MarketWatch: Oil futures turn lower after unexpected inventory rise
Oil futures turned lower Wednesday after government data showed U.S. crude and gasoline inventories unexpectedly...
Oil futures turned lower Wednesday after government data showed U.S. crude and gasoline inventories unexpectedly rose last week. The Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels. Distillate supplies fell, dropping 2.4 million barrels, according to the agency. Oil futures were lifted earlier in the session after OPEC+ agreed on a largely symbolic 100,000-barrel increase in production in September. In recent action, West Texas Intermediate crude for September delivery fell $1.61, or 1.7%, to $92.81 a barrel on the New York Mercantile Exchange.
Coterra, Chesapeake, Pioneer Boost Shareholder Returns on Strong Profits
U.S. shale producers Chesapeake Energy Corp, Pioneer Natural Resources and Coterra Energy Inc...
U.S. shale producers Chesapeake Energy Corp, Pioneer Natural Resources and Coterra Energy Inc on Tuesday reported strong second-quarter profits and boosted shareholder returns with higher dividends and buybacks.
Chesapeake posted a quarterly profit of $1.24 billion, or $8.27 a share, compared with a loss of $439 million, or $4.48 per share, a year ago.
Coterra's profit was $1.23 billion, or $1.53 a share, compared with earnings of $30 million, or 8 cents per share, a year ago.
Pioneer earned $2.4 billion during the quarter, up from $380 million last year.
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 broader markets. The major market futures have regained ground and are pointing to a higher start as comments from the Federal Reserve hinted a “soft landing” can be achieved and a recession may be avoided.
WTI and Brent crude oil futures have recovered earlier losses and are trading up as OPEC+ is set for a small output increase, despite a call from U.S. President Joe Biden for a meaningful supply boost. Ministers for members of OPEC+ announced they are set to agree on a small output increase of 1000,000 barrels per day. Kazakhstan’s Energy Minister Akchulakov said the group may have to raise production to avoid the market from overheating. Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 BPD to 800,000 BPD. Data released from the API which showed U.S. crude stocks rose by 2.2mln barrels last week has also provided support to oil futures.
Natural gas futures rose this morning on forecasts for more demand in the next two weeks than previously expected.
U.S. stocks opened with gains Wednesday, attempting to bounce after back-to-back losses as investors...
U.S. stocks opened with gains Wednesday, attempting to bounce after back-to-back losses as investors weighed corporate earnings and the Federal Reserve's plans for hiking interest rates in its bid to rein in inflation. The Dow Jones Industrial Average DJIA, 0.64% rose 160 points, or 0.5%, while the S&P 500 was up 0.5% and the Nasdaq Composite gained 0.8%.
The US economy just shrank two consecutive quarters in a row, and downbeat manufacturing data from China...
The US economy just shrank two consecutive quarters in a row, and downbeat manufacturing data from China hasn't helped its economic forecasts.
Though there is some debate over whether a recession will be officially called by the National Bureau of Economic Research, Citi's chief economist said there's a 50% chance of a global recession thanks to declining demand on top of soaring inflation around the world.
"I would say the recent economic data has been the central bank's worst nightmare," Citi's Nathan Sheets said in an interview with Yahoo Finance.
He's focused on the threat of stagflation — high inflation paired with low growth. A downturn for not just the US but the whole planet presents a "clear and present danger," Citi strategists noted.
