The energy sector kicked off 2023 mixed to lower, pressured by weakness...
The energy sector kicked off 2023 mixed to lower, pressured by weakness in the underlying commodities but supported by low conviction strength in the major equity futures.
WTI and Brent crude oil futures are lower in early trading, weighed down by weak demand data out of China and a gloomy economic outlook. The Chinese government raised export quotas for refined oil products in the first batch for 2023, with traders attributing the increase to expectations of poor domestic demand amid the waves of COVID-19 infections. In further bearish news, China's factory activity shrank in December as surging infections rates disrupted production, also dampening demand. Adding to the gloomy economic outlook, IMF Managing Director Kristalina Georgieva said on Sunday that the United States, Europe and China - the main engines of global growth - were all slowing simultaneously, making 2023 tougher than 2022 for the global economy.
Natural gas futures are down a further 9% to start the year, as warmer forecasts drove the front month lower for the fourth-consecutive session.
South Korea fines Tesla $2.2 million for exaggerating driving range of EVs
SEOUL (Reuters) - South Korea's antitrust regulator said it would impose a 2.85 billion won ($2.2 million)...
SEOUL (Reuters) - South Korea's antitrust regulator said it would impose a 2.85 billion won ($2.2 million) fine on Tesla Inc for failing to tell its customers about the shorter driving range of its electric vehicles (EVs) in low temperatures.
The Korea Fair Trade Commission (KFTC) said that Tesla had exaggerated the "driving ranges of its cars on a single charge, their fuel cost-effectiveness compared to gasoline vehicles as well as the performance of its Superchargers" on its official local website since August 2019 until recently.
The driving range of the U.S. EV manufacturer's cars plunge in cold weather by up to 50.5% versus how they are advertised online, the KFTC said in a statement on Tuesday.
U.S. stocks open higher to start 2023 on a bullish note
US stock futures rise early Tuesday — an upbeat sign for the first trading day of...
US stock futures rise early Tuesday — an upbeat sign for the first trading day of 2023 after markets closed out last year with their worst losses since 2008. Investors are now bracing for the release of Fed minutes and the monthly jobs report later this week. Here are the latest market moves.
The S&P 500 SPX, 0.28% advanced almost 29 points, or 0.7%, to 3,868.
The Dow Jones Industrial Average DJIA, 0.03% gained 144 points, or 0.4%, to 33,291.
The Nasdaq Composite COMP, 2.58% climbed 123 points, or 1.1%, to 10,590.
Earnings on deck: Pasofino Gold, Lotus Ventures, and more, all reporting.
Looking Back At An Exceptionally Volatile Year For Energy Prices
The year 2022 was one of the most volatile we have ever seen in the energy markets. Oil prices have been...
The year 2022 was one of the most volatile we have ever seen in the energy markets. Oil prices have been extremely volatile in the past, but in 2022 natural gas prices, gasoline prices, and diesel prices all swung wildly — and sometimes out of sync with each other.
When the year began, according to the Energy Information Administration (EIA) the price of West Texas Intermediate (WTI) crude oil was $75.99/bbl. WTI closed the year less than 6% higher at $80.47/bbl. But during the year, WTI went on a wild ride.
One-third of world economy expected to be in recession in 2023, says IMF chief
This year is going to be tougher on the global economy than 2022, the International Monetary Fund’s...
This year is going to be tougher on the global economy than 2022, the International Monetary Fund’s chief, Kristalina Georgieva, has warned.
“Why? Because the three big economies, U.S., EU, China, are all slowing down simultaneously,” she said in an interview that on the CBS Sunday morning news program “Face the Nation.”
“We expect one-third of the world economy to be in recession,” she said, adding that even for countries that are not in recession, it “would feel like a recession for hundreds of millions of people.”
The U.S. may end up avoiding a recession, but the situation looks bleaker in Europe, which has been hit hard by the war in Ukraine, she said. “Half of the European Union will be in recession,” Georgieva added.
