The energy sector is off to a mixed-to-higher start amid a rally in equity futures, which has outweighed a fall in crude oil contracts. U.S. equities are higher in the pre-market as investors react to positive Q1 earnings from Microsoft, while they await to digest more corporate data which will provide clues on the Fed’s interest rate path. As earnings season continues to heat up, Hess Corp reported first-quarter earnings, beating Wall St estimates, and disclosed a new discovery offshore Guyana by a consortium led by Exxon Mobil.
WTI and Brent crude oil are slightly lower as falling U.S. inventories failed to eclipse weak economic data and concerns over a hard landing. According to API figures, U.S crude stockpiles fell by about 6.1 million barrels last week, outpacing a 1.9-million-barrel decrease in gasoline inventories. Additionally, WTI Midland is set to be added to the S&P Global Platts and is the first crude from outside the region to be added to the traditionally European-based basket. The amount of Midland crude arriving in Europe has climbed in the past year, following the sanctions on Russia which have only strengthened the importance of WTI across the Atlantic.
Natural gas futures are lower on the last day before the expiration of the front-month contract on forecasts for milder weather in the next two weeks.
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The US is in the midst of a "freight recession," meaning there are fewer trucks delivering...
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That slowdown, in turn, has dragged diesel prices down by almost half since last May, with the Wall Street Journal reporting wholesale diesel falling from $5.34 to $2.65.
The key industrial fuel, which is used to power machines and vehicles in countless sectors, began to dip first during the warmer-than-expected winter. Diminishing factory output and weaker demand for trucks has dragged prices down further.
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Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening...
Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand.
Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel, its lowest close since March 31, before OPEC announced plans to cut production.
U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to close at $77.07, also its lowest this month.
