The American Petroleum Institute (API) on Tuesday reported that crude oil inventories in the...
The American Petroleum Institute (API) on Tuesday reported that crude oil inventories in the United States fell this week by 6.076 million barrels, the American Petroleum Institute (API) data showed on Tuesday, in a major divergence from the 187,000 barrel build that was expected.
The total number of barrels of crude oil gained so far this year is still more than 53 million barrels.
With the large draw in crude oil inventories came product draws as well. Gasoline inventories fell by 5.891 million barrels, on top of last week's draw of 1.09 million barrels. Distillate inventories rose 548,000 barrels after decreasing by 1.84 million bpd in the week prior.
Inventories at Cushing, Oklahoma, decreased by 2.388 million barrels—after falling 760,000 barrels last week.
Crude oil prices recorded a second straight day of gains on Tuesday as a result of disruption risks from...
Crude oil prices recorded a second straight day of gains on Tuesday as a result of disruption risks from Iraqi Kurdistan and hope a US banking sector turmoil is brought under control.
West Texas Intermediate crudegained 39 cents a barrel or 0.5% and finished at $73.20 on the New York Mercantile Exchange.
Brent crude, the global benchmark, gained 53 cents or 0.7% and closed at $78.65 on ICE Futures Europe.
April natural gasfell 6 cents to $2.03 per 1,000 cubic feet.
MarketWatch: U.S. stocks end lower as rising Treasury yields weigh on tech shares
U.S. stocks ended modestly lower on Tuesday,...
U.S. stocks ended modestly lower on Tuesday, as Treasury yields rose, keeping pressure on the rate-sensitive Nasdaq Composite Index. The Dow Jones Industrial AverageDJIA shed about 37 points, or 0.1%, ending near 32,394, while the S&P 500 index SPX fell 0.2% and the NasdaqCOMP closed 0.5% lower, according to preliminary data from FactSet. Stocks fell, but ended off the session lows, as the 2-year Treasury rateTMUBMUSD02Y climbed 10.5 basis points to 4.06%. Bond yields and prices move in the opposite direction. Tuesday also saw a raft of relatively upbeat economic data and increased expectations by traders in fed-funds futures of no rate hike for the Federal Reserve’s May policy meeting. Another area of focus was a hearing on the collapse of Silicon Valley Bank and Signature Bank, with regulators saying the run on Silicon Valley Bank caused it to lose $142 billion in two days.
Shares of Occidental Petroleum Corp. OXY, +2.62% climbed 2.3% in premarket trading Tuesday, after the oil and gas exploration and production company was upgraded at TD Cowen, citing a “superior” risk-reward balance. Analyst David Deckelbaum lifted his rating to outperform the market to perform and boosted his stock price target to $70 from $63. He listed a number of reasons for his bullishness, such as “superior” exposure to crude oil pricing, capital structure shifts, a favorable free cash flow yield, well productivity and “captive buying support” from Warren Buffett’s Berkshire Hathaway Inc.BRK.B, -0.24%BRK.A, -0.13%, which has been steadily increasing its stake in the company since early 2022 to be Occidental’s largest shareholder. Deckelbaum noted that Berkshire owns 26% of Occidental’s shares outstanding, and has about 10% further exposure through warrants to buy stock. “Asset and inventory quality is a key focal point for investors in a range-bound commodity tape where we see a superior profile for OXY, but also note ideal exposure to higher oil pricing in the event that macro views of an under-supplied situation in 2H23 emerge,” Deckelbaum wrote in a note to clients. The stock has lost 3.9% over the past three months, while crude oil futures CL.1, +0.67% have dropped 8.5% and the S&P 500 SPX, -0.22% has gained 3.6%.
US stock futures traded mixed early Tuesday as banking sector concerns continue to ease....
US stock futures traded mixed early Tuesday as banking sector concerns continue to ease. Investors are now awaiting US home price data and The Conference Board's consumer confidence report, due out later today.Here are the latest market moves.
On the docket: Walgreens Boots Alliance, Micron Technology, and McCormick, all reporting.
