News 

Trump is exaggerating Germany’s reliance on Russia for energy

“President Donald Trump repeated a highly misleading claim on Friday that Germany will soon depend on Russia for 50 percent to 70 percent of its energy needs” writes Tom Dichristopher for cnbc.com. “I think it’s a horrible thing that you have a pipeline coming in from Russia, and I believe that Germany is going to be getting 50, 60 — or even I’ve heard numbers of 70 percent of their energy coming in from Russia,” Trump said Friday during a press conference with British Prime Minister Theresa May. Source: cnbc.com Share…

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News Oil 

U.S. oil sees steepest one-day percentage decline in more than a year

“The most severe one-day drop for heating oil on a percentage basis since July 13, 2016” writes Markets Commodities Reporter for marketwatch.com. There is also speculation that U.S. President Donald Trump “will hammer Russia on raising oil production” in an effort to push prices lower, and that has “traders running for cover,” he said.That also represented the international benchmark’s sharpest percentage fall in a single session since a Feb. 9 of 2016 and the steepest decline on a point basis since Nov. 28, 2013.The drop marked the worst percentage decline…

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U.S. oil prices pare losses after EIA reports a weekly plunge in U.S. crude supplies

“U.S. oil prices pared much of their earlier losses Wednesday after the Energy Information Administration reported that domestic crude supplies plunged by 12.6 million barrels for the week ended July 6” writes Markets Commodities Reporter for marketwatch.com. Gasoline stockpiles fell by 700,000 barrels for the week, but distillate stockpiles jumped 4.1 million barrels higher for the week, according to the EIA. The S&P Global Platts survey forecast a supply decrease of 1 million barrels for gasoline and a rise of 1.7 million barrels for distillate stocks. August crude CLQ8, -1.92%…

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U.S. oil little changed, but Brent crude climbs as traders weigh outlook for global supplies

“Brent crude, however, inched higher, finding continued support from production disruptions in Libya and Venezuela” writes Markets Commodities Reporter for marketwatch.com. Backwardation refers to a situation where prices for oil for delivery in the near future are higher than those for later deliveries.Crude-oil benchmarks moved in different directions Monday, with U.S. prices making modest moves on the back of signs of rising supplies. Monthly oil reports are also due from OPEC Wednesday and from the International Energy Agency Thursday. Source: marketwatch.com Share This:

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New York’s Emergency Food Program Gets More Funding, but Will It Be Enough?

“One of the programs that did not have enough supplies was Reaching-Out Community Services, a food pantry in Brooklyn that serves about 4,000 people every month” reports nytimes.com. On this particular day, her haul back home included milk and rice. “With the food, I have more money to pay my rent,” she said.Tom Neve, the program’s executive director, said that the guarantee of more funds would help him avoid having to make difficult decisions. “It was either get more food or reject people from coming to get help,” he said. Source:…

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Oil retreats, threatens to snap weekly string of wins as data point to rising U.S. supplies

“Analysts had said that the IPO was at least part of the reason that the Saudis were pushing for higher oil prices by agreeing to production cuts that began in 2017” writes Mark Decambre for marketwatch.com. For the week, WTI oil is set to shed 2.4%, while Brent is on track for a weekly slide of 3.5%, according to FactSet data.Data from the Energy Information Administration on Thursday showed that crude stockpiles rose by 1.2 million barrels for the week ended June 29.Eastern Time, which could help gauge the health…

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Oil prices end higher, with a weekly data expected to show a fall in U.S. crude supplies

“Oil futures settled higher Tuesday, ahead of data due out later this week that’s expected to reveal a sizable decline in U.S. crude stockpiles” writes Markets Commodities Reporter for marketwatch.com. Analysts polled by S&P Global Platts expect the Energy Information Administration on Thursday to show a fall of 4.5 million barrels in crude supplies, along with inventory declines of 2.5 million for gasoline and 250,000 for distillates.The data will be released a day later than usual because regular trading will be halted Wednesday for Independence Day. August West Texas Intermediate…

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Futures News Oil 

Oil rises as Libya declares force majeure on supplies, but demand slowdown looms 

“Brent crude oil futures were at $78.06 per barrel at 0112 GMT, up 76 cents, or 1 percent, from their last close” writes unknown author for cnbc.com. Oil prices climbed on Tuesday after Libya declared force majeure on significant amounts of its supply, but rising overall output from OPEC as well as in the United States was dragging on markets. Overall, however, analysts said OPEC’s production policy as well as unplanned supply disruptions were currently the main price drivers. Source: cnbc.com Share This:

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Animals Could Suffer More Distress At Slaughterhouses If CO2 Shortage Continues, Campaigners Warn

“But responding to questions on the issue last night, food chain KFC said it did not expect to be affected” writes unknown author for huffingtonpost.com. A CO₂ shortage across northern Europe has prompted warnings over supplies and has forced manufacturers of fizzy drinks and beer to reduce production.Last week, the British Poultry Council said the shortage was becoming so acute at some factories there were fears supplies of fresh chicken would be hit. Source: huffingtonpost.com Share This:

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News Oil 

OIL POPS TO HIGHEST PRICE IN 4 YEARS…

“Oil prices rallied Wednesday, with the U.S. benchmark heading toward its highest since 2014 as domestic crude supplies notched their biggest weekly drop of the year so far” writes Christopher Alessi for marketwatch.com. The U.S. Energy Information Administration reported Wednesday that crude supplies declined by 9.9 million barrels for the week ended June 22—the largest weekly decline so far this year.Iran currently exports around 2.4 million barrels a day of crude.The decision comes amid steadily rising oil prices, geopolitical risks to supply — including in Iran — and shrinking global…

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