MarketWatch: U.S. stocks close lower Wednesday amid a sharp rise in oil prices and inflation worries
All three major U.S. stock benchmarks closed lower Wednesday amid a sharp rise in oil prices as the Russia-Ukraine...
All three major U.S. stock benchmarks closed lower Wednesday amid a sharp rise in oil prices as the Russia-Ukraine war pressed on for about a month. The Dow Jones Industrial Average DJIA, -1.29% and Nasdaq Composite COMP, -1.32% each closed around 1.3% lower, while the S&P 500 SPX, -1.23% fell 1.2%, according to preliminary FactSet data. While most of the S&P 500's 11 sectors booked losses, energy SP500.10, +1.74% booked sharp gains and utilities saw a modest rise, FactSet data show. In oil prices, West Texas Intermediate crude for May delivery CLK22, +4.67% rose 5.2% to settle at $114.93 a barrel. Investors also continued to weigh hawkish comments from Federal Reserve officials this week, including remarks Wednesday from Cleveland Fed President Loretta Mester, who said the Fed may need to do "some" 50 basis point rate hikes this year to combat high inflation.
Hess said it would consider adding this year a fourth drilling rig to its North Dakota'...
Hess said it would consider adding this year a fourth drilling rig to its North Dakota' production operations in the Bakken shale if prices stay strong.
Hess at the Scotia Howard Weil Energy Conference said it got rid of the portion of its oil hedge that limits its exposure to sky-high oil prices less than six months after doubling the volumes protected under the program. The company paid about $325M to remove its $100/bbl WTI and $105/bbl Brent hedges.
Romanian natural gas producer Romgaz said its board of directors approved the acquisition of Exxon...
Romanian natural gas producer Romgaz said its board of directors approved the acquisition of Exxon Mobil's 50% stake in the Black Sea offshore project Neptun Deep, which is expected to be completed in the second quarter of the year.
Exxon Mobil is drilling in a new area offshore of Brazil that could have as much as 1 billion barrels of oil and gas, its partner Murphy Oil said.
Exxon Mobil appointed Dan Ammann, former president of automaker General Motors, to lead the oil company's energy transition business effective May 1. Ammann replaces Joe Blommaert as chief of its Low Carbon Solutions unit, Exxon said. Blommaert will retire after 35 years at the oil producer.
Natural gas futures rose early (+9 cents @ $5.28)...
Natural gas futures rose early(+9 cents @ $5.28) on cooler weather forecasts and higher heating demand than previously expected. In other natural gas-related news, Russian President Vladimir Putin said Russia would start selling natural gas to "unfriendly countries" in roubles after a freeze on Russia's assets by foreign nations had destroyed Moscow's trust.
The energy sector is set for a higher start supported by strength in the underlying commodities...
The energy sector is set for a higher start supported by strength in the underlying commodities while US markets are expected to open lower on weakness in the major equity futures. U.S. stock index futures edged lower giving back some of the gains from yesterday’s mega-cap fueled rally on Wall Street, as investors assessed the outlook for U.S. interest rates following calls from Federal Reserve policymakers suggesting a more hawkish Fed.
WTI and Brent crude oil futures are higher in early trading supported by disruption of Russian and Kazakh crude exports via the Caspian Pipeline Consortium terminal. Crude oil exports from Kazakhstan's CPC pipeline on Russia's Black Sea coast stopped fully on Wednesday after damage caused by a major storm. Russian Deputy Prime Minister Alexander Novak said that oil supplies by the CPC, which ships around 1.2 million barrels per day, may be completely stopped for up to two months due to damaged berths at a Black Sea terminal. As for the ongoing geopolitical tensions in Eastern Europe, U.S. President Joe Biden is set to announce more Russian sanctions when he meets with European leaders on Thursday in Brussels, including an emergency meeting of NATO.
