Oil prices end lower on plans for OPEC+ output hike and Trump’s tariffs
Oil futures ended lower Monday after the major producers known as OPEC+...
Oil futures ended lower Monday after the major producers known as OPEC+ said they will boost output starting in April, and as President Donald Trump’s planned tariffs on imports from Canada and Mexico threatened to slow demand for energy.
Traders also weighed prospects for a Ukraine peace deal after Friday’s public clash between Trump and Ukrainian President Volodymyr Zelensky in the Oval Office. Prices for oil, meanwhile, failed to find support from an improvement in Chinese economic data.
West Texas Intermediate crude for April delivery fell $1.39, or 2%, to settle at $68.37 a barrel on the New York Mercantile Exchange, after posting a sixth straight weekly decline on Friday.
May Brent crude the global benchmark, lost $1.19, or 1.6%, at $71.62 a barrel on ICE Futures Europe.
April gasoline shed 1.6% to $2.19 a gallon, while April heating oil fell 2.4% to $2.26 a gallon.
Natural gas for April delivery settled at $4.12 per million British thermal units, up 7.5% after last week’s 7.1% loss.
Dow ends 650 points lower as Trump says Mexico, Canada tariffs ‘all set’ to hit
Stocks finished sharply lower after President Donald...
Stocks finished sharply lower after President Donald Trump said that Mexico and Canada wouldn't avoid 25% tariffs on imports due to go into effect on Tuesday.
Stocks saw a positive start to the week and month quickly erode Monday morning after a weaker-than-expected reading from the closely followed ISM manufacturing index. Details of the reading showed a large rise in prices paid and a slump in new orders, underscoring fears that tariff fears were having an effect on activity.
Stocks then accelerated the drop, with the Dow down more than 900 points at its session low, after Trump affirmed the tariff plans.
At the closing bell, the Dow Jones finished down 649 points, or 1.5%
The S&P 500 finished with a loss of 1.8%, leaving the large-cap benchmark down 0.5% for the year to date.
The tech-heavy Nasdaq Composite slumped 2.6%, with Nvidia Corp. dropping 8.8% on the day.
Chord Energy is moving to expand its 4-mile lateral drilling...
Chord Energy is moving to expand its 4-mile lateral drilling program in North Dakota's Williston Basin this year after completing its first such well, which surpassed 30,400 feet in total depth. The company also plans to bring 130 to 150 gross operated wells online this year and is considering selling non-operated Marcellus Shale gas assets acquired from Enerplus.
The AI-driven surge in electricity demand is pushing...
The AI-driven surge in electricity demand is pushing US utilities and tech companies to double down on natural gas infrastructure. Enverus expects 46 gigawatts of new gas-fired capacity to come online in the next five years, surpassing the past five years' 39 gigawatts. Gas will remain the preferred energy solution in the short term due to its reliability, affordability and speed of deployment, according to Rob Jennings of the American Petroleum Institute.
The jobs report is out Friday and expected to show a ...
The jobs report is out Friday and expected to show a slight bump in hiring, and unemployment holding steady at 4%. Earnings reports from multiple retailers, including Target tomorrow and Costco on Thursday, will also offer insight into how Americans are spending with consumer confidence on the decline.
