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The energy sector is off to a lower start, pressured by further declines in the underlying commodities while major equity futures were again little changed after the S&P 500 registered its longest winning streak since 2021.
WTI and Brent crude oil futures have extended their steep slide lower for the second-straight session and are now sitting at three-month lows, slipping on lingering concern over waning demand in the United States and China and following last night’s API. After revising expectations that crude oil production in the US will rise slightly less than previously expected, the EIA also said they now anticipate that U.S. petroleum consumption will fall by 300,000 bpd this year, down from its previous forecast of a 100,000 bpd increase.
Natural gas futures are on pace for their third consecutive day of declines, continuing to reel on reports showing record output and on forecasts for mild weather to continue through late November. The lack of a storage report this week from the EIA has also added to the market volatility with investors having to rely mainly on weather forecasts.
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