Dow drops more than 600 points as U.S. stocks end sharply lower ahead of highly-anticipated inflation data
All three major stock benchmarks closed sharply lower Thursday, with the Nasdaq Composite...
All three major stock benchmarks closed sharply lower Thursday, with the Nasdaq Composite suffering the biggest loss as investors worry about slowing growth and inflation data that will be released Friday. The Dow Jones Industrial Average DJIA, -1.94% dropped around 639 points to close 1.9% lower, while the S&P 500 SPX, -2.38% fell 2.4% and the technology-heavy Nasdaq COMP, -2.75% slid almost 2.8%, according to preliminary FactSet data. The U.S. government will release on Friday morning May inflation data measured by the consumer-price index. All 11 sectors of the S&P 500 closed lower Thursday, FactSet data show.
US petroleum output edges closer to pre-pandemic levels
The US produced an estimated 19.9 million barrels per day of crude and other liquids in May, just 3%...
The US produced an estimated 19.9 million barrels per day of crude and other liquids in May, just 3% below the 20.5-million-bpd record set in January 2020, while global production of petroleum and other liquids rebounded to 99% of pre-pandemic levels to average 99.5 million bpd, the Energy Information Administration reported. The agency also forecast that US crude oil production will climb to 11.92 million bpd this year and 12.97 million bpd in 2023, while demand for petroleum and other liquid fuels is seen rising to 20.53 million bpd in 2022 and 20.73 million bpd in 2023.
Europe accounted for 74% of the 11.5 billion cubic feet per day of liquefied natural gas exported by...
Europe accounted for 74% of the 11.5 billion cubic feet per day of liquefied natural gas exported by the US in the first four months of 2022, up from a 34% average in 2021, surpassing Asia as the top destination for US LNG, according to the Energy Information Administration. Asia received 2.3 Bcf/d of US LNG over the same period, a 51% decline compared with the 2021 average, with China and South Korea as the top buyers, the EIA reported.
How high will oil need to go to trigger a recession?
A daunting question, sure, but DataTrek analysts say ...
A daunting question, sure, but DataTrek analysts say there's a correct answer: "We still believe $140/barrel is the level to watch as a recession indicator."
Wall Street says that grim milestone is nearly upon us with both Goldman Sachs and Bank of America predicting $140 a barrel for international and US prices.
What's more, the UAE's energy minister said Wednesday prices are nowhere near their peak with China's economy set to reopen soon.
ECB says it will end ‘QE’ and begin raising interest rates next month
The European Central Bank on Thursday said it would end asset purchases on July 1 and raise its key interest...
The European Central Bank on Thursday said it would end asset purchases on July 1 and raise its key interest rates next month by 25 basis points, or a quarter of a percentage point, as it vowed to bring inflation back down to its target. In a statement following a policy meeting, the ECB's Governing Council said it expected to raise rates again in September, with the size of the move depending on an updated medium-term inflation outlook." If the medium-term inflation outlook persists or deteriorates, a larger increment will be appropriate at the September meeting," the ECB said. Beyond September, the ECB said it anticipates that a "gradual but sustained path of further increases in interest rates will be appropriate."
