‘All Options Remain on the Table’ to Address High Oil Prices, White House Says
The Biden administration is in talks with both oil-producing and consuming countries to tackle high oil...
The Biden administration is in talks with both oil-producing and consuming countries to tackle high oil prices, White House spokeswoman Jen Psaki said on Feb. 8, adding that all options are on the table.
“With oil-producing countries, we’re talking about proposed production increases. With oil-consuming countries, we're talking about releases from strategic reserves,” Psaki told reporters.
In November, the U.S. announced plans to release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, but prices are at just below seven-year highs.
The energy sector is set for a mixed to a higher open, supported by strength in the major equity indices...
The energy sector is set for a mixed to a higher open, supported by strength in the major equity indices but pressured by weakness in the crude complex which erased early gains this morning. U.S. stock futures rose, with high-growth stocks gaining as a recent rally in Treasury yields paused, while investors took comfort from upbeat earnings reports and signs of easing tensions in Ukraine. Investors are awaiting consumer prices data on Thursday for clues on the Federal Reserve's plans to hike interest rates, particularly after an unexpectedly strong jobs report last week raised concerns of a more aggressive move by the central bank. Earnings picked up across energy, with results from integrated, services and drillers.
Spanish Oil Major Repsol Looking to Sell Some Canadian Assets
Spanish oil major Repsol SA is considering putting some of its Canadian assets...
Spanish oil major Repsol SA is considering putting some of its Canadian assets for sale later this year as it looks to reap the benefits of higher oil and gas prices, four sources told Reuters on Feb. 7.
Repsol is seeking buyers for its holdings in the Duvernay basin, in western Canada, which are still in the early development stages, according to its website. The company's 170,000 acres (688 sq km) in the Duvernay could fetch about CA$750 million (US$589.9 million), according to an industry source.
The move by Repsol follows several global oil majors which have rushed to sell assets in the No. 4 oil-producing country over the past four years over concerns ranging from high production costs and emissions to scarcity of capital for fossil fuel projects.
API data reportedly show declines for weekly U.S. crude, gasoline and distillate supplies
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2 million...
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2 million barrels for the week ended Feb. 4. The API also reportedly showed weekly inventory declines of 1.1 million barrels for gasoline and 2.2 million barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub edged down by 2.5 million barrels last week. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories rose by 100,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a weekly supply rise of 1.4 million barrels for gasoline and an inventory decrease of 600,000 barrels for distillates
Dow industrials finish up over 370 points as investors weigh earnings
U.S. stocks posted strong gains on Tuesday, with the Dow industrials clinching the best session...
U.S. stocks posted strong gains on Tuesday, with the Dow industrials clinching the best session in over a week, as investors took a pause from gobbling up energy shares to spread the wealth to other sectors of the market, including materials, financials, and consumer discretionary.
The Dow Jones Industrial AverageDJIA rose 372 points, or 1.1%, to reach around 35,463, on a preliminary basis, which would represent the best gain since Jan. 31, FactSet data show.
The S&P 500 index SPX closed up 0.8% to about 4,522, roughly.
The Nasdaq Composite IndexCOMP closed up 1.3% to reach around 14,195.
The 10-year Treasury noteBX:TMUBMUSD10Y yields 1.954%, up 3.9 basis points, reaching a new 52-week high and its highest rate since July 31, 2019. Yields rise as prices for debt fall.
The 2-year Treasury noteBX:TMUBMUSD02Y yields 1.339%, rising 4.5 basis points and marking its own 52-week high, representing its highest level since Feb. 21, 2020.
