Dow closes up nearly 550 points in rebound from bear-market lows as bond yields fall after BOE intervention
U.S. stock indexes on Wednesday rebounded from 2022 lows with support from a sharp fall in Treasury yields...
U.S. stock indexes on Wednesday rebounded from 2022 lows with support from a sharp fall in Treasury yields and a surprise intervention from the Bank of England in the U.K. government bond market. The Dow Jones Industrial Average snapped a six-session skid, while the S&P 500 ended its longest losing streak since February 2020.
The Dow Jones Industrial Average DJIA, 1.88% finished 548.75 points higher, or 1.9%, to 29,683.74
The S&P 500 SPX, 1.97% gained 71.75 points, or less than 2%, to end at 3,719.04
The Nasdaq Composite COMP, +11.59% advanced 222.13 points, or 2.1%, finishing at 11,051.64
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump...
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump price hitting $3.72 while Oklahoma’s average was up to $3.47 per gallon.
“Slack demand and lower oil prices should take some pressure off rising gas prices,” said Andrew Gross, AAA spokesperson. “But Hurricane Ian could cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.”
Oklahoma’s $3.47 average is up from $3.44 a week ago but one cent below the average from a month ago reported AAA. However, Gas Buddy reported Wednesday prices as low as $2.89 per gallon.
Prices in Oklahoma City averaged $3.46, a penny higher than last week and two cents lower than a month ago.
Goldman Cuts 2023 Oil Price Forecast Due to Weakening Demand Outlook
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a...
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar but said the ongoing global supply disappointments only reinforced its long-term bullish outlook.
Goldman’s commodities research division lowered the forecast for next year by $17.5/bbl on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023.
It revised its oil price forecast lower by $19 per barrel on average for the period stretching from the fourth quarter of 2022 to the fourth quarter of 2023 and sees global oil demand growing in 2023 by 2 million bbl/d at current prices, versus a previous forecast of 2.5 million bbl/d, according to a research note issued by the investment bank.
Chevron plans $400M expansion at Pasadena refinery
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery...
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery in Texas by nearly 15% to 125,000 barrels per day, with completion expected in 2023. In addition to increasing capacity, the project will bring jet fuel into the refinery's product range and help drive significant emission reductions.
