Oil prices are fluctuating after EIA crude inventory report
Meanwhile, oil prices are back and forth on Thursday after rallying on an unexpected drop in U.S. crude...
Meanwhile, oil prices are back and forth on Thursday after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors awaited the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets. Robust demand recovery from the coronavirus pandemic has kept global oil supplies snug, with inventories at key fuel hubs globally hovering at multi-year lows.
U.S. crude inventories fell 4.8 million barrels in the week to February 4, dropping to 410.4 million barrels - their lowest for commercial inventories since October 2018, the EIA said. Analysts in a Reuters poll had forecast a 369,000-barrel rise. U.S. product supplied - the best proxy for demand - peaked at 21.9 million bpd over the past four weeks due to strong economic activity nationwide, EIA data showed. "We are seeing some consolidation after a fairly constructive EIA report," said Warren Patterson, ING's head of commodities research.
Energy stocks are set to open around breakeven levels, though broader equities have taken a steep leg...
Energy stocks are set to open around breakeven levels, though broader equities have taken a steep leg lower following much higher than expected inflation data just released at 8:30 AM ET. Consumer prices in January surged 7.5%, well above expectations, and were the highest since 1982. Equities turned lower, Treasury yields spiked, with the 10-year rising to 1.986%, the US Dollar gained, and expectations for larger and quicker rate hikes from the Fed emerged.
Natural gas futures are lower by a nickel, trading around $3.95, ahead of weekly inventory data calling for a 222 bcf drawdown.
Dow and Nasdaq surge to 200-point gains early Wednesday; S&P 500 rises 1.1%
U.S. stock indexes kicked off higher Wednesday as investors pored over a fresh batch...
U.S. stock indexes kicked off higher Wednesday as investors pored over a fresh batch of corporate quarterly results. Investors are also awaiting an inflation report for January that will be released on Thursday morning.
Meanwhile, Atlanta Federal Reserve President Raphael Bostic told CNBC during an interview that he is forecasting three rate hikes for 2022 and could lean toward four increases of at least 0.25 percentage points, in order to combat inflationary pressures. He said that the data would help the central bank determine if more increases are necessary and if those hikes need to be more intense.
There were no important economic figures set for release on Wednesday.
The Dow Jones Industrial Average DJIA, 0.79% rose 282 points, or 0.8%,to 35,745.
The S&P 500 index SPX, 1.11% was up 1.1% at 4,571.
The Nasdaq Composite Index COMP, 1.16% advancd 1.4% to 14,389.
Natural gas futures are down this morning (down 20 cents at $4.04),...
Natural gas futures are down this morning (down 20 cents at $4.04), pressured by moderating weather forecasts in key consuming regions and less heating demand. Japan has decided to divert some of its gas reserves to Europe amid growing concern over possible disruptions of supplies due to the Ukraine crisis. The decision was made at the request of the United States and the European Union and is intended to help European countries cope with uncertainties about gas supplies given fears of a possible Russian invasion of Ukraine.
