Magellan Midstream Partners LP (MMP) on Thursday reported a drop in second quarter crude transportation and terminals revenue, hit by lower fees for its services and a decline in storage demand. U.S. oil production has not recovered to its peaks even though prices have surged above $70 a barrel as producers focus on boosting shareholder returns and maintaining capital discipline.
Europe's top energy companies signalled confidence in a lasting recovery from the pandemic impact by drawing on higher oil prices to boost shareholder returns and reassure investors as they roll out risky climate strategies.
* U.S. Fed says economic recovery remains on track. * Iran blames U.S. for pause in nuclear talks. By Jessica Resnick-Ault. Oil prices rose on Thursday, notching further gains that pushed Brent past $75 a barrel the day after the U.S. government reported that crude stockpiles in the world's top oil consumer, fell to their lowest since January 2020.
* EIA reports 4.1 million barrel U.S. crude inventories drop. * Fed says economic recovery remains on track. * COVID still devastating in the Americas, health agency says. By Jessica Jaganathan.
* EIA reports 4.1 million barrel U.S. crude inventories drop. * Oil supply set to remain tight despite OPEC+ hike -analyst. * U.S. Federal Reserve leaves interest rates at 0% By Laura Sanicola.
Front Month ICE Brent Crude for Sept. delivery gained 26 cents per barrel, or 0.35% to $74.74 today. --Up six of the past seven sessions. --Highest settlement value since Wednesday, July 14, 2021.
Front Month Nymex Crude for Sept. delivery gained 74 cents per barrel, or 1.03% to $72.39 today. --Largest one day dollar and percentage gain since Thursday, July 22, 2021. --Snaps a two session losing streak.
Front Month Nymex Natural Gas for Aug. delivery gained 7.30 cents per million British thermal units, or 1.84% to$ 4.0440 per million British thermal units today. --Largest one day dollar and percentage gain since Wednesday, July 21, 2021. --Up eight of the past nine sessions.
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