The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and in the major equity futures which inched lower this morning as investors prepared for the Fed’s May policy meeting to kick off.
WTI and Brent crude oil inched lower this morning, faltering in early trading on weak economic data from China and expectations of interest rate hikes from the Fed and ECB this week. Traders also noted a cloudy economic outlook in other parts of the world also weighing on prices. Manufacturing activity in China fell unexpectedly in April, the first contraction in the manufacturing purchasing managers' index since December. The Fed is expected to increase interest rates by another 25 basis points tomorrow while the ECB is also expected to raise rates at its regular policy meeting on Thursday. Traders will be looking to the next round of inventory reports as the next catalyst with recent polls showing analysts expect crude stocks to have fallen for a third consecutive week.
Europe, Asia were leading recipients of US LNG in April
The US exported 8.57 million short tons of liquefied natural gas in April, as LNG terminals operated...
The US exported 8.57 million short tons of liquefied natural gas in April, as LNG terminals operated at maximum capacity for the second month in a row, according to Refinitiv Eikon data. Europe and Asia were the top destinations, accounting for 72% and 12% of the total 107 cargoes, while increasing demand from Latin America contributed to the strong volumes.
US stock futures fall early Tuesday, as investors brace...
US stock futures fall early Tuesday, as investors brace for the Federal Reserve's upcoming policy meeting. Meanwhile, Australia's central bank shocked markets by hiking interest rates, cementing the idea the Fed will tighten again. Here are the latest market moves
On the docket: American Express, Pfizer, Starbucks, all reporting.
Asia's deepest oil-and-gas well begins drilling in China
The Yuejin 3-3 well, designed to be Asia's deepest oil-and-gas well, started drilling on Monday...
The Yuejin 3-3 well, designed to be Asia's deepest oil-and-gas well, started drilling on Monday in northwest China's Xinjiang Uygur Autonomous Region. Located in Taklamakan Desert, the well is under an ultra-deep drilling project launched by China's Sinopec. It's scheduled to be drilled to the designed depth of 9,472 meters (31,076 feet) within 170 days.
