The energy sector is set for a lower start, pressured by weakness in the crude complex and despite gains...
The energy sector is set for a lower start, pressured by weakness in the crude complex and despite gains in major equity indices as futures reversed and investors continued to assess the risks stemming from Russia’s invasion of Ukraine. A slew of earnings across E&Ps, services and pipelines will add further inputs for investors to weigh.
WTI and Brent crude oil futures are down in early trading on concerns over potential global supply disruptions from sanctions on major crude exporter Russia. President Joe Biden said the United States is working with other countries on a combined release of additional oil from global strategic crude reserves. The plan would be in addition to a coordinated release of oil stockpiles with China and other Asian consumer countries organized by Washington last November to combat energy inflation. So far, the United States has released about 50 million barrels of oil from its Strategic Petroleum Reserve through sales and exchanges, while China has mostly held off from releasing its oil. Britain, Japan, Canada, Australia and the European Union also unveiled sanctions, including a move by Germany to halt certification of an $11 billion Russian gas pipeline. However, Russia will not have its oil and gas flows specifically targeted by sanctions as the country is the world's second-largest crude producer and a major natural gas provider to Europe.
Natural gas futures are lower in early trading as the NOAA 6-10 day and 8-14 day forecast show near normal temps for northern mid-west and above-normal temps for the eastern portion of US.
Reuters: 🔥Oil tops $105/bbl after Russia attacks Ukraine
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time...
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. read more
Global benchmark Brent crude rose $2.24, or 2.3%, to settle at $99.08 a barrel, after touching a high of $105.79.
U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 0.8%, to settle at $92.81 a barrel, after earlier rising to $100.54.
Stocks close higher after reversing sharp early declines due to Ukraine invasion
Major U.S. stock indexes recovered considerable ground on Thursday to end higher, despite...
Major U.S. stock indexes recovered considerable ground on Thursday to end higher, despite stumbling early in the session after Russia launched a military assault on Ukraine. The Dow Jones Industrial Average DJIA, +0.28% flipped positive in the final 15 minutes of trade, adding about 90 points, or 0.3%, to end near 33,222. The S&P 500 SPX, +1.50% gained 1.5% and the Nasdaq Composite Index COMP, 3.34% booked a 3.3% gain. The rally came as oil pricesCL00, 1.18% climbed and bond yields tumbled, putting the 10-year Treasury rate below 2%. Investors attributed the turnaround for stocks partly to President Joe Biden's new sanctions imposed Thursday on Russian banks, companies and elites from doing business in western markets, with the aim of cutting short Russian hostilities in Ukraine.
Canada cancels $700M in export permits in response to Russian invasion of Ukraine
Canada is canceling all export permits to Russia in response to the country's invasion of Ukraine,...
Canada is canceling all export permits to Russia in response to the country's invasion of Ukraine, a decision that Canada's foreign affairs minister says will impact companies in the aerospace, technology, and minerals sectors.
The cancellation of existing export permits and additional sanctions were announced at a press conference on Thursday with Prime Minister Justin Trudeau, Deputy Prime Minister Chrystia Freeland, Foreign Affairs Minister Melanie Joly and Defence Minister Anita Anand. Joly said that hundreds of export permits are being canceled, worth more than $700 million. Applications for new permits to export goods to Russia will be rejected.
"No aerospace technology or mineral goods will be sent to Russia," Joly said.
Diamondback Energy sees Permian Basin at 350 to 400 rigs by year-end
U.S. shale producer Diamondback Energy(FANG.O) on Wednesday said the largest U.S.-producing basin could be running some 350 to 400 rigs by the end of the year, up from around 300 currently, as oil prices have climbed to over $90 a barrel.
The company, which plans to keep its Permian oil production flat this year, said output growth is being led by private firms, and more recently oil majors.
