Based on 19 bear 🐻 markets in the last 140 years, here’s where the current downturn may end, says Bank of America
At nearly the halfway mark in a volatile year of trading, the S&P 500 index is down, but not out...
At nearly the halfway mark in a volatile year of trading, the S&P 500 index is down, but not out to the point of an official bear market yet.
But should the S&P 500 officially enter the bear’s lair, Bank of America strategists led by Michael Hartnett, have calculated just how long the pain could last. Looking at a history of 19 bear markets over the past 140 years, they found the average price decline was 37.3%and the average duration about 289 days.
While “past performance is no guide to future performance,” Hartnett and the team say the current bear market would end Oct. 19 of this year, with the S&P 500 at 3,000 and the Nasdaq Composite at 10,000.
U.S. Utility Bills Could Jump 40% on Energy Rally, Barclays Says
(Bloomberg) U.S. households could see a 30% to 40% hike in monthly energy bills this...
(Bloomberg) U.S. households could see a 30% to 40% hike in monthly energy bills this year if high natural gas prices persist, according to a new analysis from Barclays Plc.
Average electric and natural gas bills will be $55 to $75 higher than in 2020 if natural gas costs remain at $6 to $7 per million British thermal units, Barclays said in a research note. Benchmark gas futures surged to a 13-year high of $8.474 on Wednesday as hot weather boosted domestic demand for the power-plant fuel, but as of Friday have fallen back to the $8.15 level at 1:30 PM ET.
The energy sector is off to a higher start, supported by strength in the crude complex and despite...
The energy sector is off to a higher start, supported by strength in the crude complex and despite further weakness in the major market indices. While U.S. stock index futures turned positive after data showed the U.S. economy added more jobs than expected in April, although wage growth slowed, easing some concerns about building inflationary pressures, that strength was short-lived, and equities are negative again in early trading.
WTI and Brent crude oil futures extended gains for the third consecutive day shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. WTI is trading around $108.69 and Brent crude oil at $111.41, both up in the +40 cent range as of 10:00 AM ET.
Natural gas (NG1:COM) for June delivery brushed up against $9.00 Friday morning trading at an intraday high of $8.96; however, as equities collapsed Thursday, natural gas for December delivery reached $9.14.
A perfect storm that lifted prices to $8.00 earlier in the week, shows no sign of abating.
Demand for gas is not particularly price sensitive, and a historic rally in coal price means there's little flexibility to substitute thermal coal into the power stack, suggesting that US natural gas supply growth will be required to lower prices, and US supply growth has not responded to higher prices:
🔥New wells for Casillas Petroleum in McClain County
Two McClain County wells drilled on a single pad brought in more than 1,600 barrels...
Two McClain County wells drilled on a single pad brought in more than 1,600 barrels of oil combined for Casillas Petroleum Resource Partners, LLC.
Although the wells are now nearly 6-months old, the completion reports just filed in recent days by the Oklahoma energy company showed the Choate 0504 03-10-3wxh reported production of 1,084 barrels of oil a day and 1,125 Mcf of natural gas when completed in January of this year.
Located at 3 5N 4W, a site north of Lindsay, the well had a drilled depth of 18,355 feet. The well had a spud date in October of 2021 according to the completion report.
The second well, the Choate 0504 03-10-2mxh, was drilled at a depth of 18,026 feet on the same pad. Its spud date was also in October of last year per the completionreport.
