The relevance of NYMEX WTI and the United States crude complex is continuing to rise, with higher trading volumes outside core U.S. trading hours signaling further international participation in the benchmark. Since Russia’s invasion of Ukraine in 2022, Europe’s oil refiners have turned to alternative crude oil grades in record volumes as a way of diversifying away from long-term crude supplies from Russia. One of the major beneficiaries would appear to be the U.S., with European refiners buying higher volumes of North American crude grades.
The push to export crude oil from the U.S. after a 40-year ban resulted from burgeoning production and a race to build infrastructure to efficiently deliver it to market. Canadian and U.S. crude production has grown from a low of 8 million barrels per day in 2008 to around 19 million barrels per day in 2025. WTI Midland produced in the U.S. was added to the Brent basket in 2023, formally linking the price of Brent with WTI. This change was very supportive for the trading of NYMEX WTI Crude Oil futures and increasing global interest in WTI, boosted trading volumes of WTI during European hours, and created a more direct price link between the U.S. and Brent.
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The Rise of NYMEX WTI and Its Impact Globally
The scale of U.S. export capability has meant that U.S. crude oil prices are playing an increasingly important role in the global crude oil system. The WTI-Brent futures spread reflects the price spread between U.S. crude oil and the North Sea. The buildout of export infrastructure in the U.S. has been beneficial to the WTI-Brent spread, which has risen from a low of $25 per barrel to trade around -$4 per barrel under Brent at the end of 2025. Trading volumes in the WTI-Brent futures spread, which are typically viewed as a hedging vehicle for the rising volumes of U.S. crude internationally, have remained robust with an average daily volume of around 61,000 contracts through December 2025 – a five-fold increase on the 2024 levels, based on the latest CME Group data.
While there have been some new oil discoveries in the North Sea in recent years – such as Johan Sverdrup and Johan Castberg – that have boosted total North Sea production, this has seemingly had little direct effect on the pricing mechanism for Dated Brent, which relies on production from Brent, Forties, Oseberg, Ekofisk and Troll crude oils plus delivered cargoes of WTI Midland. Production for the core North Sea grades (excluding WTI Midland) that underpin Brent have experienced mixed fortunes in recent years with total volumes falling by around 100,000 barrels per day in the past 12 months to December 2025.
At the same time, the volume of U.S. crude oil exported to northwest Europe has continued to rise, which has been supportive for the Brent benchmark. The total volume of U.S. crude oil sold into Europe has reached more than double the volume of oil that is produced at the North Sea crude oil terminals for Brent, Forties, Oseberg, Ekofisk and Troll. In the latest data from shipping analytics firm Vortexa, total volumes of U.S. crude oil exported to NW Europe reached around 1.1 million barrels per day compared to around 550,000 barrels per day for the crude oils which make up the current Brent basket.
European refiners have benefited from the increased availability of light sweet U.S. crude oil grades and, in some cases, have been able to replace the long-standing baseload crude grades from places like Russia with U.S. alternatives. This has been beneficial to the growth of NYMEX WTI crude oil futures, and other U.S. crudes like Argus MEH which trade relative to the U.S. crude futures marker. Traders note that this has been a major boost to the success of WTI Midland. It is generally considered to be a good quality crude grade that is able to produce a larger quantity of road transport fuels such as diesel and gasoline, both of which are important fuels used in the European markets.
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All of these changes are considered to be supportive to the growth of NYMEX WTI futures and broader U.S. crude complex as a global benchmark.
A Quarter of All NYMEX WTI Futures Now Trade During European Hours
The latest data from CME Group shows that there is a growing volume of NYMEX WTI Crude Oil futures being traded during non-U.S. hours. Trading volumes during the London day and before the U.S. trading session reached around 200,000 barrels per day in 2025, which is an increase of 16% from 2024 levels. Importantly, there were three months in 2025 where volume traded in European hours exceeded 200,000 contracts per day, with volumes reaching around 25% of the total volume traded. The inclusion of WTI in the Dated Brent basket is one reason behind the WTI volume increase in European hours, analysts say.
The boom in exports to Europe has also given rise to increased trading of CME Group WTI Midland quality futures, priced as a basis to NYMEX WTI at Cushing. Trading in the Argus WTI Houston vs. NYMEX WTI crude oil futures (NYMEX HTT) during the European morning hit a new high in October 2025, up more than three times the prior high. The growth signals increasing liquidity and interest from regional refiners in managing quality and location risk around WTI Midland.
The Rise of Grades: Hedging a Differential to WTI
The role that WTI Midland is playing in the North Sea price assessment process has been increasing for the past several months, with a higher proportion of U.S. crude cargoes setting the price of Dated Brent compared to other grades in the North Sea. Traded volumes in WTI Midland and WTI Houston vs NYMEX WTI have continued to increase sharply since U.S. crude oil was permitted for export in 2016, highlighting the growing appetite for risk management tools for managing price volatility along the U.S. Gulf Coast. All of these products are tied back to NYMEX WTI crude oil futures, which has attracted the interest of international markets.
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The latest data shows that total volume of the WTI Houston and WTI Midland products vs NYMEX WTI has increased from around 15,900 contracts per day in 2024 to around 18,000 contracts per day in 2025. This represents an increase of around 14% year-on-year. Open interest, a key measure of the success of a futures contract, reached around 705,000 contracts at the end of December 2025, which is close to an all-time record level.
These developments are helping to elevate WTI Midland to one of the leading globally significant swing barrels, especially for Northwest European refiners. The light sweet nature of WTI Midland is one reason why the crude grade has become a popular choice for European refiners. Typically, European refiners hedge their index purchases of WTI Midland from the Gulf Coast by buying NYMEX WTI plus the Argus WTI Houston (HTT) differential and selling NYMEX Brent futures.
U.S. Gulf Coast PADD III: Crude Production Achieves Record Output
The shale revolution has been one major factor contributing to the rise in output. The latest data from the U.S. Energy Information Administration shows that total U.S. crude production across the five key Petroleum Districts reached around 14 million barrels per day. Crude production in the crucial Petroleum Administration for Defense District (PADD III), which includes the Permian Basin crude WTI Midland, reached over 10.2 million barrels per day, an all-time high level during Q4 2025.
Growth in International Use of NYMEX WTI Continues
The increasing production of U.S. crude has been beneficial for the global oil markets and has allowed the U.S. to play a more pivotal role in the pricing of crude oil globally. Its export volumes have risen sharply in recent years and more cargoes are heading to Europe and Asia, which has brought more traders into the market to trade the price of WTI crude oil. The international adoption of NYMEX WTI as a global benchmark is expanding with many more refiners across Europe using it to price crude cargoes into the region. As higher volumes of U.S. crude oil exports are refined outside the U.S., the adoption of the U.S. benchmark continues to grow.
Dozens of apartments could be created within Preston’s Miller Arcade as part of a major redevelopment of the historic city shopping precinct.
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Plans have been unveiled which would see the vacant upper floors of the 19th-century premises brought back into use after years of standing empty.
A total of 46 properties are proposed across the top three storeys of the Grade II-listed building – bound by Church Street, Lancaster Road, Birley Street and the Flag Market – along with communal facilities for residents.
If the blueprint is approved, the retail units on the ground floor of the arcade – which became the first indoor shopping area in the city when it opened in 1899 – would continue to trade as normal.
The conversion proposal – by Darwen-based Icon Heritage Limited – comes 11 years after a similar vision put forward by a different company was given the nod by city planners. That scheme, unlike the current one, also featured a new restaurant and a roof garden – but was ultimately never delivered.
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The plans now on the table are for 24 one-bed, 18 two-bed and four ‘studio’ flats whose occupiers would have shared access to a cinema, gym, library, workspace, meeting room, kitchen and lounge. Access would come via an existing doorway on Lancaster Road, beneath the existing gold-plated ‘Miller House’ sign.
The much-loved landmark is renowned for its Victorian Baroque architecture and was modelled on the larger Burlington Arcade in London.
The floors now earmarked for apartments once housed hotels, a Turkish Baths, a wine lodge and, most recently, offices.
According to documents lodged with Preston City Council, the only external alterations that would be required by the proposed conversion would be repairs to the building’s fabric and the refurbishment of its windows – which would also be upgraded with ‘secondary glazing’ to help block out noise and retain heat.
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The necessary internal reconfiguration will take “a sensitive design approach that prioritises the retention of existing architectural features…which are considered heritage assets”, a planning statement explains.
It adds: “Introducing residential spaces into the building brings a new life – and the new use will help bring Miller Arcade back to becoming [of] even greater importance in Preston.”
The applicant sought advice from the city council before submitting their plans and was advised that the principle of the proposal was “wholly acceptable”.
To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.
Ford is recalling more than 450,000 vehicles in the U.S. in two separate actions over safety issues that federal regulators say could increase the risk of a crash.
The largest recall covers 412,774 model year 2017-2019 Ford Explorer SUVs due to a rear suspension toe link that can fracture, potentially affecting steering control.
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Toe links help maintain rear wheel alignment. If one breaks, it can cause changes in vehicle handling and raise the risk of a crash, according to the National Highway Traffic Safety Administration.
A 2017 Ford Explorer equipped with the XLT Sport Appearance Package. (Ford Motor Co.)
NHTSA said dealers will replace the rear suspension toe links with a revised, stronger design, free of charge for affected vehicles.
Ford told FOX Business that it is not aware of any injuries related to this issue.
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The automaker said notification to dealers is expected to begin on Feb. 25, and owner notification letters are expected to be mailed starting March 9.
Ford sign at a dealership in Richmond, California, June 21, 2024. (David Paul Morris/Bloomberg via Getty Images)
In a separate action, Ford is also recalling 40,655 vehicles to address battery failures and brake pedal defects, which regulators said could increase crash risk.
A Ford logo is seen against the backdrop of a city skyline. (Jeff Kowalsky/Bloomberg via Getty Images)
The latest recalls follow a record year for the automaker. In 2025, Ford issued 103 safety recalls, surpassing its previous annual high with months still remaining in the calendar year, according to a Kelley Blue Book report previously cited by FOX Business.
Ford has said its recall activity reflects efforts to identify and fix potential defects quickly and that it has expanded its team of safety and technical experts in recent years to improve quality and compliance.
Meta Platforms Inc.’s stock has pulled back in February 2026, trading around $636 to $639 after shedding about 2-3% in recent sessions amid investor concerns over the company’s massive $115 billion to $135 billion capital expenditure guidance for the year, even as core advertising revenue surges and new AI infrastructure deals signal long-term momentum.
Meta Platforms
As of February 24, 2026, Meta (NASDAQ: META) closed at approximately $636.07, down modestly from recent highs near $655-$660 earlier in the month. The shares have retreated from an all-time peak of around $788-$796 in mid-2025, reflecting a roughly 18-20% decline from that level. Year-to-date performance remains positive but tempered by volatility tied to AI spending fears and broader market dynamics.
The pressure intensified following Meta’s blockbuster Q4 and full-year 2025 earnings released January 28, 2026. The company reported record revenue of $59.89 billion for the quarter, up 24% year-over-year (23% on constant currency), surpassing analyst expectations. Full-year revenue reached $200.97 billion, a 22% increase from 2024. Diluted earnings per share hit $8.88 in Q4, beating estimates, while full-year net income stood at $60.46 billion despite a one-time tax impact from legislative changes.
Advertising, the core driver, delivered $58.14 billion in Q4, up significantly, fueled by 18% growth in ad impressions and 6% higher average price per ad. Family of Apps revenue climbed 25% to $58.94 billion, with daily active people averaging 3.58 billion in December 2025, up 7% year-over-year. Reality Labs, encompassing metaverse and wearables, posted $955 million in revenue but a $6.02 billion operating loss in Q4, though management indicated losses would peak in 2026 before declining.
Meta guided aggressively on investments, forecasting 2026 capex of $115 billion to $135 billion—roughly double 2025’s $72.22 billion—to build out AI infrastructure, data centers, and compute capacity. CEO Mark Zuckerberg emphasized advancing “personal superintelligence” through agentic AI models that personalize feeds, ads, commerce, and messaging. The spending aims to close the gap in generative AI capabilities, with internal AI tools already flattening teams and boosting productivity.
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A major validation arrived February 24, 2026, when Meta announced a multi-year, multi-generation partnership with Advanced Micro Devices Inc. to deploy up to 6 gigawatts of AMD Instinct GPUs starting in the second half of 2026. The deal, powered by custom MI450-based chips and Helios rack-scale architecture, represents “double-digit billions” per gigawatt and includes Meta gaining warrants for up to 160 million AMD shares. Shipments for the initial gigawatt begin soon, diversifying Meta beyond Nvidia dominance while supporting next-gen AI workloads.
The AMD pact sparked gains in AMD shares but offered mixed relief for Meta investors wary of execution risks and margin pressure from elevated spending. Free cash flow remains robust at $43.59 billion for 2025, with operating cash flow near $116 billion and cash reserves of $81.59 billion, providing flexibility for dividends, buybacks, and investments.
Meta continues pushing AI across products. Llama models advance open-source efforts, while Ray-Ban Meta smart glasses see explosive demand—sales tripled in recent periods, with waitlists extending into 2026 and international rollout paused due to supply constraints. Updates include enhanced Meta AI features like live translation and detailed visual responses. The company teases further wearables, including a potential smartwatch launch in 2026.
Wall Street leans bullish despite near-term headwinds. Consensus among 43-49 analysts rates Meta a Moderate to Strong Buy, with average 12-month price targets ranging from $835 to $864, implying 31-36% upside from current levels. High targets reach $1,144, low ends around $605-$700. Recent updates include Wells Fargo raising to $856 and others maintaining overweight stances, citing advertising resilience, AI monetization potential, and strong cash generation.
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Critics highlight risks: heavy capex could compress margins if AI returns lag, competition from OpenAI, Google, and others intensifies, and regulatory pressures persist. Yet proponents argue Meta’s scale—over 3.5 billion users—and proven ad efficiency position it to capture AI-driven growth. Billionaire investor Bill Ackman recently disclosed a stake, calling the stock undervalued compared to peers.
The next catalyst arrives with Q1 2026 earnings in late April, where updates on capex deployment, AI traction, and guidance revisions will be scrutinized. Positive signs of monetization from agentic features and wearables could fuel a rebound; delays might prolong volatility.
Meta stands at a transformative juncture. Its advertising dominance and user base provide a sturdy foundation, while aggressive AI bets—including partnerships, open models, and wearables—aim to secure future leadership. Investors betting on execution see current levels as an attractive entry amid the AI infrastructure buildout.
Ford Motor Co.’s stock has traded in a narrow range around $13.60 to $14.00 in late February 2026, reflecting investor focus on the automaker’s improved profitability outlook for the year despite a disappointing fourth-quarter earnings miss and ongoing challenges in its electric vehicle segment.
A logo of Ford
As of February 23, 2026, Ford (NYSE: F) closed at $13.64, down 2.64% on the day amid broader market pressures, with shares hovering near the upper end of its recent trading band. The stock has shown resilience year-to-date, climbing modestly from late-2025 levels, supported by a 49% gain over the prior 12 months driven by the company’s strategic shift toward hybrids and away from aggressive EV expansion. The 52-week high stands at $14.50, while the low is around $8.44.
The recent dip followed a February 10 earnings report where Ford posted mixed results for Q4 and full-year 2025. The company reported adjusted earnings per share of $0.13 for the quarter, beating some low expectations but missing consensus forecasts of around $0.19. Revenue came in at approximately $45.89 billion for Q4, above estimates, though full-year adjusted EBIT landed at $6.8 billion—near the company’s guided range but below some analyst projections.
Special items weighed heavily, including a massive $19.5 billion writedown tied to restructuring its Model e EV unit, supplier disruptions from a Novelis plant fire impacting aluminum supply for F-Series trucks, and tariff-related costs. These factors contributed to a reported net loss for the quarter and year. Ford Model e posted a $4.8 billion operating loss in 2025, an improvement from prior years but still significant. EV sales declined 14% annually and plunged 52% in Q4 following the loss of federal tax credits.
Investors, however, latched onto Ford’s forward-looking guidance, which painted a brighter picture for 2026. The company projected adjusted EBIT of $8 billion to $10 billion—up from $6.8 billion in 2025—with adjusted free cash flow expected at $5 billion to $6 billion. Capital expenditures are forecasted at $9.5 billion to $10.5 billion, including investments in a new Ford Energy business for battery storage systems. Ford Pro, the commercial vehicles segment, is targeted for $6.5 billion to $7.5 billion in EBIT, while Model e anticipates another $4 billion to $4.5 billion loss but with improvements in Gen 1 products.
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Management highlighted a “hybrid-first” strategy to align with customer demand. Hybrids set records in 2025, with U.S. sales exceeding 228,000 units—a 22% increase—and models like the F-150 hybrid maintaining dominance as America’s top-selling full-size hybrid pickup. Ford expects hybrids to play a central role in reaching approximately 50% of global volume from hybrids, extended-range EVs, and full EVs by 2030, up from 17% in 2025. The company plans to offer hybrid options across its North American lineup and introduce affordable EVs on a new Universal EV Platform, with a midsize electric pickup targeted for 2027.
Ford Blue, encompassing ICE and hybrid vehicles, generated $3 billion in operating profit in 2025 despite margin compression. Executives emphasized prioritizing high-demand, profitable products like Maverick hybrids and premium F-150 trims, including V-8, Lariat, and Raptor variants.
Broader initiatives include affordability measures such as entry-level trims for Explorer and Bronco, extended financing, and targeted incentives for former Escape owners following the model’s discontinuation. Ford also plans five new vehicles under $40,000 by decade’s end to address market challenges.
Analysts remain cautiously optimistic, with a consensus “Hold” rating from 15-17 firms. Average 12-month price targets range from $13.02 to $13.09, implying modest downside or flat performance from current levels, though some targets reach $16.00. Bullish views cite hybrid momentum, cost discipline, and potential margin expansion toward an 8% adjusted EBIT target by 2029. Critics point to execution risks in EV restructuring, potential sales softness from limited 2026 launches, and industry headwinds like affordability pressures and flat U.S. volumes.
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Recent developments include a dividend declaration of 15 cents per share for Q1 2026, payable March 2 to shareholders of record February 13. Insider activity featured gifts of Class B shares from a voting trust, while the company showcased its UEV platform for efficiency in electric commercial vehicles.
Ford’s trajectory reflects a pragmatic reset in a transitional auto market. With hybrids driving near-term profits and EVs repositioned for longer-term viability, the Dearborn-based automaker aims to balance innovation with financial discipline. Investors will watch Q1 results in late April for updates on hybrid ramp-up, EV cost reductions, and any guidance tweaks amid evolving trade policies and consumer trends.
As legacy automakers navigate electrification, Ford’s hybrid emphasis and profitability focus position it to weather near-term volatility while building toward sustained gains.
Novo Nordisk executive vice president of U.S. operations Dave Moore discusses the drugmaker’s newly launched once-daily oral weight-loss pill on ‘The Claman Countdown.’
Novo Nordisk on Tuesday announced plans to cut the list price of its popular diabetes and weight-loss drugs Ozempic and Wegovy by as much as 50% in the U.S. next year.
The Danish drugmaker indicated the price cuts will be effective on Jan. 1, 2027, and the timing will coincide with new, lower prices for Ozempic and Wegovy under Medicare plans for older Americans.
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The company’s announcement indicated the list price for various doses of its Ozempic and Wegovy medicines will be lowered to $675, which represents a 50% price cut for Wegovy and 35% for Ozempic from the current level. The price cuts also apply to Wegovy and Rybelsus pills.
“Lowering the list price of Wegovy and Ozempic is the best approach to address the unprecedented opportunity to help more than 100 million people living with obesity and over 35 million people with type 2 diabetes in the United States,” said Jamey Millar, executive VP of U.S. operations for Novo Nordisk.
Novo Nordisk announced it will cut Wegovy and Ozempic list prices by up to 50% starting next year. (Dhiraj Singh/Bloomberg via Getty Images)
“Our actions today answer that call and remove cost barriers so the value of Wegovy and Ozempic can be realized by more patients,” he explained.
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“The lower list price is intended to connect more people with our innovative medicines, specifically those whose out-of-pocket costs are linked to list price, such as individuals with high-deductible health plans or co-insurance benefit designs,” Millar added.
Novo Nordisk’s GLP-1 drugs have semaglutide as the active ingredient, which has received FDA approval as a medicine for adults with obesity in the case of Wegovy, while Ozempic is approved for type 2 diabetes.
Additionally, Ozempic injections are FDA-approved for type 2 diabetes and chronic kidney disease, while both Wegovy and Ozempic are approved for comorbid cardiovascular disease.
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The pricing changes don’t impact direct-to-patient or self-pay prices for consumers.
Wegovy and other GLP-1 drugs are being used for weight-loss as well as treating diabetes. (Shelby Knowles/Bloomberg via Getty Images)
The market for so-called GLP-1 drugs has become increasingly competitive and a shift to consumer-driven, cash-pay channels is making price points more sensitive. Novo Nordisk is selling Wegovy on its direct-to-consumer website for $349, which is about one-third of its official list price.
Both Novo Nordisk and a leading rival, Eli Lilly, signed deals with the U.S. government to cut prices this year and sell products through TrumpRx.gov – a website that directs consumers to the companies’ direct-to-consumer websites.
The two companies are facing competition from cheaper compounded versions of the drugs offered by telehealth platforms like Hims & Hers, which are permitted to make and sell the drugs in personalized doses or composition.
| Revenue of $291.60M (-11.34% Y/Y) misses by $28.85M
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