After unexpectedly rising 7.8 million barrels last...
After unexpectedly rising 7.8 million barrels last week, ending a four-week streak of drawdowns, crude oil inventories this week went back to draws, with the American Petroleum Institute (API) reporting inventories down by 3.069 million barrels.
Analysts anticipated a 0.167 million barrel draw. Crude inventories at the Cushing hub rose by 0.84 million barrels this week.
Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by 211 million barrels, now at its lowest level since January 1984.
U.S. stocks finished modestly higher on Tuesday, bouncing after...
U.S. stocks finished modestly higher on Tuesday, bouncing after a four-session skid, as investors gauged whether the recent losing streak in equities has been overdone. Traders also weighed the potential ripple effects of the Bank of Japan’s surprise announcement to put a higher ceiling on government bond yields.
The S&P 500SPX rose 3.96 points, or 0.1%, to finish at 3,821.62. The Dow Jones Industrial AverageDJIA was up 92.20 points, or 0.3%, ending at 32,849.74. The Nasdaq CompositeCOMP gained 1.08 points, or nearly flat, to finish at 10,547.11.
Stocks fell for a fourth straight session on Monday. The Nasdaq Composite was down 6.3% over that stretch and has retreated 32.6% so far this year.
Oil prices advanced on Tuesday after U.S. authorities announced plans to start refilling its Strategic...
Oil prices advanced on Tuesday after U.S. authorities announced plans to start refilling its Strategic Petroleum Reserve after tapping into it earlier this year.
West Texas Intermediate the U.S. benchmark, climbed 1.3% to $76.19 a barrel. Brent crude the international standard gained 1% to $80.64 a barrel.
Activist investor group sets sights on Big Oil players
Activist investor group Follow This and six institutional...
Activist investor group Follow Thisand six institutional investors overseeing $1.3 trillion in assets have co-filed resolutions with BP, Chevron, ExxonMobil and Shell urging them to take a stronger stance on climate issues. The entities want the oil majors to bring their 2030 emissions reduction targets into alignment with the UN's climate targets, with a focus on Scope 3 emissions.
The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the crude complex. The major market indexes are positive, as investors continue to digest new global economic data as we approach the end of the year.
WTI and Brent crude oil are trading higher this morning on a softer dollar and as the U.S. plans to restock petroleum reserves. Oil futures gained after the U.S. announced plans to buy up to 3 million barrels of oil for the Strategic Petroleum Reserves after this year’s record release. 180 million barrels of oil were released from the SPR in an attempt to lower the price of fuel for the American public. Additionally, the Bank of Japan decided to review its yield curve control policy and widen the trading band for the 10-year government bond yield which sent the Yen climbing against the dollar. However, rising COVID-19 cases in China limited gains as investors fear the top oil importer may reimpose restrictions that can dent their plans for growth.
Natural gas futures dropped amid forecasts for much warmer weather for the last few days of December and into the new year.
