Energy stocks are set to open lower, tracking further falls in the broader market indices, with the S&P...
Energy stocks are set to open lower, tracking further falls in the broader market indices, with the S&P 500 down again and oil and natural gas prices also declining. Financial markets remain under duress, with yesterday’s sharp sell-off set to continue, as the environment of tightening lending, persistent inflation, and a consumer that is signaling it is beginning to spend more conservatively, is maintaining pressure on risk assets.
Oil prices fell on Thursday, following earlier gains, on concerns that high fuel prices could hurt economic growth, but planned easing of restrictions in Shanghai and a tight supply outlook capped losses. Front-month prices for both benchmarks fell about 2.5% on Wednesday. "Slumping stocks led by the US retail sector raised concerns about growth, and with that, demand for fuels," Saxo Bank analyst Ole Hansen said.
Natural gas futures are lower by ~2%, trading around $8.15, ahead of weekly inventory data. Analysts expect an injection of 83 bcf.
OK Energy Today: Cushing crude supplies continue to slide
A government report shows the amount of crude oil in storage at the Cushing tank farm in Oklahoma dropped...
A government report shows the amount of crude oil in storage at the Cushing tank farm in Oklahoma dropped by more than 2 million barrels earlier this month.
The U.S. Energy Information Administration reported Wednesday there was 25.8 million barrels in storage at Cushing as of May 13. The amount in storage as of May 6 was 28.2 million barrels. So over the previous week, Cushing storage dropped by 2.4 million barrels.
Crude storage had totaled nearly 29 million barrels as of the end of April. It also contained 34.8 million barrels at the first of the year.
A year ago, Cushing had nearly 46 million barrels of crude in storage according to the EIA..
📉Dow finishes down over 1,100 points in biggest decline since 2020
U.S. stocks tumbled Wednesday, with all three major benchmarks closing sharply lower as consumer stocks...
U.S. stocks tumbled Wednesday, with all three major benchmarks closing sharply lower as consumer stocks including Target Corp. were battered. The Dow Jones Industrial Average DJIA, -3.57% closed 3.6% lower, the S&P 500 SPX, -4.04% sank 4% and the technology-heavy Nasdaq Composite COMP, -4.73% dropped 4.7%, according to preliminary FactSet data. Shares of Target TGT, -24.93% tanked after reporting a big earnings miss, closing almost 25% lower. All 11 sectors of the S&P 500 fell Wednesday, with consumer discretionary and consumer staples taking the biggest hit, FactSet data show. The S&P 500 booked its largest daily decline since June 2020, according to Dow Jones Market Data.
The Energy Information Administration said U.S. crude inventories fell by 3.4 million barrels...
The Energy Information Administration said U.S. crude inventories fell by 3.4 million barrels in the week ended May 13, while gasoline stocks fell 4.8 million barrels and distillate supplies rose by 1.2 million barrels. Analysts surveyed by S&P Global Commodity Insights had expected a 2.1 million barrel rise in oil inventories, while gasoline was expected to slip 100,000 barrels and distillates were forecast to drop by 1 million barrels.
The American Petroleum Institute, an industry trade group, reported late Tuesday that U.S. crude-oil inventories fell 2.4 million barrels last week, while gasoline stocks fell by 5.1 million barrels, according to a source. Distillate inventories were seen up 1 million barrels.
Oil prices fall despite surprise drop in U.S. crude inventories
Oil futures gave up gains Wednesday, turning lower despite data showing an unexpected...
Oil futures gave up gains Wednesday, turning lower despite data showing an unexpected drop in U.S. crude inventories and a further, sharp fall in gasoline supplies.
The turn lower for crude came as equity markets fell sharply, erasing a big Tuesday bounce and affecting demand for other assets perceived as risky.
