The energy sector is set for a mixed-to-lower start as losses in the crude...
The energy sector is set for a mixed-to-lower start as losses in the crude complex outweigh modest gains in the major market futures. U.S. stocks are trading higher in the pre-market, following yesterday’s sell-off as investors brace themselves for the outcome of the Fed’s meeting later today. Earnings are heavy across the sector with producers, services and refiners reporting 1Q results.
WTI and Brent crude oil futures are extending yesterday’s sharp losses and are now trading at levels last seen in March.Oil futures are lower as growth concerns increased ahead of the Federal Reserve’s policy decision and amid a wave of short-selling and profit-taking by money managers. Investors have now pivoted from a short-covering rally that saw managers increase their positions by 245 million barrels over the previous four weeks. Hedge funds and money managers sold the equivalent of 87 million barrels in the six most important petroleum futures and options contracts over the seven days ending on April 25. Additionally, Morgan Stanley cut its Q3-23 Brent price outlook to $77.50 from $90, citing resilient Russian supply and the belief that much of the demand boost from China's reopening has taken place.
US stock futures rise early Wednesday, as investors await the Fed's latest policy...
US stock futures rise early Wednesday, as investors await the Fed's latest policy decision. The S&P Global US Services PMI data for April is also due later this morning.Check out the latest market moves.
On the docket: PepsiCo, QUALCOMM, and Gilead Sciences, all reporting.
Central bankers convened Tuesday to kick off their ...
Central bankers convened Tuesday to kick off their two-day meeting that everyone expects to culminate in a quarter-point hike that would bring the Fed's benchmark rate to a range of 5.0%-5.25%. The last time the fed funds rate hit that level was during the housing boom in 2006, in the run-up to the 2008 crisis.
The thing to watch today is whether Powell gives any hints as to what comes next as far as policy and whether he makes any reference to rate cuts to come later this year.
The number of job openings in the US dropped to a nearly two-year low in March, and layoffs increased to their highest point since December 2020, the Labor Department revealed yesterday. In this “bad news is good news” economic environment, the Fed will be pleased that the boiling-hot labor market is cooling off. It means less pressure on inflation and more justification to pause hiking rates.
The American Petroleum Institute (API) on Tuesday reported a 3.939 million barrel draw on crude...
The American Petroleum Institute (API) on Tuesday reported a 3.939 million barrel draw on crude inventories. The total number of barrels of crude oil gained so far this year is still more than 34 million barrels.
This week, SPR inventory dropped for the fifth week in a row, losing 2 million barrels for the week to reach 364.9 million barrels—the lowest amount of crude oil in the SPR since October 1983.
Distillate inventories fell by 1 million barrels after increasing by 1.693 million barrels in the week prior.
Inventories at Cushing, Oklahoma, increased by 700,000 barrels—after rising by 465,000 barrels last week.
