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EMEA Oil Update: Oil Tumbles After Trump's Positive Signals on Doha Talks

Oil prices dipped on Wednesday following US President Donald Trump's comments noting that the indirect technical talks with Iran in Qatar had gone well.The Front-month Brent futures contract fell 1.4% at $71.92 per barrel. Murban futures fell nearly 4% to $66.29/bbl.Both contracts lost more than 20% on a month-over-month basis as of June 30, and on a quarterly basis, the Brent futures contract has lost over 38%, while Murban has dropped more than 26%.Speaking to reporters on Wednesday, Trump expressed strong optimism regarding the high-stakes, indirect technical talks taking place in Doha, Qatar.While the political gridlock clouds the timeline for a permanent peace treaty, the 60-day ceasefire remains active enough to allow logistics to flow, leaving the oil market focused squarely on the growing physical oversupply, analysts have said."Tanker vessel movements in the Strait of Hormuz still appear limited. Total tanker crossings, which include both inbound and outbound movements, are estimated at around 11 on Tuesday, down from a peak of 24 last Wednesday," ING analysts said."Admittedly, there has been a slight pickup in inbound tanker traffic, suggesting that shipowners are becoming increasingly confident about moving vessels into the Persian Gulf. If this trend accelerates, it becomes a clear headwind-and potentially a direct challenge-to our view that oil prices should rise from current levels," ING added.

Wire35d ago

Sony Group To Close PlayStation Store For PlayStation 3, PlayStation Vita

Sony Group (SONY) said Wednesday it will shut down the PlayStation Store digital marketplaces for its PlayStation 3 and PlayStation Vita consoles in phases.Users located in Mexico, Honduras, and Nicaragua will lose access to the PlayStation 3 store in August, while other parts of Latin America and the Middle East will see PlayStation 3 store closures late this year, the company said.All remaining global regions will lose access to both the handheld and home console digital shops in July 2027, Sony said.Console owners can continue downloading their existing libraries of previously bought digital items after the marketplace shutdown deadlines for the foreseeable future, the company added.Price: $20.09, Change: $+0.03, Percent Change: +0.12%

$SONY

Wire35d ago

Yatra Online Gets Nasdaq Letter for Non-Compliance

Yatra Online (YTRA) said Wednesday it has received a letter from Nasdaq over its non-compliance with the minimum closing bid price of $1.00 per share rule for May 12 to June 24 period.The company said it has until Dec. 22 to regain compliance with the minimum bid price requirement.Yatra said it will monitor the closing bid price of its shares and may consider options to regain compliance with the rule, which could include a reverse stock split.Price: $0.95, Change: $+0.01, Percent Change: +0.81%

$YTRA

International35d ago

May US Construction Spending Rises, Residential Building Up

US construction spending rose by 0.1% in May, as expected in a survey compiled by Bloomberg and following a 0.4% increase in April.Private residential construction rose by 0.3%, with single-family home construction and multi-family construction both declining 0.1%.Private nonresidential construction declined by 0.3%, while public construction rose by 0.5%.

Wire35d ago

UBS Adjusts X-Energy Price Target to $34 From $40, Maintains Buy Rating

$XE

Wire35d ago

UBS Adjusts SSR Mining Price Target to $39 From $40, Maintains Buy Rating

SSR Mining Inc (SSRM) has an average rating of Buy and mean price target of $43.08, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $29.69, Change: $+1.41, Percent Change: +4.99%

$SSRM

Wire35d ago

UBS Adjusts SLB Price Target to $66 From $69, Maintains Buy Rating

SLB (SLB) has an average rating of overweight and mean price target of $62.52, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $45.95, Change: $-0.54, Percent Change: -1.16%

$SLB

Wire35d ago

UBS Adjusts NIKE Price Target to $48 From $50, Maintains Neutral Rating

NIKE (NKE) has an average rating of overweight and mean price target of $51.32, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $42.34, Change: $+1.29, Percent Change: +3.14%

$NKE

International35d ago

ISM US Manufacturing Index Indicates Slower Expansion in June

The Institute for Supply Management's US manufacturing index fell to 53.3 in June from 54.0 in May, compared with expectations for a smaller drop to 53.9 reading in a survey compiled by Bloomberg as of 7:35 am ET, indicating a slower pace of expansion.There were declines in the readings for new orders, production, prices and order backlogs, but a gain in employment reading.The monthly national manufacturing reading from the Institute for Supply Management is reported as a headline index, with readings above 50 indicating expansion and those below 50 indicating contraction. Component indexes measure new orders, production, employment, and prices.An increase in the index further above 50 is considered a sign of a strong US manufacturing sector, generally a positive for manufacturing industry stocks. However, if that strength comes with rising input prices due to shortages, that could be a negative for stocks as well as bonds.

Wire35d ago

Anthropic, US Government Remain in Talks Over Wider Access to Mythos 5 Model

Amazon.com-backed (AMZN) Anthropic remains in talks with the US government over expanding access to its Claude Mythos 5 model to more domestic and international partners under the Glasswing program, the company said Tuesday.Anthropic said it has already restored access to Mythos 5 for a number of US organizations after the government lifted export controls on the model last week. No timeline was disclosed for wider access to Mythos 5.In a Wednesday report, Bloomberg said the continued limited access to Mythos 5 left several foreign groups in limbo. According to the news outlet, Japanese banks, the UK's AI Security Institute, and the European Union Agency for Cybersecurity are among organizations that were initially allowed to test the new model.Price: $237.86, Change: $-0.49, Percent Change: -0.20%

$AMZN

Commodities35d ago

Correction: US Crude Inventories Fall, API Says

(Corrects the headline and 1st paragraph to show US crude oil inventories fell in the latest week.)Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories dropped by 6.072 million barrels in the week ended June 26, following a 765,000-barrel draw the previous week, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Wire35d ago

BofA Securities Adjusts Sandisk Price Target to $2,500 From $2,100, Maintains Buy Rating

Sandisk (SNDK) has an average rating of overweight and mean price target of $2,038.13, according to analysts polled by FactSet.Price: $2091.88, Change: $-181.85, Percent Change: -8.00%

$SNDK

Wire35d ago

BofA Securities Adjusts Hims & Hers Health Price Target to $36 From $25, Maintains Neutral Rating

Hims & Hers Health (HIMS) has an average rating of Hold and mean price target of $29.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $37.35, Change: $+2.68, Percent Change: +7.73%

$HIMS

Equities35d ago

BP Relinquishes Operatorship of Baku-Tbilisi-Ceyhan Pipeline to Azerbaijan's Socar

Operatorship of the Baku-Tbilisi-Ceyhan oil export pipeline will be transferred to Azerbaijan's Socar Midstream Operations from BP (BP.L) unit BP Exploration (Caspian Sea), effective Wednesday, according to a same-day release.The transfer applies across all sections of the pipeline, which covers Azerbaijan, Georgia and Turkey. The pipeline's ownership structure remains unchanged.Additionally, the management of pipeline activities and operatorship of common activities relating to the Baku-Tbilisi-Ceyhan and South Caucasus Pipeline systems will also transfer to the Socar unit from BP.

$BP.L

International35d ago

June ISM US Manufacturing Index 53.3 Vs. Expected 53.9, Previous 54.0

International35d ago

May Construction Spending Rises 0.1% Vs. Expected 0.1% Gain

Wire35d ago

Liberty Media's Formula One, Flexjet Sign Multiyear Private Aviation Partnership

Liberty Media's (FWONA) Formula One and Flexjet said Wednesday that they have partnered to name Flexjet as the official private aviation supplier for Formula One.The deal provides global flight access for racing teams, executives and VIPs using sustainable aviation fuel.Flexjet aircraft owners will receive better hospitality and behind-the-scenes access at select racing events, the companies said.Price: $88.26, Change: $+0.72, Percent Change: +0.82%

$FWONA

Commodities35d ago

US Natural Gas Update: Futures Edge Lower Amid Rising Output, Bearish Storage Forecasts

US natural gas futures were down on Wednesday, amid a surge in output and bearish forecasts for weekly gas storage data.The front-month Henry Hub contract and the continuous contract were both down 1.53% at $3.225 per million British thermal units.This comes as natural gas output, across the Lower 48 states edged higher, with an average of 110 billion cubic feet per day, compared to 109.7 Bcf/d in May, according to Trading Economics, leading to downward momentum in prices.The US Energy Information Administration's Weekly Natural Gas Storage Supplement, is expected to show a net build of 88 Bcf into storage, which if realized, would lead to inventories of 167 Bcf and 31 Bcf above the five-year average for this period, and the prior year, respectively, according to NRG Energy.Weather conditions remain bullish, with almost the whole of the US expected to see above-normal temperatures from July 08 to July 14, according to the National Weather Service, forcing residents to rely on air conditioning, and leading to increased gas-fired power burn.Temperatures in New York City, for instance, are forecast to hit 100 degrees Fahrenheit, or 38 degrees Celcius this week, the highest since 2012.LNG feedgas flows are expected to remain elevated, at 19.15 Bcf on Wednesday, significantly ahead of the 30 day moving average of 18.40 Bcf, according to the Bloomberg LNG Feedgas Model.

International35d ago

S&P Global US Final Manufacturing PMI Revised Downward in June, Below May Reading

The S&P Global US manufacturing index for June was revised down to 53.9 from the flash reading of 55.7, compared with expectations for an unrevised reading in a survey compiled by Bloomberg.The June index stands below the 55.1 reading in May, indicating a slower pace of expansion.

Oil & Energy35d ago

Hormuz Strait Remains 'Warlike Operations Area' for Worker Representative Groups

The Strait of Hormuz and its surrounding waters will remain designated as a Warlike Operations Area through July 9, according to the International Transport Workers' Federation and the Joint Negotiating Group on Tuesday."This decision recognizes the continuing and significant risk to life and the rapidly evolving situation in the area," the statement said.The International Maritime Organization has recently paused its evacuation plan for vessels following a series of attacks on cargo ships in the Strait.The Warlike Operations Area Committee, under the International Bargaining Forum, advised all vessels in the area to follow advisories issued by the International Maritime Organization, the Joint Maritime Information Center, and regional governments involved in ship evacuations."The WOA designation ensures that seafarers on IBF-covered vessels receive enhanced protections and compensation if they are stranded or operating in the area," according to the statement."Seafarers already within the designated area are entitled to additional compensation and to request repatriation, noting the current, significant operational difficulties, while those instructed to enter it have the right to refuse to sail and request repatriation at the company's expense," it said.Protections offered to seafarers on IBF-vessels, within or entering the designated WOA, also include a bonus equal to 100% of basic wage and doubled compensation for death and disability arising from incidents in the area.The committee urged all governments "to maintain diplomacy and deescalate all conflict immediately" and to resume normal shipping patterns as soon as possible.

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