Closing oil and gas prices for Wednesday, March 17, 2022
Benchmark U.S. crude oil for April delivery fell $1.40 to $95.04 a barrel Wednesday. Brent crude...
Benchmark U.S. crude oil for April delivery fell $1.40 to $95.04 a barrel Wednesday. Brent crude for May delivery fell $1.89 to $98.02 a barrel. Wholesale gasoline for April delivery fell 1 cent to $2.99 a gallon. April heating oil rose 7 cents to $3.10 a gallon. April natural gas rose 18 cents $4.75 per 1,000 cubic feet.
Dow ends up over 500 points after Fed's first rate hike in 4 years
Stocks ended sharply higher Wednesday in a session marked by big swings after the Federal...
Stocks ended sharply higher Wednesday in a session marked by big swings after the Federal Reserve delivered a widely expected quarter-point rate hike and penciled in a series of increases over the rest of the year. The Dow Jones Industrial Average DJIA, +1.55% dipped into negative territory after the Fed announcement but roared back by the closing bell to end the session up around 519 points, or 1.5%, near 34,063. The S&P 500SPX, 2.24% jumped 2.2% to close near 4,358, while the Nasdaq Composite COMP, 3.77% advanced 3.8% to close near 13,437.
The Fed is raising interest rates one-quarter point, with more to come this year
The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point...
The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point and laid out plans for a more aggressive strategy of “ongoing increases” in the months ahead to combat high inflation.
With inflation running at a 40-year peak, the Fed is shifting aggressively away from its two-year-old stimulative stance that cushioned the economy during the pandemic.
The Fed now sees its policy rate hitting 1.9% by the end of this year, jumping to 2.8% in 2023 and staying at that level in 2024.
The Fed’s inflation-fighting medicine was stronger than many on Wall Street had expected.
From Twitter: Russian Oil Production Set to Drop 25% Next Month📉
OIL MARKET: Russian oil production is...
OIL MARKET: Russian oil production is likely to drop by ~25% next month (that's about 3m b/d), according to fresh estimates published today by the @IEA, due to the impact of sanctions and, above all, "self-sanctioning" | #OOTTpic.twitter.com/o0LXX3ZJ5f
The Organization of Petroleum Exporting Countries warned that Russia's invasion of Ukraine and rising...
The Organization of Petroleum Exporting Countries warned that Russia's invasion of Ukraine and rising inflation due to higher commodity prices could weaken global oil demand and economic growth, although it stopped short of revising its oil demand, supply, and economic growth forecasts for 2022. The cartel said projections are fluctuating almost on a daily basis due to "the complexity of the situation, the speed of developments, and fluidity of the market."
