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Energy stocks are opening in the green, with higher broader index futures set to offset slightly lower energy commodity prices. News flow and earnings are slowly beginning to wind down, with late August seasonal trends on the horizon. July inflation data came in as expected, with a 0.2% rise month-over-month and a 3.2% increase from 12 months ago. Probabilities for Fed rate increases at the upcoming meetings in September and November declined following the inflationary data.
Oil prices are marginally lower, consolidating near 2023 highs. Both benchmarks have been on a sustained rally since June, with WTI trading at its highest this year on Thursday and Brent hitting its highest price since January. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for tensions between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments.
Natural gas futures are down by a nickel, trading around $2.91, ahead of weekly inventory data.
Wildfire has engulfed businesses on Front Street in downtown Lahaina in West Maui, home to 12,000 people.
The Coast Guard is responding to people who were forced to go into the ocean due to the flames.
Video credit to Alan Dickar, a local resident of Lahaina. pic.twitter.com/8uiyHQP55B
— Colin McCarthy (@US_Stormwatch) August 9, 2023
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