Brent/USD

Working gas in storage across the United States stood at 2,835 billion cubic feet in the week ending June 19, the Energy Information Administration (EIA) revealed in its report released on Thursday. The figure marks a net increase of 76 billion cubic feet compared to the week before. On an annual level, the figure declined by 49 billion cubic feet. ...

Iraq's oil ministry on Thursday denied reports that Baghdad had considered leaving Opec, saying claims of a possible withdrawal "do not reflect the official position" of the government. Neither prime minister Ali al-Zaidi nor the government had proposed leaving, the ministry said. The clarification follows reports claiming Iraq had weighed exiting the group ...

Fed’s Cook Ruling Likely Next Week As SCOTUS Finishes Opinions Supreme Court: Monday will be the next opinion day

Personal income increased $181.6 billion (0.7 percent at a monthly rate) in May, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Disposable personal income (DPI)—personal income less personal current taxes—increased $164.9 billion (0.7 percent), and personal consumption expenditures (PCE) increased $156.1 billion (0.7 percent). Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $159.9 billion in May. Personal saving was $704.2 billion in May, and the personal saving rate—personal saving as a percentage of DPI—was 3.0 percent. The increase in current-dollar personal income in May primarily reflected increases in farm proprietors’ income and compensation. The $156.1 billion increase in current-dollar PCE in May reflected increases of $94.3 billion in spending on services and $61.8 billion in spending on goods. Core inflation rate hit 3.4% in May, highest since October 2023, Fed’s preferred gauge shows The Federal Reserve’s primary price gauge rose at its highest core level since 2023, reinforcing the central bank’s recent tough talk on inflation. The personal consumption expenditures price index showed inflation running at a seasonally adjusted 4.1% annual rate, the highest since April 2023, according to a Commerce Department report Thursday. On a monthly basis, PCE accelerated 0.4%. The annual level was in line with the Dow Jones consensus estimate while the monthly reading was 0.1 percentage point below. Stripping out food and energy, core PCE showed a 3.4% annual rate after rising 0.3% for the month, both in line with consensus. The core reading was the highest since October 2023. Core PCE was 0.32% in May, on the low side of expectations but still the fourth highest monthly print in the last 12 months (3.9% annualized) The 12-month change, at 3.4%, is the highest reading since Oct. 2023. The 6-month annualized rate is above 4%. pic.twitter.com/Y5lHnFzbBM

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the first quarter of 2026 (January, February, and March), according to the third estimate released today by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2025, real GDP increased 0.5 percent. Real GDP was revised up 0.5 percentage point from the second estimate, ...

Iraq: OPEC departure decision is possible if no quota increase

Now, as energy costs decline, it’s tempting to think consumer spending can accelerate. But that might be too optimistic a take. Despite headline resilience, the energy shock, coupled with persistent non-energy prices, have weakened the US consumer and their capacity to absorb further price pressures. That’s not enough to break our cautiously optimistic U.S. ...

The biggest U.S. banks would be able to absorb more than $708 billion in losses in a severe global recession while continuing to lend to households and businesses, according to the Federal Reserve’s annual stress test. CNBC's Leslie Picker reports.

Washington, DC

Treasury Secretary Scott Bessent, at right, gave a speech Tuesday night in which he appeared to give Fed Chair Kevin Warsh, at left, permission to hike interest rates. A lot of ink has been spilled in recent months predicting how new Federal Reserve Chair Kevin Warsh would face the wrath of President Donald Trump unless he could quickly deliver more ...