Oil futures settle lower, with U.S. prices down more than 3%
Oil futures ...
Oil futures declined on Monday, with U.S. prices losing more than 3% to erase Friday’s gain and then some. Losses followed a modest reduction in the Organization of the Petroleum Exporting Countries’ 2022 global demand forecast, as uncertainty continues to surround China’s COVID-19 policy and its outlook for energy demand. Still, with China looking to ease COVID restrictions and the potential price cap possibly Russia taking oil barrels off markets, “we feel risk is to the upside in energy markets,” said Tariq Zahir, managing member at Tyche Capital Advisors. U.S. benchmark West Texas Intermediate crude for December delivery CLZ22, fell $3.09, or 3.5%, to settle at $85.87 a barrel on the New York Mercantile Exchange after posting a gain of 2.9% on Friday.
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the crude complex and the major market futures. U.S. stocks are expected to open lower as investors believe the Federal Reserve may continue to be hawkish despite data that showed inflation is beginning to ease.
WTI and Brent crude oil are down in early trading as COVID-19 infections increase in China and on a stronger dollar. China reported 14,878 new COVID-19 infections for 12-November, including a record number of new daily cases in capital city Beijing as well as in manufacturing hubs Guangzhou and Zhengzhou. The Dollar Index is up +0.50% to 106.70, off intra-morning highs of 107.14. Additionally, recovering exports at the Caspian Pipeline Consortium is adding further pressure to futures.
Natural gas futures jumped this morning on forecasts for colder weather and more heating demand than previously expected.
Dow industrials break with downward stock-market trend to post narrow gain
U.S. stocks opened lower Monday as Treasury yields rose, with all three major equities indexes down after ...
U.S. stocks opened lower Monday as Treasury yields rose, with all three major equities indexes down after scoring gains last week. The Dow Jones Industrial Average DJIA, 0.17% was down 0.3% soon after the opening bell, while the S&P 500 SPX, 0.01% slipped 0.5% and the Nasdaq Composite COMP, -0.46% fell 0.8%, according to FactSet data, at last check. Meanwhile, the yield on the 10-year Treasury note was up around four basis points at 3.86% Monday morning. Federal Reserve Vice Chair Lael Brainard is scheduled to speak on the economic outlook at 11:30 a.m. Eastern time.
Norwegian energy firm Equinor-owned Aasgard B oil and gas processing platform was shut and partly evacuated...
Norwegian energy firm Equinor-owned Aasgard B oil and gas processing platform was shut and partly evacuated late Nov. 13 following a fire in a transformer, causing a production outage, newspaper Adresseavisen reported on Nov. 14.
There were no injuries onboard the facility located some 200 km offshore in the Norwegian Sea, an Equinor spokesperson was quoted as saying by the report.
The shutdown resulted in an outage of gas production amounting to 19.8 million cubic meters per day with “uncertain duration and capacity consequence,” Aasgard’s pipeline operator Gassco said in a regulatory filing.
Norway, Europe’s biggest supplier of natural gas, is still expected on Nov. 14 to deliver some 307 million cubic meters of gas via pipelines to Britain and the EU, according to Gassco.
At least six people were killed and 81 injured in an explosion in central Istanbul. No one has claimed...
At least six people were killed and 81 injured in an explosion in central Istanbul. No one has claimed responsibility, but authorities are pointing to a terrorist attack.
