Energy stocks opened higher, led by a small rebound in oil prices, and despite fairly sizeable losses in the broader equity benchmark futures prices. Equities are set to continue yesterday’s sell-off, as a more hawkish than expected tone struck by Fed Chair Jerome Powell signaled that rates will remain higher for longer. News flow is beginning to slow as quarter-end nears and quiet periods ahead of earnings approach.
Oil prices fell on Thursday, after posting the largest decline in a month in the previous session, as the U.S. Federal Reserve held rates but signaled potential future hikes, offsetting the impact of drawdowns in U.S. crude stockpiles. Energy markets reacted little to data from the EIA on Wednesday showing crude inventories fell in line with expectations last week, with some analysts saying the 2.14 million barrel decline versus an expected 5.25 million barrel draw was smaller than they expected.
Natural gas futures are lower by 1% on cooler-than-expected season temperatures, while weekly inventory data is expected to show a build of 67 bcf.
From Twitter: Europe will suffer the most from oil shortages
🛢Low growth, high #inflation:...
🛢Low growth, high #inflation: Europe will suffer the most from oil shortages
The OECD in its new forecast increased US GDP growth, and for the Eurozone, on the contrary, reduced it to 0.6% this year and 1.1% next year, #Bloomberg notes. The situation on the fuel market will… pic.twitter.com/vrj465ykVL
Exxon bets on fracking brine as ticket into lithium market
ExxonMobil is conducting early tests to extract lithium from...
ExxonMobil is conducting early tests to extract lithium from fracking wastewater, as part of efforts to gain a foothold in the burgeoning EV battery materials market. "One of the advantages of lithium from subsurface brines is it's a lot less energy-intensive and emissions-intensive than, say, the hard rock mining that is common today," said Matt Crocker, Exxon's senior vice president of low carbon solutions.
Film and television studio chiefs, including CEOs from Disney, Warner Bros., and Netflix,...
Film and television studio chiefs, including CEOs from Disney, Warner Bros., and Netflix, attend negotiations with writers guild as writers strike enters 21st week (More)
Indian officials work to contain the Nipah virus outbreak in the southern state of Kerala; six confirmed cases and two deaths from the bat-borne virus have been confirmed (More) | What is Nipah virus? (More)
Kraft is recalling 83,000 cases of its individually wrapped American cheese slices because the Singles pose a “gagging” risk.
The Senate confirmed a new chairman of the Joint Chiefs of Staff, sidestepping a monthslong hold on hundreds of military promotions by a single Republican senator over abortion.
Cristiano Ronaldo’s appearance in Iran, where his Al Nassr squad won an AFC Champions League match against Persepolis FC, attracted so many fans that even the driver of the team’s bus reportedly got ~150,000 new Instagram followers.
Russia struck at least five cities in Ukraine with missiles,...
Russia struck at least five cities in Ukraine with missiles, damaging energy infrastructure. Rescuers are searching for survivors under the rubble.
The attack came hours after Volodymyr Zelensky condemned Russia at the U.N. He also told the Security Council that it was powerless while Russia had a veto.
Zelensky is expected to meet with Biden and members of Congress today.
