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APA Corp beat Wall Street estimates for quarterly profit on Wednesday, as stronger natural gas production in Egypt and higher prices helped blunt the impact of weaker oil prices and lower total output. Shares of the company climbed 2% in extended trade. Natural gas prices rebounded from last year's lows, driven by hotter weather, stronger demand for power generation and lower U.S. storage injections. APA's average realized gas prices rose nearly 29% in the second quarter to $2.28 per [Read more]

U.S. refiners are expected to continue operating above 90% of their combined production capacity of 18.2 million barrels per day (bpd) in the third quarter, said analysts contacted by Reuters. High refining margins are driving the continuing high levels of production from the second quarter into the third, but tropical storms could drive down production along the nation's refinery row on the coast of the Gulf of Mexico. "Barring any significant unplanned outages due to hurricane activity or [Read more]

U.S. President Donald Trump's tirade against India over trade and Russian oil purchases threatens to undo two decades of diplomatic progress, analysts and officials say, and could derail other areas of cooperation as domestic political pressures drive both sides to harden their stances. India's opposition parties and the general public have urged Prime Minister Narendra Modi to stand up to what they call bullying by Trump, who on Wednesday signed an executive order subjecting Indian imports to [Read more]

U.S. envoy Steve Witkoff's meeting with Russian President Vladimir Putin in Moscow on Wednesday went well, a White House official said, adding that Washington still planned to proceed with secondary sanctions on Friday. "The Russians are eager to continue engaging with the United States. The secondary sanctions are still expected to be implemented on Friday," the White House official said. Witkoff met Putin for around three hours on a last-minute mission to seek a breakthrough in the [Read more]

India, which gets more than a third of its oil imports from Russia, is likely to turn to supplies from the Middle East and Africa and other regions if it is forced to cut Russian imports due to possible U.S. penalties. WHY IS INDIA IMPORTING RUSSIAN OIL? India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in 2022. Russia has become the top supplier to India, accounting for [Read more]

*Crude exports rise by 620,000 bpd, driving inventory draw *Gasoline stocks fall by 1.3 mlb bbls, demand above 9 mln bpd *Distillate stockpiles drop unexpectedly, down by 565,000 bbls (Updates throughout, adds market reaction) By Stephanie Kelly NEW YORK, Aug 6 - U.S. crude oil stockpiles fell last week as exports rose, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell by 3 million barrels to [Read more]