The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the major market futures and the underlying commodities. U.S. stocks are expected to open sharply higher following the release of the CPI data which reflected a smaller-than-expected rise in U.S. consumer prices. This has increased expectations the Federal Reserve will be moderate in its future interest rate hikes.
WTI and Brentare trading higher as supply disruptions outweighed declining optimism over a Chinese oil demand recovery. The oil market continues to see some support following the closure of the Keystone pipeline which closed down after a leak last week. However, oil futures pared earlier gains after the Chinese leader delayed a key economic policy meeting, amid surging COVID-19 infections. Additionally, export volumes from Russia's Baltic and Black Sea ports are set to decline this month.
Natural gas futuresare up this morning on forecasts for colder temperatures and higher heating demand in the next two weeks.
Sam Bankman-Fried Arrested in the Bahamas After U.S. Files Charges
Sam Bankman-Fried, the fallen crypto king who presided over the fiery $32-billion implosion of FTX last month, was arrested by Bahamian authorities, the country’s attorney general said on Monday.
“SBF’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition,” the statement said.
A Twitter account for the U.S. Attorney for the Southern District of New York confirmed the news, writing that the arrest was “based on a sealed indictment filed by the SDNY.”
“We expect to move to unseal the indictment in the morning and will have more to say at that time,” the tweet continued.
Oil futures ended higher on Monday, with the continued shutdown of the Keystone pipeline and an improvement...
Oil futures ended higher on Monday, with the continued shutdown of the Keystone pipeline and an improvement in the outlook for Chinese energy demand, on the back of easing COVID-19 restrictions, raising concerns over tight crude supplies.
West Texas Intermediate crude for January delivery CL.1, rose $2.15, or 3%, to settle at $73.17 a barrel on the New York Mercantile Exchange, posting the first gain in seven sessions. The U.S. benchmark tumbled more than 11% last week, ending Friday at the lowest for a front-month contract since Dec. 20, 2021, according to Dow Jones Market Data.
February Brent crudeBRN00, the global benchmark, added $1.89, or 2.5%, to $77.99 a barrel on ICE Futures Europe. Brent ended Friday at the lowest since Dec. 22, 2021, also shedding more than 11% last week.
Back on Nymex, January gasolineRBF23, edged up by 1.2% to $2.081 a gallon, while January heating oilHOF23, rose 6.3% to $2.9685 a gallon.
January natural gas NGF23, jumped 5.5% to $6.587 per million British thermal units.
Dow jumps more than 500 points as stocks end higher ahead of highly-anticipated inflation data
U.S. stocks closed sharply higher Monday, bouncing from last...
U.S. stocks closed sharply higher Monday, bouncing from last week's losses ahead of a highly-anticipated reading on inflation for November. The Dow Jones Industrial Average DJIA, 1.58% ended up more than 500 points, or 1.6%, while the S&P 500 SPX, 1.43% gained 1.4% and the Nasdaq Composite COMP, 1.26% advanced 1.3%, according to preliminary data from FactSet. Last week all three major benchmarks suffered losses, snapping a two-week win streak. Investors are awaiting fresh inflation data from the consumer-price index, with a CPI report scheduled to be released Tuesday morning ahead of the U.S. stock market's open.
Oil Traders Pump a Record $500 Million Into One Fund as Prices Plunge
WisdomTree’s Brent Crude Oil ETP — ticker BRNT — attracted a weekly record of about $500 million,...
WisdomTree’s Brent Crude Oil ETP — ticker BRNT — attracted a weekly record of about $500 million, almost tripling the fund’s assets to more than $700 million. The WisdomTree fund’s inflow is one of the largest for any oil-tracking ETP this year.
The move coincided with benchmark Brent futures sliding 11% in their biggest weekly slump since early August. Worries that rising interest rates will quell demand and an oversupplied physical market have pressured prices lately.
In another sign of dip buying,the market’s largest product, the $2.4 billion US Oil Fund— or USO — saw a daily inflow of $169 million last week. That was the most since August 2020.
