Dow scores 11th straight day of gains, longest win streak in 6 years
U.S. stocks closed higher, with the Dow posting its longest win...
U.S. stocks closed higher, with the Dow posting its longest win streak in over six years, according to Dow Jones Market Data. The Dow Jones Industrial Average DJIA gained about 184 points, or 0.5%, ending near 35,411, according to preliminary FactSet data. With 11 straight sessions of gains, it was the blue-chip gauge’s longest streak of wins since Feb. 27, 2017, according to Dow Jones Market Data. The S&P 500 indexSPX advanced 0.4%, with the energy sector leading the way higher, and the Nasdaq Composite IndexCOMP ended up 0.2%. Stocks have been charging higher in 2023 despite the dramatic pace of rate hikes from the Federal Reserve since last year. Focus is on Wednesday’s Fed rate decision,with U.S. central bankers expected to raise rates by another 25 basis points to a 5.25%-5.5% range, potentially marking the last in this cycle as its inflation fight appears to be paying off.
Energy Sector Commentary for Monday, July 24, 2023
The energy sector is trading higher...
The energy sector is trading higher in the pre-market, tracking gains in both crude oil and the major market futures. U.S equities are expected to begin the session higher ahead of various central bank interest rate announcements, heavy earnings and a slew of macroeconomic data to be released this week.
WTI and Brent crude oil are extending their gains, setting the stage for five weeks of consecutive increases, on supply concerns and hopes China will stimulate their economy. Tightening conditions due to Saudi oil output cuts and summer demand being somewhat stronger for gasoline and jet fuel has paved the way for oil futures to trend higher, despite expectations of more rate hikes in the near future.
Natural gas futures edged higher on forecasts for hotter weather across the U.S. mainland, with record-setting temperatures expected in a number of states, especially over the Central Great Plains and the Middle Mississippi Valley.
Drilling, Completion Activity to Fall in Back Half of ‘23
Liberty Energy Inc. reported a reduction in frac activity during...
Liberty Energy Inc. reported a reduction in frac activity during the second quarter—a trend that’s expected to continue for the rest of this year.
As customers changed their development schedules, delayed drilling plays and redeployed frac fleets from gassy to oilier basins, Denver-based Liberty Energy saw increased white space in its calendar during the second quarter, the company reported in earnings on July 19.
Liberty anticipates its North American drilling and completion activity in the second half of 2023to be slightly lower than the first half.
Israeli Parliament Passes Law to Limit Judicial Power
The Israeli Parliament passed a law Monday that...
The Israeli Parliament passed a law Monday that limits the Supreme Court’s ability to overturn decisions made by government ministers, completing the first stage of a wider and deeply contentious effort to curb the influence of the judiciary.
The court is now barred from overruling the national government using the legal standard of “reasonableness,” a concept that judges previously used to block ministerial appointments and contest planning decisions, among other government measures.
Goldman Sachs expects ‘all time high’ oil demand to spur large deficits, boosting prices
Goldman Sachs expects record demand in oil markets to drive crude...
Goldman Sachs expects record demand in oil markets to drive crude prices higher in the near term.
“We expect pretty sizable deficits in the second half with deficits of almost 2 million barrels per day in the third quarter as demand reaches an all-time high,” Goldman’s head of oil research Daan Struyven told CNBC’s “Squawk Box Asia” on Monday.
He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end.
