From Twitter: Egypt signs oil & gas exploration contracts worth $320 Million
Egypt has unveiled a strategic move by...
Egypt has unveiled a strategic move by formalizing three contractual agreements aimed at the exploration and extraction of natural gas and crude oil within the Mediterranean region.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oilfor September delivery fell 88 cents to $81.94 a barrel Monday. Brent crudefor October delivery fell 90 cents to $85.34 a barrel.
Wholesale gasoline for September delivery rose 2 cents to $2.80 a gallon. September heating oil fell 4 cents to $3.02 a gallon. September natural gas rose 15 cents to $2.73 per 1,000 cubic feet.
Dow posts best day in 7 weeks as stocks resume rally
U.S. stocks closed higher Monday, with the Dow posting its best...
U.S. stocks closed higher Monday, with the Dow posting its best day in about seven weeks. The Dow Jones Industrial AverageDJIA rose about 408 points, or 1.2%, ending near 35,473, according to preliminary FactSet data. It snapped a 3-session decline and marked the Dow’s best daily percentage gain since June 15, according to FactSet data. The S&P 500 IndexSPX gained 0.9%, while the Nasdaq Composite IndexCOMP closed up 0.6%. Investors were looking to gauge the possibility of yet another rate hike from the Federal Reserve next month, with the U.S. economy still able to navigate higher rates without slipping into a recession. A key focus will be on Thursday’s July reading of the consumer-price index as an inflation update but also, continued corporate earnings results.
Siemens Energy Sees €4.5 Billion Hit, Wind Losses Prompt Review
(Bloomberg) Siemens Energy AG launched a strategic review of its wind power business...
(Bloomberg) Siemens Energy AG launched a strategic review of its wind power business as problems with its turbines are expected to cause a €4.5 billion ($5 billion) net loss in one of industrial Germany’s biggest debacles.
The worsening outlook, which compares with a previous roughly €1 billion net loss prediction, marks the latest setback for the German manufacturer in getting to grips with quality flaws and unprofitable contracts weighing on its wind unit. Siemens Energy’s other businesses are performing well and the company has strong cash reserves.
The energy sector is off to a mixed-to-lower start, pressured by weakness in the crude complex, despite an uptick in the major equity futures. The broader market futures are higher as investors await more second-quarter earnings and inflation data this week.
WTI and Brent crude oil are kicking off the week lower on no major news, as traders take profits following six weeks of consecutive gains fueled by supply concerns. In focus this week will be Chinese economic data, which will gauge the nation’s appetite for stimulus measures.
Natural gas futures are trading higher on forecasts for warmer weather throughout the end of August.
