MarketWatch: Oil and Gas Futures Close Lower on Tuesday
Oil futures gave up early gains to finish...
Oil futures gave up early gains to finish with a loss on Tuesday, pressured after Bloomberg reported that a U.S. senator may propose a plan to impose a federal surtax on certain oil companies in a move to curb inflation. Natural-gas prices, meanwhile, settled at their lowest in five weeks as full repairs to a damaged Freeport LNG terminal isn't expected until later this year. The Freeport LNG news is "a near-term headwind for U.S. natgas prices as it will add an estimated 2.0 [billion cubic feet] of supply to our domestic market until the facility resumes operations at full strength later in the year," said Tyler Richey, co-editor at Sevens Report Research. West Texas Intermediate crude for July delivery CLN22, -0.18% fell $2, or nearly 1.7%, to settle at $118.93 a barrel on the New York Mercantile Exchange after trading as high as $123.68. July natural gas NGN22, 1.63% settled at $7.189 per million British thermal units, down $1.42, or 16.5%.
U.S. to sell up to 45 million bbls oil from reserve as part of historic release
WASHINGTON (Reuters) - The U.S. Department of Energy on Tuesday said it was selling up to 45 million...
WASHINGTON (Reuters) - The U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve as part of the Biden administration's previously announced, largest-ever release from the stockpile.
Deliveries of crude from the SPR sale would take place from Aug. 16 through Sept. 30, the Energy Department said.
Dow, S&P 500 end lower for 5th day as investors brace for Wednesday Fed decision
Stocks finished mostly lower on Tuesday, with both the Dow and S&P 500 booking a fifth straight day...
Stocks finished mostly lower on Tuesday, with both the Dow and S&P 500 booking a fifth straight day of declines, a day before the Federal Reserve is expected to raise rates by 75 basis points. The Dow Jones Industrial Average DJIA, -0.50% shed about 150 points on Tuesday, or 0.5%, ending near 30,365. The S&P 500 index SPX, -0.38%, which entered a bear market on Monday, fell another 0.4% Tuesday. The Nasdaq Composite Index COMP, 0.18% closed 0.2% higher. Stocks have come under sharp pressure recently as the Fed looks to get tougher on inflation pegged at a 40-year high.
Oil Prices Spike As OPEC Reveals Production Loss For May
Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased,...
Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased, according to OPEC’s latest Monthly Oil Market Report released on Tuesday.
OPEC produced a total of 28.508 million bpd in May—down 176,000 bpd from April 2022. The reason for the decline are decreases in production in Equatorial Guinea (-2,000 bpd), Venezuela (-2,000 bpd), Iran (-20,000 bpd), Iraq (-21,000 bpd), Gabon (-32,000 bpd), Nigeria (-45,000), and most notably—Libya (-186,000 bpd), according to OPEC’s secondary sources.
Saudi Arabia’s directly reported production was 10.538 million bpd.
The energy sector is off to a higher start, supported by strength in...
The energy sector is off to a higher start, supported by strength in the crude complex and the major market indices. U.S. stock futures rose as selling pressure appeared to ease in premarket trading following yesterday’s sharp sell-off that pushed the S&P 500 into bear market territory.
WTI and Brent crude oil futures are up in early trading as tight supply continues to outweigh the possibility of a recession and fresh COVID-19 curbs in China. A drop in exports in Libya amid a political crisis that has hit output, is also keeping supplies tight.
