Monday produced a nearly 2% jump in crude oil prices over growing expectations...
Monday produced a nearly 2% jump in crude oil prices over growing expectations that the U.S. sanctions on Russian oil announced last Friday by the Biden administration will force India and China to go elsewhere for their oil.
West Texas Intermediate crude rose $2.25 or 2.9% to close Monday at $78.82 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global standard, climbed a $1.25 or 1.6% and finished Monday’s trading at $81.01 a barrel, the first time it’s been above the $80 level in several weeks.
Reuters reported it was the highest Brent close since Aug. 26 and the highest level for WIT since Aug. 12.
S&P 500 logs biggest intraday comeback since September as investors rotate out of tech
Stocks ended mostly higher Monday, with the S&P 500...
Stocks ended mostly higher Monday, with the S&P 500 shaking off earlier losses to post its biggest intraday comeback in four months.
The S&P 500 finished with a gain of 9.18 points, or 0.16%, to close at 5,836.22, after falling 0.92% at its session low. That marked its biggest intraday comeback since Sept. 11, when it was down 1.61% but finished the day with a gain of 1.07%, according to Dow Jones Markets Data.
The energy and materials sectors each saw gains of 2.2% to lead the way higher for the S&P 500, while tech dropped 0.9% and the rate-sensitive utilities sector declined 1.2%.
The Dow Jones finished the day with a gain of 358.67 points, or 0.9%, at 42,297.12.
The Nasdaq Composite was unable to shake off weakness in tech shares, ending with a loss of 73.53 points, or 0.4%, at 19,088.10.
US gas-fired capacity poised for massive expansion
The growing energy needs...
The growing energy needs of AI data centers and manufacturing facilities are driving plans for up to 80 new natural gas-fired power plants in the US by 2030, which could increase power capacity by 46 gigawatts, according to Enverus. Major oil companies such as ExxonMobil and Chevron are also joining the fray with projects designed to power AI data centers directly, bypassing the traditional grid.
Treasury yields finish higher, with 10-year rate inching closer to 5%
Monday's selloff in U.S. government debt pushed 10- and 30-year yields...
Monday's selloff in U.S. government debt pushed 10- and 30-year yields further into their highest levels in more than a year ahead of a mid-week inflation update.
The 10-year yield rose to 4.802%, while the 30-year rate advanced to 4.986%. Those were the highest closing levels since Oct. 31 of last year, according to Dow Jones Market Data.
Stocks started the week off mixed: The Dow and S&P 500 both rose while the Nasdaq fell as investors pivoted out of tech stocks and into the energy and materials sectors.
Bitcoin sagged below $90,000 for a brief moment today as investors thought twice about putting their money into risk assets.
Oil hit a five-month high as traders continue to digest the latest round of sanctions against the Russian oil industry.
Glenfarne agrees to develop $44B Alaska LNG project
Alaska Gasline Development Corp. has entered an agreement with Houston-based...
Alaska Gasline Development Corp. has entered an agreement with Houston-based Glenfarne Energy Transition to develop the $44 billion Alaska LNG project, which includes a 800-mile pipeline from the North Slope, a Nikiski export terminal and an onsite carbon capture facility. A final investment decision is expected in the first half of this year, with pipeline operations projected to begin in 2030 or 2031.
