Futures were little changed in New York after rising 0.4 percent on Wednesday. The American Petroleum Institute estimates stocks fell by 5.12 million barrels last week, a steeper drop than the 3.15 million forecast in a Bloomberg survey before Energy Information Administration data due Thursday. OPEC’s outlook for rival supply expanded once again, the group said in its monthly report, becoming the latest agency to boost its estimates for American production. Oil is extending its run after two consecutive annual gains as the Organization of Petroleum Exporting Countries and allies including Russia curb supplies. While the cuts are gradually shrinking a global surplus, OPEC said rising prices are boosting production in North America. The International Energy Agency, which releases its monthly report on Friday, may also increase its estimates for U.S. output, said Executive Director Fatih Birol. Click Read More below for additional information.
National Average Price for Regular – Current: $2.285; Month Ago: $2.338; Year Ago: $1.710.
National Average Price for Diesel – Current: $2.514; Month Ago: $2.530; Year Ago: $1.988.
The National Football League remains the hottest ticket in town for TV advertisers, as inventory in the sport's coast-to-coast broadcast packages is once again out-pricing just about everything else on the tube. According to media buyers who regularly steer clients to NFL broadcasts, the priciest slice of prime-time real estate is once again a 30-second spot in NBC's "Sunday Night Football." Marketers looking to hitch their wagon to NBC's weekly juggernaut are paying on the order of $665,375 per unit, with late scatter buys from the likes of movie studios and telco brands pacing well over the $700,000 mark. Last year, the average cost for a 30-second commercial in "Sunday Night Football" was a little over $625,000.
Iraq exported oil at the fastest pace since late 2016 during the first half of July, indicating OPEC’s second-largest producer is pumping more after the group eased production limits. Crude shipments during the first two weeks of the month were 4.05 million barrels a day, the highest since November 2016, according to tanker tracking and port agent data compiled by Bloomberg. That’s 6 percent higher than the daily average of exports for all of June. Preliminary tanker tracking data is subject to change because shipments can be delayed and the average for a full month can be higher or lower. Click Read More below for additional information.