🎃Energy Sector Commentary for this Halloween Monday
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 indices. U.S market futures opened lower as investors are bracing themselves for the upcoming two-day Federal Reserve policy meeting where they are anticipating another larger interest rate hike.
WTI and Brent crude oil are down in early trading amid weaker-than-expected Chinese factory activity data and as China continues to expand its COVID-19 curbs. Factory activity in China fell in October, weighed down by lower global demand and COVID-19 restrictions. Additionally, several Chinese cities are also widening their COVID-19 curbs in an attempt to control a series of outbreaks. In an outlook released on Monday, OPEC+ is sticking to a view of oil demand rising for another decade despite increasing use of renewable energy.
Natural gas futures rallied this morning on forecasts for higher demand, high European gas prices and as the Cove Point LNG export plant ends maintenance.
Oil and gas operators will likely add at least 90 more rigs through next year, according to a survey...
Oil and gas operators will likely add at least 90 more rigs through next year, according to a survey conducted by U.S. contract driller Patterson-UTI, as stronger oil prices boost activity.
Some 40 rigs will be added this quarter, according to the Patterson survey, which polled more than 70 of its customers, while another 50 could be added next year. There are currently 771 rigs operating in the United States, up 229 from a year ago, according to Baker Hughes.
A busy week for the economy. The Fed is pretty much a lock to hike interest rates by...
A busy week for the economy. The Fed is pretty much a lock to hike interest rates by a ginormous 75 basis points on Wednesday for the fourth straight meeting. Evidence that its inflation-fighting campaign is working could come on Friday, with the October jobs report. Plus: lots more earnings.
It’s about to get dark really early. Daylight Saving Time ends at 2am ET Sunday, so while we’ll get an extra hour of sleep that night, it also means watching the sunset from your desk at work for the next few months.
The World Series heads to Philly. The Phillies and the Astros each took one game apiece in Houston, and the teams will play Game 3 tonight in front of a frenzied—and very wealthy—crowd in Philly. The minimum to get in the door is $900.
Russia said it would stop participating in an UN-brokered deal that allows Ukrainian grain to be shipped to world markets, accusing Kyiv of a major drone attack in Crimea (Ukraine didn’t publicly claim responsibility for the attack). US officials bashed the move as weaponizing food supplies and said it would increase the risk of starvation around the world. The EU is urging Russia to change its mind.
Rampant Food And Fuel Inflation Spells Disaster For Emerging Economies
According to the World Bank’s latest ...
According to the World Bank’s latest Commodity Markets Outlook report, the shrinking value of currencies in most developing countries is driving up food and fuel prices in ways that are likely to continue to deepen the crises that many of them already face.
Almost 60% of oil-importing emerging-market and developing economies have seen an increase in domestic-currency oil prices since Russia invaded Ukraine, courtesy of currency depreciations, according to the World Bank.
Further, nearly 90% of these economies have recorded a larger increase in wheat prices in local-currency terms compared to the rise in U.S. dollars.
