Benchmark U.S. crude oil for March delivery rose...
Benchmark U.S. crude oil for March delivery rose $3.03 to $77.14 a barrel Tuesday. Brent crude for April delivery rose $2.70 to $83.69 a barrel.
Wholesale gasoline for March delivery rose 9 cents to $2.46 a gallon. March heating oilrose 13 cents $2.90 a gallon. March natural gas rose 12 cents to $2.58 per 1,000 cubic feet.
Dow snaps 3-day losing streak after Fed chief Powell says the peak policy interest rate may be higher
U.S. stocks ended sharply higher on Tuesday after a volatile...
U.S. stocks ended sharply higher on Tuesday after a volatile session in the wake of Federal Reserve chair Jerome Powell’s comments that inflation will decline significantly in 2023 but more interest-rate hikes will be necessary.
The Dow Jones Industrial Average DJIA, +0.78% ended up 265.67 points, or 0.8%, to 34,156.69.
The S&P 500 SPX, +1.29% gained 52.92 points, or 1.3%, to finish at 4,164.
The Nasdaq Composite COMP, +1.90% rose 226.34 points, or 1.9%, to end at 12,113.79.
EIA lifts 2023 oil-price forecasts, but cuts natural-gas price outlook
The Energy Information Administration raised its 2023 forecasts...
The Energy Information Administration raised its 2023 forecasts for WTI and Brent oil, but reduced its outlook for U.S. natural-gas prices, according to the monthly Short-Term Energy Outlook report released Tuesday. The EIA said Brent oil is expected to average $83.63 a barrel this year — up 0.6% from the January forecast. The government agency also lifted its 2023 West Texas Intermediate forecast by 0.9% to $77.84 a barrel. U.S. natural-gas prices, meanwhile, will likely average $3.40 per million British thermal units this year, down 30.5% from the January forecast. For 2024, the EIA cut its natural-gas price forecast by 15.8% to $4.04. In Tuesday dealings, March WTI oil CLH23, 4.16% rose $2.58, or 3.5%, to $76.69 a barrel and March natural gas NGH23, 4.40% traded at $2.527 per million Btus, up nearly 2.9% on the New York Mercantile Exchange. April Brent crude BRNJ23, 0.10% traded at $2.32, up 2.8%, or $83.31, on ICE Futures Europe.
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President Joe Biden will deliver his secondState of the Union address tonight, a speech given against the backdrop of rising consumer prices, a strong labor market, a new Republican House majority, and the ongoing war in Ukraine.
The address will be aired on major networks beginning at 9 pm ET, with Arkansas Gov. Sarah Huckabee Sanders providing the GOP response.
