The US economy just shrank two consecutive quarters in a row, and downbeat manufacturing data from China...
The US economy just shrank two consecutive quarters in a row, and downbeat manufacturing data from China hasn't helped its economic forecasts.
Though there is some debate over whether a recession will be officially called by the National Bureau of Economic Research, Citi's chief economist said there's a 50% chance of a global recession thanks to declining demand on top of soaring inflation around the world.
"I would say the recent economic data has been the central bank's worst nightmare," Citi's Nathan Sheets said in an interview with Yahoo Finance.
He's focused on the threat of stagflation — high inflation paired with low growth. A downturn for not just the US but the whole planet presents a "clear and present danger," Citi strategists noted.
OPEC+ reportedly reaches agreement to increase daily output by 100,000 barrels
OPEC and its allies agreed to boost oil production on Wednesday following calls by the U.S. and...
OPEC and its allies agreed to boost oil production on Wednesday following calls by the U.S. and other major consumers for more supply, but the modest increase is expected to have minimal impact on crude prices.
In their sixth meeting since Russia invaded Ukraine in late February, sending oil prices above $100 a barrel for the first time in eight years, members of the broader alliance, called OPEC+, agreed to raise their collective production by 100,000 barrels a day in September, delegates said.
In June, the alliance had agreed to boost output by 648,000 barrels a day in July and in August. Before that, OPEC+ rolled out monthly increases of 432,000 barrels a day as part of a plan to raise output to pre-pandemic levels. That deal ends in August, although many members are producing below their allotted quotas.
Benchmark U.S. crude oil for September delivery rose 53 cents to $94.42 a barrel Tuesday. Brent crude for October delivery rose 51 cents to $100.54 a barrel.
Wholesale gasoline for September delivery rose 6 cents to $3.06 a gallon. September heating oil fell 6 cents to $3.38 a gallon. September natural gas fell 57 cents to $7.71 per 1,000 cubic feet.
Dow ends 400 points lower Tuesday after historic Taiwan visit defies China
U.S. stocks closed lower for a second straight day on Tuesday, after U.S. House Speaker Nancy...
U.S. stocks closed lower for a second straight day on Tuesday, after U.S. House Speaker Nancy Pelosi defied China with a historic visit to Taiwan. The blue chip Dow Jones Industrial Average [djia] shed about 401 points, or 1.2%, ending near 32,396, while the S&P 500 index SPX, -0.66% closed 0.7% lower and the Nasdaq Composite Index COMP, -0.16% shed 0.2%. Stocks tumbled into the close, ended near the session's worst levels after Pelosi became the highest ranking elected U.S. official to visit the island in 25 years. Although, diplomatic tensions between the U.S. and China weren't the only focus for investors. Two top Federal Reserve officials also warned on Tuesday that expectations for the central bank to soon retreat from its aggressive rate-hiking stance, designed to curb high inflation, may be misguided, at least until U.S. costs of living start to retreat.
Hess Corporation has reported an oil reserve discovery at the Huron exploratory well...
Hess Corporation has reported an oil reserve discovery at the Huron exploratory well in the Gulf of Mexico drilled on the Green Canyon Block 69. The company said it had found "high quality, oil-bearing Miocene-aged reservoirs" in a "working petroleum system." Well results are still being evaluated and an appraisal sidetrack is planned.”
Hess is the operator with a 40% interest and Chevron and Shell each has 30%. The Green Canyon area hosts Hess’ Stampede tension-leg platform.
