- Oil is down slightly, extending losses from yesterday
- More details were released about potential stimulus measures from China, which left investors disappointed
- The API estimates US crude inventories fell for the first time in three weeks ahead of the official data release later today
- Phillips 66 to shut California oil refinery, citing uncertain future (BBG)
- Phillips 66 plans to shut down a Los Angeles area refinery in the fourth quarter of 2025, citing uncertainty about the long-term sustainability
- The closure will reduce California’s refining capacity by 8%
- US strikes Houthi militants in Yemen (BBG)
- US forces struck weapons storage facilities controlled by the Houthi militants in the latest effort to stop attacks on commercial vessels in the Red Sea
- Israel is continuing to weigh a response to Iran, although recently stated oil infrastructure would not be targeted
- Continued conflict in the Middle East has helped support crude prices this year
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