Benchmark U.S. crude oil for October delivery rose 99 cents to $87.78 a barrel Monday. Brent crude for November delivery rose $1.16 to $94 a barrel. Wholesale gasoline for October delivery rose 1 cent to $2.44 a gallon. October heating oilrose 2 cents to $3.60 a gallon. October natural gasrose 25 cents to $8.25 per 1,000 cubic feet.
MarketWatch: Dow ends up over 200 points ahead of August inflation reading
U.S. stocks finished higher on Monday, notching a fourth-straight...
U.S. stocks finished higher on Monday, notching a fourth-straight day of gains as investors await an update on the pace of inflation in August. The S&P 500 SPX, 1.06% advanced 43.05 points, or 1.1%, to 4,110.41. The Dow Jones Industrial Average DJIA, 0.71% climbed 229.63 points, or 0.7%, to 32,381.34. The Nasdaq Composite COMP, 1.27% rose 154.10 points, or 1.3%, to 12,266.41. On Tuesday morning, investors are expected to receive the first reading on the consumer-price index for August, which is expected to show that inflation slowed to 8.1% last month, down from 8.5% during the month prior, according to a FactSet estimate.
U.S. emergency oil reserves tumble to lowest since 1984
HOUSTON (Reuters) -U.S. emergency crude oil stocks fell 8.4 million barrels last week to 434.1 million...
HOUSTON (Reuters) -U.S. emergency crude oil stocks fell 8.4 million barrels last week to 434.1 million barrels, their lowest since October 1984, according to U.S. Department of Energy (DOE) data released on Monday.
The release from the Strategic Petroleum Reserve (SPR) in the week ended Sept. 9 was the steepest draw since May. It comprised of about 6.3 million barrels of sweet crude and around 2 million barrels of sour crude.
President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high U.S. fuel prices, which have contributed to soaring inflation.
The energy sector is off early to a higher start, supported by strength in the underlying commodities and the major market averages. U.S stocks are expected to move higher ahead of a crucial inflation reading this week that could provide more insight on interest rate hikes.
WTI and Brent crude oil are up in early tradingas the talks with Iran hit obstacles and further sanctions on Russia become a possibility, amid the existing tight supply. European leaders said they had “serious doubts” about Iran’s intentions to bring more barrels into the market, comments that were rejected by Tehran. Iran earlier this month sent its latest response to the European Union's proposed text to restore the 2015 agreement under which Tehran had restrained its nuclear program in exchange for relief from U.S., EU and U.N. economic sanctions, which western diplomats said was a “step backward”. Additionally, the G7 is looking to impose a price cap on Russia which would be set at a fair market value minus any risk premium resulting from its invasion of Ukraine.
Natural gas futuresfell this morning amid growing inventories, despite forecasts for warmer weather than previously expected.
Ukraine tripled its territorial gains in 48 hours. Yesterday, the 200th day since the...
Ukraine tripled its territorial gains in 48 hours. Yesterday, the 200th day since the war began, Ukrainian forces scored their biggest victory in months, driving the Russian military out of a swath of territory it seized in the spring. In a lightning counteroffensive this month, the Ukrainians say they’ve recaptured more than 1,100 square miles of the northeastern Kharkiv region—basically like regaining all of Rhode Island. In response, Russian strikes caused a “total blackout” across stretches of eastern Ukraine, President Volodymyr Zelensky said.
