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Warning: This article is going to deal in facts. FACT: Give politicians a crisis to exploit and you will have less freedom...
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By: Kevin Crowley – Bloomberg – President Joe Biden’s plan to eliminate subsidies claimed by oil and gas companies and raise levies...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and in the major equity futures which inched lower this morning as investors prepared for the Fed’s May policy meeting to kick off.
WTI and Brent crude oil inched lower this morning, faltering in early trading on weak economic data from China and expectations of interest rate hikes from the Fed and ECB this week. Traders also noted a cloudy economic outlook in other parts of the world also weighing on prices. Manufacturing activity in China fell unexpectedly in April, the first contraction in the manufacturing purchasing managers' index since December. The Fed is expected to increase interest rates by another 25 basis points tomorrow while the ECB is also expected to raise rates at its regular policy meeting on Thursday. Traders will be looking to the next round of inventory reports as the next catalyst with recent polls showing analysts expect crude stocks to have fallen for a third consecutive week.
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