Dow futures jump more than 500 points as rally in commodity prices driven by Ukraine conflict eases
CNBC ~Stock futures posted sharp gains early...
CNBC ~Stock futures posted sharp gains early Wednesday as recently surging commodity prices cooled off while the war in Ukraine continues.
Futures tied to the Dow Jones Industrial Average rose 560 points or about 1.7%. S&P 500 futures climbed 1.9% and Nasdaq 100 futures gained 2.4%.
The gains came amid an easing in commodity prices that have spooked the broader market. Energy and agriculture products in particular have catapulted higher amid the fighting in Ukraine, while some metals also have posted major gains.
West Texas Intermediate crude, the U.S. oil benchmark, was last down 4% to around $118, while Brent crude, the international standard, fell 3.5% to around $123.
'Energy transition? Leave us out,' says Nigeria oil minister
Developing countries should not have to target renewable energy sources and turn away from fossil fuels,...
Developing countries should not have to target renewable energy sources and turn away from fossil fuels, Nigerian energy officials said on Tuesday, joining other emerging oil-producing nations reluctant to embrace the global energy transition trend.
Some 900 million people in the world, most of them in Africa, still have no access to energy for basic needs, Nigeria's oil Minister Timipre Marlin Sylva said on Tuesday, speaking during the CERAWeek energy conference in Houston.
"We are still in transition from firewood to gas," Sylva said. "Please allow us to continue with our own transition."
Saudi Arabia and UAE leaders ‘decline calls with Biden’ amid fears of oil price spike
The de-facto leaders of Saudi Arabia and the United Arab Emirates have...
The de-facto leaders of Saudi Arabia and the United Arab Emirates have declined to arrange calls with US president Joe Biden in recent weeks as the US and it allies have sought to contain a surge in energy prices caused by Russia’s invasion of Ukraine.
According to the Wall Street Journal, citing both Middle East and US officials, both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have been unavailable to Biden after US requests were made for discussions.
Last week, OPEC+, which includes Russia, declined to increase oil production despite western entreaties.
Relations between the US and Saudi Arabia have chilled during the Biden administration over American policy in the Gulf region.
Bloomberg's review of federal drilling permits shows that half of the unused onshore permits are for acreage in New Mexico's Lea and Eddy counties, part of the Permian Basin that is responsible for most of U.S. oil production, and EOG held the most permits there, followed by Devon and Occidental Petroleum(NYSE:OXY).
Oil surges as U.S. bans Russian crude, Britain to phase out purchases
Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil...
Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year-end, decisions expected to further disrupt the global energy market where Russia is the second-largest exporter of crude.
Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. Russian oil and gas exports were already being shunned before the ban as traders sought to avoid running afoul of future sanctions.
U.S. President Joe Biden announced a ban on Russian oil and other energy imports. Britain said it will phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives. read more
Brent crude futures settled at $127.98 a barrel, 3.9% higher, while U.S. crude futures settled at $123.70 a barrel, a 3.6% increase.
