Oil prices fell on Thursday morning after a rail union reached a tentative agreement with its workers,...
Oil prices fell on Thursday morning after a rail union reached a tentative agreement with its workers, averting a potentially disastrous rail strike in the United States.
WTI fell on Thursday to $84.97—a $3.5 (-3.97%) loss on the day. Brent crude fell to $90.53 at the time of writing, a drop of $3.57 (-3.79%) on the day.
Also weighing on prices are the dashed hopes that the United States would refill the SPR with sub-$80 oil. White White House sources suggested earlier that the SPR would be refilled when oil fell below $80 per barrel, the Department of Energy said it had no plans to refill the nation’s Strategic Petroleum Reserves until after Fiscal 2023. The agency also said there was no $80 price trigger.
EIA reports a bigger-than-expected weekly climb in U.S. natural-gas supplies
The U.S. Energy...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 77 billion cubic feet for the week ended Sept. 9. That compared with the average analyst forecast for an increase of 69 billion cubic feet, based on a survey conducted by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.771 trillion cubic feet, down 223 billion cubic feet from a year ago and 354 billion cubic feet below the five-year average, the government said. Following the data, October natural gas NGV22, -7.83% was down 76.8 cents, or 8.4%, at $8.346 per million British thermal units. Prices traded at $8.457 before the supply data.
Supply-demand imbalances, insufficient alternative energy sources and underinvestment in new drilling...
Supply-demand imbalances, insufficient alternative energy sources and underinvestment in new drilling could drive oil prices as high as $150 per barrel, said Christyan Malek, global head of energy strategy at JPMorgan Chase. Separately, Chevron Chairman and CEO Mike Wirth warned of "significantly higher" US natural gas prices this winter and argued against an export ban, noting that such an action "runs the risk of taking supplies that are needed in other parts of the world and reducing those which can drive world prices up, which then can affect the price of imports into this country."
White House: Tentative deal reached in rail worker talks
The White House has signed off on a tentative agreement...
The White House has signed off on a tentative agreement between major railroads and labor unions that could avert a national strike, pending a labor union vote. A strike could disrupt energy product shipments, refinery operations and fuel availability in the US Northeast.
US stock market edged higher early Thursday, as investors await fresh economic data...
US stock market edged higher early Thursday, as investors await fresh economic data and mull the prospect of a large interest rate hike by the Federal Reserve. Here are the latest market moves.
On the docket: Adobe Inc., Ryanair, and more all reporting. Plus, keep an eye out for the unemployment insurance weekly claims report, import and export price indexes, and the advance retail sales report, all due later this morning.
