The energy sector is off to a higher start, supported by strength in the underlying commodities and in the major equity indices.U.S. stock index futures rose in choppy trading after an increase in the October unemployment rate supported expectations that the Federal Reserve could deliver smaller rate hikes starting in December.
WTI and Brent crude oil futures are up in early trading as the dollar eased, with an EU ban on Russian oil looming large and investors weighing the prospects for an easing of China's COVID curbs.While demand concerns weighed on the market, supply is still expected to be tight, with Europe's upcoming embargoes on Russian oil starting and a slide in U.S. crude stockpiles. The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate. U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price capon sea-borne oil shipments, which is scheduled to take effect on Dec. 5 - to ensure EU and U.S. sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market.
Natural gas futures are trading higher on forecasts for much colder weather and higher heating demand in mid-November than previously expected.
Benchmark U.S. crude oilfor December delivery fell $1.83 to $88.17 a barrel Thursday. Brent crudefor January delivery fell $1.49 to $94.67 a barrel.
Wholesale gasoline for December delivery fell 1 cent to $2.69 a gallon. December heating oilrose 19 cents to $3.87 a gallon. December natural gasfell 29 cents to $5.98 per 1,000 cubic feet.
U.S. stocks extend losing streak to fourth day as S&P 500 logs lowest close in 2 weeks
U.S. stocks finished lower on Thursday for the fourth session...
U.S. stocks finished lower on Thursday for the fourth session in a row as all three major indexes logged their longest losing streak in at least two weeks. The S&P 500 SPX, -1.06% closed down 39.80 points, or 1.1%, to 3,719.89, notching its longest losing streak since Oct. 12 and its lowest closing level since Oct. 20. The Nasdaq Composite COMP, -1.73% finished 181.86 points, or 1.7%, lower at 10,342.94, and also cemented its longest stretch of losses since Oct. 12. The Dow Jones Industrial Average DJIA, -0.46% closed 146.51 points, or 0.5%, lower at 32,001.25, tying a four-day losing streak that ended Oct. 10. Stock losses have accelerated over the last two days after Federal Reserve Chairman Jerome Powell said it was “premature” to discuss pausing the central bank’s campaign of interest-rate hikes.
‘Extraordinarily low’ U.S. diesel supplies keep prices for the fuel high at the pump
Gasoline prices have started to hit the brakes, but it has been full steam ahead for diesel, with U.S....
Gasoline prices have started to hit the brakes, but it has been full steam ahead for diesel, with U.S. supplies of the fuel used in freight transportation and agriculture dropping to their lowest on record for this time of year.
That has kept U.S. diesel prices high at the pump, with a gain of more than 8% in October, even as gasoline saw little change to prices this past month, based on data from GasBuddy.
Shortages of diesel fuel around the globe and in the U.S. spurred the latest price advance, said Brian Milne, product manager, editor, and analyst at DTN. Milne refers to U.S. diesel fuel inventory as “extraordinarily low,” with supplies in the Northeast “critically low.”
A cold winter for consumers in the New England states, the region with the largest concentration of households that use heating oil, would be “very problematic,” said Milne. Diesel can be used in place of heating oil for furnaces.
