Benchmark U.S. crude oilfor December delivery fell $1.83 to $88.17 a barrel Thursday. Brent crudefor January delivery fell $1.49 to $94.67 a barrel.
Wholesale gasoline for December delivery fell 1 cent to $2.69 a gallon. December heating oilrose 19 cents to $3.87 a gallon. December natural gasfell 29 cents to $5.98 per 1,000 cubic feet.
U.S. stocks extend losing streak to fourth day as S&P 500 logs lowest close in 2 weeks
U.S. stocks finished lower on Thursday for the fourth session...
U.S. stocks finished lower on Thursday for the fourth session in a row as all three major indexes logged their longest losing streak in at least two weeks. The S&P 500 SPX, -1.06% closed down 39.80 points, or 1.1%, to 3,719.89, notching its longest losing streak since Oct. 12 and its lowest closing level since Oct. 20. The Nasdaq Composite COMP, -1.73% finished 181.86 points, or 1.7%, lower at 10,342.94, and also cemented its longest stretch of losses since Oct. 12. The Dow Jones Industrial Average DJIA, -0.46% closed 146.51 points, or 0.5%, lower at 32,001.25, tying a four-day losing streak that ended Oct. 10. Stock losses have accelerated over the last two days after Federal Reserve Chairman Jerome Powell said it was “premature” to discuss pausing the central bank’s campaign of interest-rate hikes.
‘Extraordinarily low’ U.S. diesel supplies keep prices for the fuel high at the pump
Gasoline prices have started to hit the brakes, but it has been full steam ahead for diesel, with U.S....
Gasoline prices have started to hit the brakes, but it has been full steam ahead for diesel, with U.S. supplies of the fuel used in freight transportation and agriculture dropping to their lowest on record for this time of year.
That has kept U.S. diesel prices high at the pump, with a gain of more than 8% in October, even as gasoline saw little change to prices this past month, based on data from GasBuddy.
Shortages of diesel fuel around the globe and in the U.S. spurred the latest price advance, said Brian Milne, product manager, editor, and analyst at DTN. Milne refers to U.S. diesel fuel inventory as “extraordinarily low,” with supplies in the Northeast “critically low.”
A cold winter for consumers in the New England states, the region with the largest concentration of households that use heating oil, would be “very problematic,” said Milne. Diesel can be used in place of heating oil for furnaces.
U.S. sells last batch of emergency reserve oil from historic release
The U.S. Department of Energy on Thursday said it sold 15 million...
The U.S. Department of Energy on Thursday said it sold 15 million barrels of oil from the Strategic Petroleum Reserve to six companies, completing the last batch of the largest-ever release from the stockpile announced by President Joe Biden in March.
The contracts were awarded to Phillips 66, Marathon Petroleum Supply and Trading LLC, Shell Trading (US), Valero Marketing and Supply, Macquarie Commodities Trading US, and Equinor Marketing and Trading, the Energy Department said in a statement. Deliveries will take place from Dec. 1 to Dec. 31.
U.S. stocks open lower as Fed chief Powell’s words weigh on Wall Street
U.S. stocks opened lower Thursday, extending losses after the...
U.S. stocks opened lower Thursday, extending losses after the Federal Reserve's jumbo interest rate hike as investors weigh labor-market data.The Dow Jones Industrial Average DJIA, -0.71% was down 0.8% soon after the opening bell, while the S&P 500 SPX, -1.14% fell 1% and the Nasdaq Composite COMP, -1.39% dropped 1.2%, according to FactSet data, at last check. The Department of Labor said Thursday that initial jobless claims fell by 1,000 to 217,000 during the week ending Oct. 29. The dip is below the 220,000 new claims that economists polled by the Wall Street Journal had forecast. Investors are watching for signs of the labor market softening as the Fed hikes rates to cool the economy and bring down high inflation. Treasury yields were surging Thursday morning after the Fed on Wednesday announced that it was raising its benchmark rate by three-quarters of a percentage point to a targeted range of 3.75% to 4%, its fourth straight increase of that size. The 10-year Treasury rate was up 14 basis points at 4.20%.
