Oil prices hit 5-month low on US-China trade tensions, looming supply surplus
(Reuters) - Oil prices eased on Wednesday to a five-month...
(Reuters) - Oil prices eased on Wednesday to a five-month low on escalating U.S.-China trade tensions and the International Energy Agency's prediction of a supply surplus in 2026.
Brent crude futures fell 48 cents, or 0.8%, to settle at $61.91 a barrel. U.S. West Texas Intermediate (WTI) futures fell 43 cents, or 0.7%, to settle at $58.27.Those were the lowest settlements for both benchmarks since May 7 for a second day in a row.
Bank of America said Brent prices could slip below $50 a barrel if U.S.-China trade tensions intensify while OPEC+ production ramps up.
The world's two largest oil consumers have renewed their trade war over the last week, with the U.S. and China imposing additional port fees on ships carrying cargo between them. The tit-for-tat moves could disrupt global freight flows.
Dow ends flat, while S&P 500 and Nasdaq advance on strong earnings reports
U.S. stocks finished mostly higher after choppy trading...
U.S. stocks finished mostly higher after choppy trading on Wednesday, with investors sending the S&P 500 and Nasdaq Composite higher on robust earnings reports from banks.
Meanwhile, the Dow Jones Industrial Average erased a 400-plus-point gain to close flat after being dragged down by Honeywell International Inc. shares.
The Dow fell 17.15 points to finish flat at 46,253.31, based on preliminary data. It gave up a 422.88-point gain from earlier in the day.
The S&P 500 rose 26.75 points, or 0.4%, to end at 6,671.06.
The Nasdaq Composite advanced 148.38 points, or 0.7%, to close at 22,670.08.
The small-cap Russell 2000 rose 24.26 points, or 1%, to end at an all-time closing high near 2,519.75.
TotalEnergies CEO Patrick Pouyanne and Baker Hughes CEO Lorenzo Simonelli...
TotalEnergies CEO Patrick Pouyanne and Baker Hughes CEO Lorenzo Simonelli said at the Energy Intelligence Forum that the Trump administration's steel tariffs are increasing costs and affecting investment. Simonelli estimated the tariffs could add up to $200 million in costs this year. ExxonMobil CEO Darren Woods downplayed the impact of US policies but criticized European environmental regulations for driving away investment.
LNG boom tests capacity of US gas fields, infrastructure
The Trump administration has made liquefied natural gas a centerpiece...
The Trump administration has made liquefied natural gas a centerpiece of trade and industrial policy, with US gas exports on track to double within five years. Developers are racing to complete new export terminals, but aging gas basins and limited pipeline capacity threaten to constrain supply and push up domestic prices, clashing with Trump's promise to lower energy costs. Much of the new demand is expected to fall on the Haynesville Shale, which is running short on high-yield drilling sites.
The biggest banks in the US started earnings season off ...
The biggest banks in the US started earnings season off with a bang yesterday, with JPMorgan, Goldman Sachs, Wells Fargo, and Citigroup all beating Q3 profit forecasts, as dealmaking, trading, and corporate lending all surged. Goldman is headed toward its best year ever for its main investment banking unit, the Wall Street Journal reports, and JPMorgan took in $8.9 billion in trading revenue last quarter, a record for Q3. But even with the stock market soaring and businesses diving back into mergers and acquisitions, choppier waters may lie ahead. JPMorgan CEO Jamie Dimon noted that recent auto industry bankruptcies flashed a red flag for the private credit market, saying, “When you see one cockroach, there are probably more.”
