US stock markets are on pace to wrap up the year with ...
US stock markets are on pace to wrap up the year with double-digit gains. The S&P 500, which is hovering near its all-time high, closed up 25% for the year yesterday. The technology-heavy Nasdaq closed up 45% for the year and is nearing its best year since 2003. The Dow closed up 14% for the year, setting a seventh-record high for the month yesterday.
This year's rally marks a reversal from 2022, when all three major indexes closed lower (S&P 500 -19.4%, Dow -8.8%, Nasdaq -33.1%), ending the worst year for markets since 2008. Gains in 2023 have been partly due to the rise of artificial intelligence and big tech stock increases, primarily with a group known as the Magnificent Seven: Alphabet, Amazon, Apple, Meta, Microsoft, Tesla, and Nvidia.
Benchmark U.S. crude oil for February deliveryfell $2.34 to $71.77 per barrel Thursday. Brent crude for February deliveryfell $1.26 to $78.39 per barrel.
Wholesale gasoline for January deliveryfell 6 cents to $2.09 a gallon. January heating oilfell 6 cents to $2.56 a gallon. February natural gasrose 12 cents to $2.56 per 1,000 cubic feet.
The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve(SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday.
The department said it bought the oil, for delivery to a site in Big Spring, Texas, for an average of $77.31 a barrel, below the average of $95 a barrel that oil sold for in 2022.
The administration of President Joe Biden had conducted sales last year, including a record one of 180 million barrels, to help control oil prices after Russia, a large crude exporter, invaded Ukraine.
The U.S has now purchased about 14 million barrels for replenishment after last year’s sales. About 4 million barrels are also coming back to the SPR by February as oil companies return oil that had been loaned to them through a swap.
Qatar Inks First Five-Year Crude Sales Deal With Shell
Qatar announced a major milestone for its crude...
Qatar announced a major milestone for its crude oil exports as it signed a five-year crude sales deal with Shell. The agreement calls for the supply of 18 million barrels of oil annually for five years.
QatarEnergy signed the deal with Shell International Eastern Trading Co. and has committed to supply Qatar Land and Qatar Marine crude oils to the international oil giant’s trading arm in Singapore.
The deal is part of QatarEnergy’s strategy to engage long-term business partnerships.In a statement, Saad Sherida Al-Kaabi, the minister of state for energy affairs and president and CEO of QatarEnergy, said, “We are delighted to sign our first-ever five-year crude sales agreement.”
At least 20 people killed after Israeli airstrike...
At least 20 people killedafter Israeli airstrike hits Gaza's southern city of Khan Younis; Gaza death toll rises above 21,000, according to Hamas-run Health Ministry (More) | UN appoints Dutch diplomat to coordinate Gaza humanitarian aid efforts after last week's Security Council vote (More) | See war updates (More, w/maps)
