The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the underlying commodities and the major market futures. U.S stocks are expected to open in positive territory as better-than-expected earnings from Nike and FedEx helped boost investor confidence in consumer activity.
WTI and Brent crude oil are higher for the third-consecutive session following last week’s sell-off amid API data that reflects a larger-than-expected draw in crude stocks which added to concerns over tight supply. Saudi Arabia’s energy minister said the heavily criticized move by OPEC+ to cut oil output turned out to be the right decision. These comments suggest OPEC+ may continue to keep supply tight. Additionally, the U.S Pipeline and Hazardous Materials Safety Administration has opened an investigation into the issuance of special permits to waive certain operating requirements on pipelines. This comes following the Keystone Pipeline oil spill on December 7th, which has raised eyebrows as Keystone is the only U.S pipeline with a special permit to operate at high pressure. Investors are keeping an eye out for the EIA report that will be released later today as API data reflects crude stocks are down but shows a build-up in gasoline inventories.
Natural gas futures are higher as cold temperatures have frozen oil and gas wells and continue to boost heating demand.
After unexpectedly rising 7.8 million barrels last...
After unexpectedly rising 7.8 million barrels last week, ending a four-week streak of drawdowns, crude oil inventories this week went back to draws, with the American Petroleum Institute (API) reporting inventories down by 3.069 million barrels.
Analysts anticipated a 0.167 million barrel draw. Crude inventories at the Cushing hub rose by 0.84 million barrels this week.
Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by 211 million barrels, now at its lowest level since January 1984.
U.S. stocks finished modestly higher on Tuesday, bouncing after...
U.S. stocks finished modestly higher on Tuesday, bouncing after a four-session skid, as investors gauged whether the recent losing streak in equities has been overdone. Traders also weighed the potential ripple effects of the Bank of Japan’s surprise announcement to put a higher ceiling on government bond yields.
The S&P 500SPX rose 3.96 points, or 0.1%, to finish at 3,821.62. The Dow Jones Industrial AverageDJIA was up 92.20 points, or 0.3%, ending at 32,849.74. The Nasdaq CompositeCOMP gained 1.08 points, or nearly flat, to finish at 10,547.11.
Stocks fell for a fourth straight session on Monday. The Nasdaq Composite was down 6.3% over that stretch and has retreated 32.6% so far this year.
Oil prices advanced on Tuesday after U.S. authorities announced plans to start refilling its Strategic...
Oil prices advanced on Tuesday after U.S. authorities announced plans to start refilling its Strategic Petroleum Reserve after tapping into it earlier this year.
West Texas Intermediate the U.S. benchmark, climbed 1.3% to $76.19 a barrel. Brent crude the international standard gained 1% to $80.64 a barrel.
Activist investor group sets sights on Big Oil players
Activist investor group Follow This and six institutional...
Activist investor group Follow Thisand six institutional investors overseeing $1.3 trillion in assets have co-filed resolutions with BP, Chevron, ExxonMobil and Shell urging them to take a stronger stance on climate issues. The entities want the oil majors to bring their 2030 emissions reduction targets into alignment with the UN's climate targets, with a focus on Scope 3 emissions.
