The American Petroleum Institute (API) reported a large draw this week for crude oil...
The American Petroleum Institute (API) reported a large draw this week for crude oil of 4.037 million barrels, while analysts predicted a draw of 1.121 million barrels.
The build comes as the Department of Energy released 5.6 million barrels from the Strategic Petroleum Reserves in Week Ending July 22, to 474.5 million barrels.
U.S. crude inventories have shed some 65 million barrels since the start of 2021, with a 2 million barrel loss since the start of 2020, according to API data.
Natural-gas futures end at a 7-week high; oil prices finish lower
Natural-gas futures climbed...
Natural-gas futures climbed on Tuesday to settle at their highest since June 7, according to Dow Jones Market Data. Prices continued to find support after reports that Russian state-owned energy producer Gazprom’s natural-gas exports through the Nord Stream pipeline to Germany would drop by half. August natural gas NGQ22, -0.30% rose 27 cents, or nearly 3.1%, to settle at $8.993 per million British thermal units on the New York Mercantile Exchange. September West Texas Intermediate crude CLU22, 0.68%, meanwhile, fell $1.72, or 1.8%, to settle at $94.98 a barrel "Mounting recession worries are currently trumping how tight the physical crude market remains," said Edward Moya, senior market analyst at OANDA.
MarketWatch: Dow finishes down over 200 points ahead of Fed rate decision; Nasdaq off 1.9%
U.S. stocks closed lower Tuesday as investors digested a profit warning from Walmart ahead of the Federal...
U.S. stocks closed lower Tuesday as investors digested a profit warning from Walmart ahead of the Federal Reserve's policy decision on interest rate hikes aimed at curbing high inflation. The Dow Jones Industrial Average DJIA, -0.71% fell around 0.7%, while the S&P 500 SPX, -1.15% slid 1.2% and the Nasdaq Composite COMP, -1.87% dropped 1.9%, according to preliminary FactSet data. Retail giant Walmart Inc. WMT, -7.60% said Monday after the market's close that high food inflation was hurting its customers' spending on general merchandise and it was lowering its profit forecast. Many investors are expecting the Fed to announce Wednesday that it's lifting its benchmark rate by three-quarters of a percentage point, a large rate hike aimed at combating soaring inflation.
Oil Slips as Investors Weigh Demand Outlook Ahead of Fed Meet
(Bloomberg) --Oil swung in a thin trading session, brought down by broader markets that are bracing for...
(Bloomberg) --Oil swung in a thin trading session, brought down by broader markets that are bracing for an aggressive rate hike from the Federal Reserve.
West Texas Intermediate had traded down to an intraday low of $94.81 as of 14:48 ET, erasing gains of as much as 2.4%. Broader markets dropped further after a slew of tepid earnings showed inflation was already starting to batter consumer behavior. The Federal Reserve is expected to raise rates Wednesday, which many fear could tip the economy into a recession.
The market is steeply backwardated, a bullish pattern marked by near-term prices commanding a premium to later-dates ones. Brent’s prompt spread was $4.77 a barrel in backwardation, compared with $3.83 at the start of July.
Ahead of tomorrow’s expiration, front-month natural gas futures extended their gains...
Ahead of tomorrow’s expiration, front-month natural gas futures extended their gains (+62 cents @ $9.32)and hit a 14-year high, supported by a persistent heat wave in the United States that drove up demand for gas-powered electricity for air conditioning. Virtually all the contiguous United States experienced above-normal temperatures in the past week, with the further dangerously hot weather forecast.
