Energy stocks are opening modestly higher, attempting to rebound from recent selling as trading in June commences. Broader futures were initially higher but ticked slightly into the red following stronger-than-expected May payrolls data, which keeps the Fed live at its next meeting for another potential rate hike. Other than a handful of recommendation changes in Exxon, Chevron and Phillips 66, sector news flow is light.
Oil steadied on Thursday as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world's biggest oil consumer. U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default.
Natural gas futures are lower by 3% to start June as milder than normal weather and buoyant production weigh on futures.
US stock futures edge higher early Thursday as the crucial deal to...
US stockfutures edge higher early Thursday as the crucial deal to raise the debt ceiling passed the House of Representatives and moves to the Senate. Check out the latest market moves.
Earnings on deck: Dell Technologies, Broadcom, and more, all reporting.
Oil extended this week’s decline as China’s lackluster economic...
Oil extended this week’s decline as China’s lackluster economic recovery outweighed an optimistic US jobs report.
West Texas Intermediate declined more than 1% to settle near $68 a barrel. Fresh data showed manufacturing activity in China fell at a faster pace than the previous month, prompting fears that a post-Covid bounce had petered out. Futures attempted a rally after US figures revealed job openings unexpectedly surged but were unable to withstand mounting disappointment with China and a stronger dollar.
WTI for July delivery fell $1.37 to settle at $68.09 a barrel in New York.
Brent for July settlement, which expires Wednesday, slipped 88 cents to $72.66 a barrel. The August contract settled at $72.60
Oil Markets Shocked By Across the Board Inventory Builds
Crude oil inventories in the United rose this week by 5.202 million...
Crude oil inventories in the United rose this week by 5.202 million barrels, the American Petroleum Institute (API) data showed on Wednesday, with analysts expecting a 1.22 million barrel dip. The rise in crude oil inventories doesn’t fully offset the 6+ million barrel drop last week.
The total number of barrels of crude oil gained so far this year is just over 40 million barrels.
This week, SPR inventory dropped for the ninth week in a rowas another 2.6 million barrels of congressionally mandated crude oil was sold during the week ending May 26. There are now 355.4 million barrels—the lowest amount of crude oil in the SPR since September 1983.
Inventories at Cushing, Oklahoma, rose by 1.777 million barrels—after rising by 1.711 million barrels last week.
Despite criticism from environmental groups, Ohio has started...
Despite criticism from environmental groups, Ohio has started to accept applications from oil and gas companies to drill underneath state parks and other state-owned lands,and Texas-based Encino Energy has offered the state a $115 million signing bonus and the prospect of $2 billion in royalties. Some state officials want to use the money from leases to eliminate the state income tax but the Ohio Division of State Parks and Watercraft says the money is theirs to spend.
