Crude oil prices rebounded Thursday after the previous session’s...
Crude oil prices rebounded Thursday after the previous session’s sharp losses, as worries over tight global supplies offset the hit-to-risk sentiment caused by the downgrade of the U.S. credit rating.
Benchmark U.S. crudeoil for September delivery rose $2.06 to $81.55 a barrel Thursday. Brent crude for October delivery rose $1.94 to $85.14 a barrel.
Wholesale gasolinefor September delivery fell 2 cents to $2.76 a gallon. September heating oilrose 7 cents to $3.07 a gallon. September natural gas rose 9 cents to $2.57 per 1,000 cubic feet
The S&P 500 booked a third straight day of declines on Thursday as longer-dated Treasury yields spiked...
The S&P 500 booked a third straight day of declines on Thursday as longer-dated Treasury yields spiked in the wake of the U.S. downgrade by Fitch Ratings. The Dow Jones Industrial AverageDJIA shed about 67 points, or 0.2%, ending near 35,215, according to preliminary FactSet data. The S&P 500 IndexSPX closed down 0.3% and the Nasdaq Composite IndexCOMP shed 0.1%. Investors continued to monitor U.S. economy data against a backdrop where the nation’s credit worthiness has become a key source of debate. Fitch on Tuesday cut its U.S. ratings to AA+ from AAA, becoming the second major rating agency to do so in the past dozen years
Enterprise expands in the Permian amid rising production
Building up natural gas and liquids output in the Permian Basin...
Building up natural gas and liquids output in the Permian Basin demands investment in new infrastructure as existing pipeline capacity nears full utilization, Enterprise Products Partnersexecutives said during the company's recent earnings call. The company is close to completing multiple projects, including three new facilities in the Permian that will boost processing capacity by 900 MMcd/d by early 2024.
China’s Oil Demand May Have Peaked for 2023 in Blow to Bulls
(Bloomberg) -- China’s appetite for fuels and other oil-derived products such as plastics...
(Bloomberg) -- China’s appetite for fuels and other oil-derived products such as plastics may have peaked for this year as the nation’s economic woes continue to stand in the way of a full rebound from Covid Zero.
China’s oil demand this year likely peaked at 16.4 million barrels a day in the second quarter, said Jianan Sun, an analyst with Energy Aspects Ltd. It’s expected to ease to 15.8 million barrels a day in the third quarter before rising in the final three months to about 16.2 million barrels a day.
For 2024, Energy Aspects expects demand will remain above 16 million barrels a day, reaching almost 17 million barrels a day in the second quarter.
The energy sector is off to a mixed to lower start, looking past strength in the underlying commodities while the major equity futures extend declines. U.S. stock index futures fell as a jump in U.S. bonds yields, spurred partly by Fitch's downgrade of U.S. long-term credit rating, pressured rate-sensitive shares and set Wall Street up for another selloff.
WTI and Brent crude oil futures have rebounded slightly in early trading after dropping sharply from more than three-month highs in the previous session as concerns around supply tightness offset the impact on sentiment of a U.S. government credit downgrade. Crude is supported by supply concerns because of output cuts by OPEC+ which a meeting today is expected to keep in place, further eroding inventories.
Natural gas futures are trading higher, recovering from yesterday’s selloff amid forecasts for hotter-than-normal weather continuing through mid-August, especially in Texas.
