Phillips 66, Kinder Morgan, And HF Sinclair Announce Final Investment Decision On $5B Western Gateway Refined Products Pipeline, Targeting 2029 Completion

Phillips 66, Kinder Morgan, And HF Sinclair Announce Final Investment Decision On $5B Western Gateway Refined Products Pipeline, Targeting 2029

Benzinga19:14

Is the gold and silver bull market about to resume? Experts say the pullback is a 'normal fluctuation,' and the long-term risk-reward profile has improved!

① Maria Smirnov, Chief Investment Officer at Sprott Inc., stated that the recent decline in gold prices represents a normal correction within a bull market rather than a reversal of the trend, and that the outlook for silver remains highly attractive; ② She noted that factors such as rising sovereign debt, fiscal deficits, central bank gold purchases, and geopolitical fragmentation continue to underpin gold’s strategic role, and that fundamentals for precious metals mining equities remain robust.

cls.cn15:20

Shell Cuts Ormen Lange Gas Field Production by 40% After Compressor Failure

Seeking Alpha04:48

BP to Sell 20% Stake in Venezuela's Cocuina Gas Field to Trinidad's NGC - Reuters

Seeking Alpha04:22

Express News | Fed's Hammack: Multiple Rate Hikes May Be Needed to Curb Inflation

Cleveland Fed President Hammack stated that inflation has not yet returned to target levels and that the Federal Reserve may need to implement multiple rate hikes. She noted that a single 25-basis-point increase “would not have a significant impact on the economy,” but declined to forecast the exact number of hikes or the terminal interest rate level. Hammack believes that the current federal funds rate range of 3.50%–3.75% has not yet imposed meaningful restraint on the economy, as businesses have not curtailed growth-oriented investment due to higher rates, making “now the time to act.” She emphasized that the longer the Fed waits, the harder it will be to bring inflation back to 2%. Hammack also stressed that the labor market currently shows no significant signs of weakness and that July’s employment data would not alter her focus on inflation. She argued that markets can only support the Fed’s efforts but cannot substitute for Fed action. At the Fed’s July policy meeting, Hammack opposed holding rates steady and favored a 25-basis-point rate hike.

Breakings02:50

For the first time since 1983! U.S. Strategic Petroleum Reserve falls below 300 million barrels; crude oil prices surge more than 4% intraday.

The U.S. Strategic Petroleum Reserve (SPR) hit a new low last week, falling below 300 million barrels for the first time since 1983. According to data from the U.S. Department of Energy, as of the week ending August 7, the SPR declined by approximately 6.1 million barrels to 298.3 million barrels—breaking through the 300-million-barrel mark and reaching its lowest level since 1983, drawing closer to the all-time low of around 270 million barrels recorded in April 1982. Following the release of this SPR data, international oil prices extended their gains. During the late morning session of U.S. stock trading, U.S. WTI crude oil futures briefly rose above $81.30 per barrel, while Brent crude climbed above $86.90 per barrel during the day.

wallstreetcn00:57