In its latest monthly report, the Energy Information Administration has revised its 2024 Brent crude...
In its latest monthly report, the Energy Information Administration has revised its 2024 Brent crude oil price forecast downward by $10 to an average of $83 per barrel and lifted its 2023 US oil production forecast to a record 12.93 million barrels per day. Additionally, the agency expects US crude and petroleum products exports to increase from around 1.8 million bpd this year to nearly 2 million bpd next year, driven by increased crude and hydrocarbon gas liquids production.
Booming gas output catapults US to global LNG leadership
The US has rapidly emerged as a global natural gas powerhouse, achieving net energy exporter status in...
The US has rapidly emerged as a global natural gas powerhouse, achieving net energy exporter status in just three years since entering the LNG market in 2016. Fueled by strong gas production, particularly in the Marcellus, Permian, and Haynesville Shale plays, the US is expected to sustain its leading position in both liquefied natural gas and piped-gas exports, with the Energy Information Administration projecting a 152% increase in US LNG exports to 10 Tcf by 2050.
U.S. stocks have notched their best between-Fed-meetings performance since 2009
The S&P 500 managed to touch a fresh intraday high for 2023 after the open on Wednesday, ...
The S&P 500 managed to touch a fresh intraday high for 2023 after the open on Wednesday, trading as high as 4,647, according to FactSet data.
As investors wait to see if Powell will swat the market lower on Wednesday after his previous attempt at pushing back against rate-cut expectations fizzled, analysts at Bespoke Investment Group pointed out in a recent factoid shared on X that the S&P 500 has gained 9.6% through Tuesday's close. That's the best inter-meeting performance since 2009.
PPI shows core U.S. wholesale prices growing at slowest rate since early 2021
The numbers: U.S. wholesale prices were unchanged...
The numbers: U.S. wholesale prices were unchanged in November in another sign of gradually easing inflation. Cheaper gasoline gave a big assist to the benign inflation report, but prices in most major categories were also muted. Economists polled by the Wall Street Journal had forecast a 0.1% increase in the producer price index.
Key details:Wholesale costs often foretell future inflation trends. The increase in wholesale prices over the past 12 months slowed to 0.9% from 1.2% in the prior month.
The Israeli military has reportedly begun pumping seawater from the Mediterranean into a complex tunnel network underneath Gaza. The operation, likely to take weeks, is part of Israel's efforts to destroy the roughly 300-mile-long infrastructure used by Hamas to transport supplies and personnel (see overview). Some of the 140 remaining hostages from Hamas' Oct. 7 attack are believed to be held inside the tunnels. See more war updates here.
Meanwhile, President Joe Biden and Israeli Prime Minister Benjamin Netanyahu appeared to be at odds over the future of the Gaza Strip. Netanyahu said he would not allow the Palestinian Authority to take control of Gaza after the war and acknowledged disagreement with the US, which seeks a two-state solution. During a private event, Biden reportedly called on Israel's government to make changes to its approach to the war or risk losing international support.
