The energy sector is off to a lower start, pressured by weakness in the underlying commodities despite...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities despite strength in the major equity futures which rose sharply as investors eyed diplomatic efforts to end Russia's attack on Ukraine, while Asian markets sank after Chinese inflation accelerated.
WTI and crude oil futures are down in early trading as some investors took the view that the U.S. ban on Russian oil may not worsen a supply shock. Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed. Prime Minister Boris Johnson said on Wednesday his government needed to tackle the long-term impacts of a spike in energy prices and he would set out a plan to help Britain become more independent in its energy generation in the next few days. In Asia, Beijing has told Chinese state refiners to consider suspending exports of gasoline and diesel in April as the Ukraine war heightens concerns of shortages. Asian supplies have been reduced by outages because of the refinery maintenance season and action by the Chinese government earlier in the year to prevent excessive production.
Uhhhhh, wait a minute…what do red numbers mean when I look at oil price this morning? My expectation was that oil prices would go up every day for the rest of my life. pic.twitter.com/IzxsY6qqEW
Bitcoin jumps as Biden announces executive order on cryptocurrencies
Bitcoin and other cryptocurrencies were higher Wednesday...
Bitcoin and other cryptocurrencies were higher Wednesday after Biden announced his highly anticipated executive order on digital assets. The order attempts to address the lack of a framework for the development of cryptocurrencies in the U.S., which critics believe could leave the country’s industry behind the rest of the world. Treasury Secretary Janet Yellen said in a statement Wednesday that the executive order “calls for a coordinated and comprehensive approach to digital asset policy.” It appears to be broadly welcomed by the cryptocurrency industry and investors
Dow futures jump more than 500 points as rally in commodity prices driven by Ukraine conflict eases
CNBC ~Stock futures posted sharp gains early...
CNBC ~Stock futures posted sharp gains early Wednesday as recently surging commodity prices cooled off while the war in Ukraine continues.
Futures tied to the Dow Jones Industrial Average rose 560 points or about 1.7%. S&P 500 futures climbed 1.9% and Nasdaq 100 futures gained 2.4%.
The gains came amid an easing in commodity prices that have spooked the broader market. Energy and agriculture products in particular have catapulted higher amid the fighting in Ukraine, while some metals also have posted major gains.
West Texas Intermediate crude, the U.S. oil benchmark, was last down 4% to around $118, while Brent crude, the international standard, fell 3.5% to around $123.
'Energy transition? Leave us out,' says Nigeria oil minister
Developing countries should not have to target renewable energy sources and turn away from fossil fuels,...
Developing countries should not have to target renewable energy sources and turn away from fossil fuels, Nigerian energy officials said on Tuesday, joining other emerging oil-producing nations reluctant to embrace the global energy transition trend.
Some 900 million people in the world, most of them in Africa, still have no access to energy for basic needs, Nigeria's oil Minister Timipre Marlin Sylva said on Tuesday, speaking during the CERAWeek energy conference in Houston.
"We are still in transition from firewood to gas," Sylva said. "Please allow us to continue with our own transition."
