Natural-gas futures end at a 7-week high; oil prices finish lower
Natural-gas futures climbed...
Natural-gas futures climbed on Tuesday to settle at their highest since June 7, according to Dow Jones Market Data. Prices continued to find support after reports that Russian state-owned energy producer Gazprom’s natural-gas exports through the Nord Stream pipeline to Germany would drop by half. August natural gas NGQ22, -0.30% rose 27 cents, or nearly 3.1%, to settle at $8.993 per million British thermal units on the New York Mercantile Exchange. September West Texas Intermediate crude CLU22, 0.68%, meanwhile, fell $1.72, or 1.8%, to settle at $94.98 a barrel "Mounting recession worries are currently trumping how tight the physical crude market remains," said Edward Moya, senior market analyst at OANDA.
MarketWatch: Dow finishes down over 200 points ahead of Fed rate decision; Nasdaq off 1.9%
U.S. stocks closed lower Tuesday as investors digested a profit warning from Walmart ahead of the Federal...
U.S. stocks closed lower Tuesday as investors digested a profit warning from Walmart ahead of the Federal Reserve's policy decision on interest rate hikes aimed at curbing high inflation. The Dow Jones Industrial Average DJIA, -0.71% fell around 0.7%, while the S&P 500 SPX, -1.15% slid 1.2% and the Nasdaq Composite COMP, -1.87% dropped 1.9%, according to preliminary FactSet data. Retail giant Walmart Inc. WMT, -7.60% said Monday after the market's close that high food inflation was hurting its customers' spending on general merchandise and it was lowering its profit forecast. Many investors are expecting the Fed to announce Wednesday that it's lifting its benchmark rate by three-quarters of a percentage point, a large rate hike aimed at combating soaring inflation.
Oil Slips as Investors Weigh Demand Outlook Ahead of Fed Meet
(Bloomberg) --Oil swung in a thin trading session, brought down by broader markets that are bracing for...
(Bloomberg) --Oil swung in a thin trading session, brought down by broader markets that are bracing for an aggressive rate hike from the Federal Reserve.
West Texas Intermediate had traded down to an intraday low of $94.81 as of 14:48 ET, erasing gains of as much as 2.4%. Broader markets dropped further after a slew of tepid earnings showed inflation was already starting to batter consumer behavior. The Federal Reserve is expected to raise rates Wednesday, which many fear could tip the economy into a recession.
The market is steeply backwardated, a bullish pattern marked by near-term prices commanding a premium to later-dates ones. Brent’s prompt spread was $4.77 a barrel in backwardation, compared with $3.83 at the start of July.
Ahead of tomorrow’s expiration, front-month natural gas futures extended their gains...
Ahead of tomorrow’s expiration, front-month natural gas futures extended their gains (+62 cents @ $9.32)and hit a 14-year high, supported by a persistent heat wave in the United States that drove up demand for gas-powered electricity for air conditioning. Virtually all the contiguous United States experienced above-normal temperatures in the past week, with the further dangerously hot weather forecast.
The energy sector is poised for a higher start, backed by strength in...
The energy sector is poised for a higher start, backed by strength in the crude complex but gains will be capped by a drop in broader equity sentiment. Futures dipped lower this morning after Walmart cut its profit forecast amid rising food inflation, sending retail stocks tumbling in the premarket. The news comes ahead of a busy week of earnings, economic data, as well as the outcome of the Federal Reserve meeting with the markets expecting a three-quarter percentage point hike. On the economic front, investors are expecting the latest reading of the Case-Shiller Home Price Index, the consumer confidence report and new home sales data later this morning.
WTI and Brent crude oil futures continued to gain ground for a second day, boosted by increasing concerns about tightening European supply after Russia cut gas supply through a major pipeline. The gains come despite the strength of the dollar. Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity and the cut in supplies is expected to leave countries unable to meet their goals to refill natural gas storage ahead of the winter demand period.
