The energy sector is off to a higher start, backed by strength in the underlying commodities and in the...
The energy sector is off to a higher start, backed by strength in the underlying commodities and in the major equity futures which rebounded from a down session as traders weighed Federal Reserve Chair Jerome Powell’s latest rate hike comments.
WTI and Brent crude oil futures showed gains early and extended their trend higher for the fourth-straight session, (but showing losses as of 10:00 AM ET) supported by supply risks from a potential European Union oil embargo on Russia and concern about attacks on Saudi oil facilities. European Union foreign ministers are split on whether to join the United States in banning Russian oil. Some countries, including Germany, say the bloc is too dependent on Russia's fossil fuels to withstand such a step. Strength in the dollar, which gained on comments from the Fed Chair about a more aggressive monetary tightening, weighed on prices.
Marathon Oil, Occidental surge to top of S&P 500 leaderboard as crude climbs
Energy (NYSEARCA:...
Energy (NYSEARCA:XLE+3%) was the easy winner of Monday's S&P sector standings, with crude oil prices climbing to their highest finish in nearly two weeks as European Union foreign ministers considered a ban on Russian energy.
April WTI crude (CL1:COM) closed +7.1% to $112.12/bbl and May Brent crude (CO1:COM) also settled +7.1% to $115.62/bbl, with both benchmarks closing at their highest levels since March 8, when prices ended at their highest since 2008.
Marathon Oil (NYSE:MRO+8.5%) and Occidental Petroleum (NYSE:OXY+8.4%) rocketed to the top of the S&P leaderboard.
The conflict has pushed the world toward its biggest oil supply shortage in decades, the agency said. Its ideas include slashing speed limits and making public transportation more affordable, though the IEA acknowledged the supply shortage will still likely worsen.
Rating agency S&P Global has downgraded Russia's credit rating, as well as a slew of corporate...
Rating agency S&P Global has downgraded Russia's credit rating, as well as a slew of corporate ratings, since the war in Ukraine began. Russia's sovereign rating was cut deep into junk territory, and the agency said there are already 30 companies that have tumbled just as far. See the five charts that tell the tale of "Russia Inc."
Yemen's Iran-aligned Houthi group attacks Saudi oil assets
Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities,...
Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery but no casualties, the Saudi energy ministry and state media said. Drone strikes hit a petroleum products distribution terminal in the southern Jizan region, a natural gas plant and the Yasref refinery in the Red Sea port of Yanbu, the ministry said in a statement. Aramco CEO Amin Nasser told a call about the firm's earnings there was no impact from the attacks on its supply to customers.
An attack on Aramco's petroleum products distribution plant in Jeddah caused a fire in one of the tanks but this was controlled and did not result in any casualties, Saudi state media said on Sunday, citing the Saudi-led coalition fighting Yemen's Houthis.
