Oil prices hit 2023 highs as prospects for tighter supply grow
LONDON (Reuters) — Oil rebounded on Thursday, with Brent crude topping $93 a barrel for the first time...
LONDON (Reuters) — Oil rebounded on Thursday, with Brent crude topping $93 a barrel for the first time this year, as expectations of a tighter supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising U.S. inventories.
The tightening oil balance will remain the dominant price driver for the rest of 2023, he added.
Brent crude was up $1.15, or 1.3%, at $93.05 at last check Thursday, after touching $93.11 for its highest level since November 2022. US West Texas Intermediate crude (WTI) gained $1.18, or 1.3%, to $89.71, having also hit a 10-month high.
S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +26.00.
The S&P 500 futures are up 12 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 26 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 78 points and are trading 0.2% above fair value.
A short time ago, the ECB announced its decision to raise its key three interest rates by 25 basis points.
Hurricane Lee lashing Bermuda before striking coastal New England and Atlantic Canada
Hurricane Lee began to unleash strong winds on Bermuda Thursday morning, ahead of a track that will bring...
Hurricane Lee began to unleash strong winds on Bermuda Thursday morning, ahead of a track that will bring heavy rain, wind, and coastal flooding from the massive storm to coastal New England and Atlantic Canada Friday and through the weekend.
Tropical storm-force wind gusts slammed Bermuda Thursday morning and heavy rain was due to arrive later in the morning. An island-wide tropical storm warning is in effect for Bermuda as Lee tracks west of the island on Thursday.
Lee’s winds could begin to buffet portions of New England as early as Friday evening as the storm’s center is expected to pass close to the region’s southeast before barreling near or over Maine and Atlantic Canada over the weekend as a “large and dangerous cyclone,” according to the hurricane center.
U.S. retail sales climb for fifth straight month — but rising gas prices are key
The numbers: Sales at U.S. retailers rose 0.6%...
The numbers: Sales at U.S. retailers rose 0.6% in August despite a hangover for Internet stores after the Amazon Day sales event, but most of the increase was tied to higher gasoline prices.
Big picture:A burst of momentum in the economy over the summer is likely to fade due to higher interest rates, but there’s little evidence to suggest a recession is on the way. Americans are still spending plenty of money.
EIA reports weekly gains in U.S. crude, gasoline and distillate supplies
The Energy Information Administration on Wednesday reported that U.S....
The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 4 million barrels for the week ended Sept. 8. On average, analysts expected a crude inventory decline of 1 million barrels, according to a survey conducted by S&P Global Commodity Insights. The EIA report also revealed supply increases of 5.6 million barrels for gasoline and 3.9 million barrels for distillates. Analysts had forecast a weekly inventory decline of 1.4 barrels for gasoline, while distillate supplies were expected to be flat for the week. Crude stocks at the Cushing, Okla., Nymex delivery hub are down by 2.4 million barrels for the week, the EIA said.
