The energy sector opened with a higher start, supported by strength in the crude complex, but energy...
The energy sector opened with a higher start, supported by strength in the crude complex, but energy stocks are now mostly down 1 to 2% this morning. U.S. stock index futures are lower, even after a stronger than expected February jobs report.
WTI and Brent crude oil futures are up in early trading as supplies from top exporter Russia are disrupted by sanctions after its invasion of Ukraine. The European and Atlantic physical crude market has been brought to a near standstill by a jump in prices and differentials as well as extreme volatility following the invasion. Many European buyers have avoided Russian oil due to the fear of potential future Western sanctions but they haven't rushed to buy alternative grades because they have become overly expensive. In a sign the market is struggling, the Chinese state oil refiner Unipec this week put Angolan crude back on the market and was offering five cargoes. An estimated 8% of global supply has been disrupted in recent days and the shortfall may not be offset by the International Energy Agency's decision to release 60 million barrels from emergency reserves or a likely return of Iranian supply.
Global Markets Fall After Russia Shells Ukrainian Nuclear Plant
U.S. stock futures and global equity indexes fell as investor concerns mounted about Russia’s intensifying...
U.S. stock futures and global equity indexes fell as investor concerns mounted about Russia’s intensifying military campaign in Ukraine.
Futures tied to the S&P 500 were down around 1% in recent trading. The broad benchmark index fell 0.5% Thursday. Contracts for the tech-focused Nasdaq-100 and the Dow Jones Industrial Average slid about 1% each.
Global stock, bond, currency and commodity markets have swung dramatically this week. A sharp run-up in oil prices, during which West Texas Intermediate crude briefly topped $116 for the first time since 2008, spurred panic among some investors and raised concerns about stagflation.
On Friday, front-month futures prices for Brent crude oil, the global benchmark, rose 3.1% to $113.81 a barrel.
Economic Report: U.S. gains 678,000 jobs in February and unemployment drops to 3.8%
The U.S. added 678,000 jobs in February and the unemployment rate fell again even as businesses grappled...
The U.S. added 678,000 jobs in February and the unemployment rate fell again even as businesses grappled with the worst labor shortage in decades, signaling the economy is picking up after a slow start to the year.
Pressure Grows on Biden to Ban US Imports of Russian Oil
A bipartisan group of U.S. senators introduced a bill on March 3 to ban U.S. imports of Russian...
A bipartisan group of U.S. senators introduced a bill on March 3 to ban U.S. imports of Russian oil, saying the shipments could be replaced by boosting output in North America and other places.
The bill would have to pass the Senate and House and be signed by President Joe Biden to become law, but the White House has indicated reluctance to support moves that could increase the price of gasoline at a time when inflation is already high.
The bill, Banning Russian Energy Imports Act, is intended to punish President Vladimir Putin over his invasion of Ukraine and is sponsored by 18 senators in the 100-member chamber, including Joe Manchin, a conservative Democrat, and Lisa Murkowski, a Republican. Similar legislation has been offered by Senator Ed Markey, a liberal Democrat.
API: Most Americans support domestic energy production
A new survey conducted by Morning Consult for the American Petroleum Institute revealed that 90%...
A new survey conducted by Morning Consult for the American Petroleum Institute revealed that 90% of US voters, including 92% of Democratic respondents, favor domestic energy development over foreign supplies. In addition, more than 80% of respondents said they believed domestic oil and natural gas production would boost energy security for the US and its allies, reduce energy costs at home and help preserve US leadership in times of uncertainty.
