The energy sector is set for a higher start, supported by mild gains in the crude complex and...
The energy sector is set for a higher start, supported by mild gains in the crude complex and a rally in U.S. Natural gas futures, despite losses in the major equity futures. U.S stocks are poised for a lower start amid weakness in technology as bond yields hit their highest level in three years and investors wait for more details about the Federal Reserve’s plan to raise interest rates.
WTI and Brent crude futures are up in early trading as the threat of new sanctions on Russia raised supply concerns, offsetting fears of weaker demand following a build in U.S. crude stockpiles and extended COVID-19 restrictions in Shanghai. Oil futures also rose as a halt in talks to revive the 2015 Iran nuclear deal increased concerns over the existing tight supply. The United States and its allies prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelensky described as "war crimes,” to which Russia has denied. Additionally, Goldman Sachs raised its 2023 oil price forecast to $115 a barrel from $110 a barrel on tight fuel supplies and firm demand despite COVID-19 lockdowns in China and a record release of strategic reserves by the United States.
🔥From Twitter: The American Petroleum Institute (API) reported a surprise build this week
The American Petroleum Institute (API)...
The American Petroleum Institute (API) reported a surprise build this week for crude oil of 1.080 million barrels, compared to analyst predictions of a 1.558 million barrel draw.https://t.co/UkGgdTgd9M
Crude oil prices fell slightly in Tuesday’s trading but remained above $100 a barrel...
Crude oil prices fell slightly in Tuesday’s trading but remained above $100 a barrel as analysts explained there are still growing worries that demand will be slowed by new coronavirus cases.
West Texas Intermediate crude fell $1.32 or 1.3% and settled at $101.96 on the New York Mercantile Exchange.
Global benchmark Brent futures dropped 89 cents or 0.8% and closed at $106.64 a barrel on ICE Futures Europe.
At one point, prices increased by more than $2 barrel after the International Energy Agency indicated there were still discussions of a coordinated release of oil reserves.
Nasdaq drops 2.3% as stocks end sharply lower after remarks by Fed's Brainard
Stocks fell sharply Tuesday, with the tech-heavy Nasdaq Composite leading the way among major...
Stocks fell sharply Tuesday, with the tech-heavy Nasdaq Composite leading the way among major indexes after remarks by Federal Reserve Gov. Lael Brainard sparked a jump in Treasury yields. The Dow Jones Industrial Average DJIA, -0.80% fell around 280 points, or 0.8%, to close near 34,642, according to preliminary figures, while the S&P 500 SPX, -1.26% dropped 57 points, or 1.3%, o finish near 4,525. The Nasdaq COMP, -2.26% gave up around 328 points, or 2.3%, finishing near 14,204. Brainard, in a speech, said the Fed will "continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting." The 10-year Treasury yield TMUBMUSD10Y, 2.560% jumped 14.5 basis points to 2.554. Yields and debt prices move opposite each other.
