Signs of panic selling are emerging in the stock market with the Nasdaq off 4.7%
Panic-like behavior was starting to set in on Wall Street on Thursday, at least from...
Panic-like behavior was starting to set in on Wall Street on Thursday, at least from a technical perspective, as the Dow industrials shed all of the previous day’s gain, and then some.
Trading in New York Stock Exchange-listed stocks at midday Thursday exhibited panic-like-selling action as bullish investors suffered a powerful reversal of fortune that appeared to be gathering steam in the wake of the Fed’s early-May policy meeting, adding to a bruising stretch for buyers, sparked by concerns about rates.
The reading comes as the Dow Jones Industrial Average DJIA, -2.73% was off 3.1%, or over 1,050 points, at 33,027, looking at its sharpest one-day fall since 2020; the S&P 500 index SPX, -3.13% was off 3.4% at around 4,150; and the Nasdaq Composite Index COMP, -4.36% was trading 4.7% lower at 12,365.
On the Move With Thursday Morning Oil & Gas Prices
Oil prices are surging, with WTI...
Oil prices are surging, with WTI trading around $110.59 and Brent crude oil at $113.28, amid tight global oil supply-demand dynamics. Meanwhile, OPEC+ agreed on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China's coronavirus lockdowns threatened the outlook for demand.
Natural gas futures are slightly lower, down 10 cents and trading around $8.31, near fresh 13-year highs. Stable production, tight supply, and Russian embargos are all contributing. Analysts expect a build of 69 bcf in today’s weekly inventory report.
Energy stocks are set to open mostly higher, with surging...
Energy stocks are set to open mostly higher, with surging profits being reported across the sector, and large gains in oil and natural gas prices this morning underpinning the sector. A slew of earnings releases across the E&P, OFS, and driller groups reported last night and this morning were lifted by booming commodity prices, which have driven robust profits. The theme of passing through surplus cash flow to investors remained prevalent, with dividends boosted widely and share repurchase announcements both announced and increased.
ConocoPhillips, Shell, Pioneer Natural Resources, California Resources, and Chesapeake Energy were among those that either increased dividends and initiated or increased share repurchases.
Recent Completions Show Strong IP Rates in Oklahoma Wells
Drilling activity in Kingfisher County, Okla.,...
Drilling activity in Kingfisher County, Okla., has seen recent success, with Hinkle Oil & Gas generating production of over 1,000 barrels of oil per day from two wells drilled on a single pad. Meanwhile, Kodiak Oil & Gas recently drilled seven wells in Carter County, Okla., for the combined production of 406 barrels of oil per day.
EIA reports surprise jump in US crude oil supplies
US crude oil inventories climbed by 1.3 million...
US crude oil inventories climbed by 1.3 million barrels last week, compared with analyst expectations for a 200,000-barrel decline, the Energy Information Administration reported. Meanwhile, gasoline and distillate stockpiles slumped by 2.2 million barrels and 2.3 million barrels, respectively.
Oil stored at Cushing, Okla., the delivery point for U.S. stocks, increased by 1.4 million barrels from the previous week to 28.8 million barrels, the EIA said in its weekly report.
U.S. crude-oil production was unchanged from the previous week at 11.9 million barrels a day, according to the EIA.
