The energy sector is off to a mixed-to-higher start, supported by strength in the underlying commodities. Pre-market gains have been limited for energy stocks amid weakness in major equity futures which are lower following the release of hotter-than-expected August CPI data.
WTI and Brent crude oil futures are extending multi-month highs on concerns over tight supply. Yesterday, the IEA said recent output cuts from Saudi Arabia and Russia will lock in a substantial market deficit through the fourth quarter. The tight market supply is being reflected in the spread between front-month Brent contracts and contracts for delivery six months further which is at $4.68, a width not breached since last November. Additionally, OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. Traders will now be waiting for this morning’s EIA data as last night’s API release showed builds in crude, gasoline, and distillates.
Natural gas futures are higher on lower production and expectations for a colder winter, which should increase heating demand.
Markets are little changed after the fresh inflation numbers came in broadly in line with expectations....
Markets are little changed after the fresh inflation numbers came in broadly in line with expectations. The S&P 500 is set to open roughly flat, while expectations have solidified for the Federal Reserve to hold interest rates steady when it meets next week.
CPI report shows annual U.S. headline inflation rate of 3.7% — a 14-month high
The numbers: U.S. consumer prices leaped 0.6%...
The numbers: U.S. consumer prices leaped 0.6% in August — the biggest increase in 14 months — largely because of higher oil prices. Yet inflation more broadly did not appear to show worrying signs. If energy and food are set aside, so-called core inflation rose a smaller 0.3% in August, the consumer price index showed.
That was a tick above Wall Street expectations, however, and cast a negative tone over financial markets. The core rate has increased a slower 0.2% in the prior two months.
The yearly rate of inflation moved up to 3.7% last month from 3.2% in July and a 27-month low of 3% in June.
The annual rate of core inflation, for its part, decelerated to 4.3% from 4.7% and touched the lowest level in 22 months.
Apple unveiled its latest flagship device, the iPhone 15, at its annual product event yesterday in Cupertino, California. The most notable change is the adoption of USB-C, replacing the Lightning port, in compliance with the European Union's charger port standardization mandate for 2024.
Nvidia joined IBM, Salesforce, and other tech companies in taking the White House’s voluntary pledge to put safety guardrails on artificial intelligence.
Coca-Cola launched a limited-edition flavor called Y3000 that was created with the help of AI.
NASA said its James Webb Space Telescope identified carbon-based molecules on a distant exoplanet, suggesting it could have a water ocean and, thus, life.
British pubs are getting on the surge pricing train and charging more for beer at popular drinking times.
A Vincent Van Gogh painting stolen from a Dutch museum in 2020 was returned to an art crimes detective, safely tucked inside an Ikea bag.
More than 5,000 people feared dead in Libya floods
Thousands more are still missing after torrential rains from Cyclone Daniel caused two dams to burst,...
Thousands more are still missing after torrential rains from Cyclone Daniel caused two dams to burst, unleashing catastrophic floods on the coastal city of Derna and nearby areas. Libya’s split government is complicating the response to the storm: The area in eastern Libya affected by the floods is controlled by a militia leader supported by the Kremlin and is not recognized by the United Nations. Analysts are calling it Libya’s “Katrina moment.”
