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By: Reuters – Oil prices rose on Tuesday on apparent bargain hunting, recovering some ground from the previous day’s plunge. But gains...
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The energy sector is starting higher, supported by strength in the crude complex. Meanwhile, the major equity futures are mixed after US stocks bounced on Thursday following a largely unexplained late-day selloff in the prior session. Headline and core PCE came in a bit cooler than expected for November, fitting the broader disinflation theme.
WTI and Brent crude oil futures are higher in early trading on a weaker dollar and as more maritime carriers are avoiding the Red Sea due to recent attacks on vessels carried out by the Houthi militant group. Oil contracts are set for a second-consecutive higher week as hundreds of large vessels are rerouting around the southern tip of Africa, a longer route adding 10-14 days of travel, to escape drone and missile attacks by Yemeni Houthis that have pushed up oil prices and freight rates. Elsewhere, OPEC has yet to comment on Angola’s decision to leave the group. Oil-related news is quiet so far today in what should be a low-volume session of trading.
Natural gas futures are flat as preliminary estimates have storage for the week-ending today with a draw of (75) to (85) Bcf vs the 5-year average of (123) Bcf.
Benchmark U.S. crude oil for February delivery fell 33 cents to $73.89 per barrel Thursday. Brent crude for February delivery fell 31 cents to $79.39 per barrel.
Wholesale gasoline for January delivery fell 4 cents to $2.16 a gallon. January heating oil fell 1 cent to $2.70 a gallon. January natural gas rose 12 cents to $2.57 per 1,000 cubic feet.
Major U.S. equity benchmarks bounced back from a brief midweek downturn and resumed the holiday season rally Thursday, lifting the Dow Jones Industrial Average® (DJI) back near a record high as falling Treasury yields and further signs of easing inflation kept investors emboldened over prospects for Federal Reserve interest rate cuts and a "soft landing" for the economy. Here's where the major benchmarks ended:
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