U.S. crude oil posts second weekly gain on Middle East war risk
U.S. crude oil on Friday posted its second weekly gain in a row as Israel...
U.S. crude oil on Friday posted its second weekly gain in a row as Israel prepares to retaliate against Iran.
The U.S. benchmark and global benchmark Brent gained more than 1% this week. Oil prices have gained more than 10% through Friday’s close since Iran hit Israel with ballistic missiles last week.
“Nevertheless, sustaining bullish price momentum in oil has proven to be a high maintenance task: without additional catalysts, the ‘war’ and ‘stimulus’ premiums have shown easy susceptibility to fading,” Natasha Kaneva, head of global commodities strategy at JP Morgan, told clients in a Friday note. Here are Friday’s closing energy prices:
West Texas Intermediate November contract: $75.56 per barrel, down 29 cents, or 0.38%. Year to date, U.S. crude oil has gained more than 5%.
Brent December contract: $79.04 per barrel, down 36 cents, or 0.45%. Year to date, the global benchmark has increased more than 2%.
RBOB Gasoline November contract: $2.1516 per gallon, little changed. Year to date, gasoline is ahead more than 2%.
Natural Gas November contract: $2.632 per gallon, down 1.61%. Year to date, gas has risen more than 4%.
Dow, S&P 500 close at record highs as stock investors cheer bank earnings
U.S. stocks closed higher Friday, with the Dow Jones...
U.S. stocks closed higher Friday, with the Dow Jones Industrial Average and S&P 500 each ending at record highs after major Wall Street banks JPMorgan Chase & Co. and Wells Fargo & Co. reported quarterly earnings.
The Dow Jones gained 409.74 points on Friday, or 1%, to close at 42,863.86.
The S&P 500 rose 34.98 points, or 0.6%, to finish at 5,815.03.
The Nasdaq Composite added 60.89 points, or 0.3%, to end at 18,342.94.
Shares of JPMorgan rallied 4.4% Friday, while Wells Fargo's stock surged 5.6%, according to FactSet data.
For the week,the Dow climbed 1.2%, while the S&P 500 and Nasdaq each gained 1.1%. All three U.S. stock indexes rose for a fifth straight week, marking the longest winning streak since May for the Dow and S&P 500.
Oil & gas gains new backers as other investors retreat
According to energy experts at the recent Energy Capital Conference,...
According to energy experts at the recent Energy Capital Conference, family offices worldwide are seizing the opportunity to invest in exploration and production, stepping in where ESG-focused investors have pulled out. Though their involvement is expanding, especially in the US, this new source of capital is only a fraction of what's needed to fill the void left by traditional investment sources, panelists noted.
Cove Point LNG Poised for Restart After Maintenance
According to Rystad Energy, Berkshire Hathaway...
According to Rystad Energy, Berkshire Hathaway Energy-controlled Cove Point LNG is expected to resume operations soon after finishing maintenance activities.
Reuters reported that U.S. natural gas futures edged up about 1% on Oct. 10 due to forecasts for higher demand this week and an expected increase in the amount of gas flowing to the LNG plant.
After declining for four days, front-month gas futures for November delivery on Nymex rose $0.015, or 0.6%, to settle at $2.675/MMBtu. On Oct. 9, the contract closed at its lowest since Sept. 26.
