U.S. stocks end higher, Dow closes less than 2% from record
U.S. stocks closed higher Thursday ahead of Friday’s jobs report...
U.S. stocks closed higher Thursday ahead of Friday’s jobs report for November, with the equity rally lifting the Dow Jones to less than 2% from its last record finish. The Dow Jones Industrial AverageDJIA, +0.17% gained about 63 points, or 0.2%, closing near 36,117. That put the equity benchmark on the doorstep of its Jan. 4, 2022 closing record of 36,799.65. The S&P 500 IndexSPX ended 0.8% higher, while the outperformer was the Nasdaq Composite Index’s COMP 1.4% gain. Stocks were extending a sharp rally from last month that was fueled by a sharp drop in rates used to finance the economy. The 10-year Treasury yieldsTMUBMUSD10Y edged up to 4.129% on Thursday, but was well below its 5% peak in October. November’s jobs report will be watched for signs that the labor market continues to ease, helping the Federal Reserve in its fight to keep inflation receding toward its 2% yearly target.
Energy stocks are set to regain some of their recent losses, though the psyche remains fragile around oil and energy stocks following crude’s drop below $70 to a fresh 6-month low yesterday. Crude prices are rebounding, and are back above $70, currently trading around $75. News flow is fairly light, though a handful of operational updates were released, with Chevron issuing 2024 capex of $15.5-$16.5 billion, while Shell was upgraded by a research arm.
Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day, but investors remained concerned about sluggish demand in the U.S. and China. "With the largest global importer of oil (China) shuttering its thirst for crude, pressure remains on prices as the largest producer, the United States, continues with headline output," PVM Oil analyst John Evans said.
Natural gas futures are down 1% after falling 5% yesterday. Weekly inventory data expects a draw of 105 bcf vs the 5-year average of -48 bcf.
Saudi minister warns OPEC+ cuts could persist past March
Saudi Energy Minister Prince Abdulaziz bin Salman has said the OPEC+ oil production cuts can "absolutely"...
Saudi Energy Minister Prince Abdulaziz bin Salman has said the OPEC+ oil production cuts can "absolutely" continue after the first quarter of 2023 and will only be withdrawn on examination of market conditions and phased back in. "I honestly believe that 2.2 million will overcome even the usual inventory build that usually happens in the first quarter," Abdulaziz said, adding there were already signs demand was improving.
Motorists are being asked by the Midland County Emergency Management Department to avoid the area near...
Motorists are being asked by the Midland County Emergency Management Department to avoid the area near the intersection of 1379 and ECR 200, due to a significant oil spill at the intersection causing a hazardous situation and necessitating immediate attention from local authorities and emergency response teams.
The spill is believed to have occurred due to the opening of valves on oil tanks, resulting in the release of a substantial amount of oil along the route from ECR 200 to 1090.This incident has led to multiple crashes, prompting the Department of Public Safety (DPS) to work on those accidents.
Venezuela is claiming two-thirds of neighboring country Guyana...
Venezuela is claiming two-thirds of neighboring country Guyana as its own following a recent referendum vote on a land dispute that dates back to the 19th century. While the contested border region of Essequibo is mostly jungle, the oil off its coast is likely what spurred Venezuelan President Nicolás Maduro to include it in a new map of the country he presented this week. Guyana recently opened bidding to oil multinationals looking to help it boost drilling.
Maduro proposed a law that would put Essequibo’s oil under the jurisdiction of a Venezuelan state company and give foreign operators three months to cease their activities. But unless he’s prepared to use force, it seems like Maduro’s moves may just be symbolic.
“You have nothing to worry about,” Guyana’s President Irfaan Ali tried to assure international investors. The country has put its military on alert and asked for support from the UN Security Council, as well as regional powers like the US and Brazil.
