As crude drops below $90 a barrel, investors should bet on a steep drop in the oil price, Citi strategist says
Crude oil dropped below $90 a barrel for the first time this week since Russia invaded Ukraine...
Crude oil dropped below $90 a barrel for the first time this week since Russia invaded Ukraine - and one top strategist warned bigger price drops are on the horizon.
The drop in oil speaks to weakening gasoline demand in the US as recession fears mount, coupled with larger builds in US inventories that have elevated supply.
Speaking to CNBC Thursday, Ed Morse, global head of commodities research at Citi said: "It means the market is no longer expecting tightness ahead, it's expecting things to loosen up. It's supply purely playing against demand," he said.
More supply and less demand for oil typically mean prices would fall. "This is something that needs to concern companies while it is something very pleasant for consumers," Morse said.
Dow, S&P 500 end lower as investors await Friday's jobs report
U.S. stocks closed mostly lower on Thursday, ahead of the release of Friday's employment report...
U.S. stocks closed mostly lower on Thursday, ahead of the release of Friday's employment report for July, with investors hoping it will provide insights into whether America's roaring labor market is exhibiting signs of cooling. The Dow Jones Industrial Average DJIA, -0.26% fell about 85 points, or 0.3%, ending near 32,727, a day after all three major stock indexes booked their best daily climb in a week, according to Dow Jones Market Data. The S&P 500 index SPX, -0.08% shed 0.1% Thursday, while the Nasdaq Composite Index COMP, +0.41% rose 0.4%. Employment gains in July are expected to drop to 258,000 from 372,000 in the prior month, a poll of economists by The Wall Street Journal estimates. If so, it would mark the smallest increase since December 2021. While a potential U.S. economic downturn and layoffs in tech have been a focus, Meta Platforms Inc. META, +1.05%, the parent of Facebook, was seeing success on Thursday with its debut 4-part corporate bond deal.
MarketWatch: The oil rout continues as U.S. benchmark crude falls below $90 a barrel
Oil futures extended a decline Thursday, with Brent crude slipping to levels last seen before...
Oil futures extended a decline Thursday, with Brent crude slipping to levels last seen before Russia’s invasion of Ukraine and the U.S. benchmark sliding below the $90-a-barrel threshold.
West Texas Intermediate crude for September delivery CL.1, -2.34%CL00, -2.37%CLU22, -2.34% slumped $2.51, or 2.8%, to $88.15 a barrel on the New York Mercantile Exchange. The U.S. benchmark on Wednesday posted its lowest close since Feb. 10.
October Brent crude BRN00, -2.61%BRNV22, -2.62% declined $2.91, or 3%, to $93.87 a barrel on ICE Futures Europe, after ending the previous session at its lowest since Feb. 21.
Back on Nymex, September gasoline RBU22, -4.36% fell 4% to $2.797 a gallon, while September heating oil HOU22, -2.48% shed 2% to $3.347 a gallon.
September natural gas NGU22, -0.92% was down 1% at $8.187 per million British thermal units.
Shrinking U.S. exports likely to build oil stocks at Cushing storage hub
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more...
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more barrels to the top U.S. oil storage hub, continuing a recent supply build, oil dealers and traders said.
Rising storage levels at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, are putting pressure on futures prices, which could help ease U.S. inflation. After running up to $122.11 per barrel, U.S. oil futures on Wednesday settled at $90.66, down more than 25% in the last two months.
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