saudi Arabia’s balancing act of extending the OPEC/non-OPEC output cuts into the first quarter of 2020 and maintaining economic growth is being tested by weaker oil prices, with concerns of a potential economic contraction. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The world’s biggest oil exporter Read More

Fed chief likely to focus on trade-inspired policy shift in testimony

5 days ago DieselGasoil Comments Off on Fed chief likely to focus on trade-inspired policy shift in testimony
WASHINGTON (Reuters) – The U.S. Federal Reserve over the course of its 105-year history has changed monetary policy in reaction to property crashes, war, financial bubbles and policymakers’ gut instincts about where the economy was heading. But the U.S. central bank is now laying the groundwork for its first policy shift triggered by tweets, as Read More