Oil futures ended higher on Monday, with the continued shutdown of the Keystone pipeline and an improvement...
Oil futures ended higher on Monday, with the continued shutdown of the Keystone pipeline and an improvement in the outlook for Chinese energy demand, on the back of easing COVID-19 restrictions, raising concerns over tight crude supplies.
West Texas Intermediate crude for January delivery CL.1, rose $2.15, or 3%, to settle at $73.17 a barrel on the New York Mercantile Exchange, posting the first gain in seven sessions. The U.S. benchmark tumbled more than 11% last week, ending Friday at the lowest for a front-month contract since Dec. 20, 2021, according to Dow Jones Market Data.
February Brent crudeBRN00, the global benchmark, added $1.89, or 2.5%, to $77.99 a barrel on ICE Futures Europe. Brent ended Friday at the lowest since Dec. 22, 2021, also shedding more than 11% last week.
Back on Nymex, January gasolineRBF23, edged up by 1.2% to $2.081 a gallon, while January heating oilHOF23, rose 6.3% to $2.9685 a gallon.
January natural gas NGF23, jumped 5.5% to $6.587 per million British thermal units.
Dow jumps more than 500 points as stocks end higher ahead of highly-anticipated inflation data
U.S. stocks closed sharply higher Monday, bouncing from last...
U.S. stocks closed sharply higher Monday, bouncing from last week's losses ahead of a highly-anticipated reading on inflation for November. The Dow Jones Industrial Average DJIA, 1.58% ended up more than 500 points, or 1.6%, while the S&P 500 SPX, 1.43% gained 1.4% and the Nasdaq Composite COMP, 1.26% advanced 1.3%, according to preliminary data from FactSet. Last week all three major benchmarks suffered losses, snapping a two-week win streak. Investors are awaiting fresh inflation data from the consumer-price index, with a CPI report scheduled to be released Tuesday morning ahead of the U.S. stock market's open.
Oil Traders Pump a Record $500 Million Into One Fund as Prices Plunge
WisdomTree’s Brent Crude Oil ETP — ticker BRNT — attracted a weekly record of about $500 million,...
WisdomTree’s Brent Crude Oil ETP — ticker BRNT — attracted a weekly record of about $500 million, almost tripling the fund’s assets to more than $700 million. The WisdomTree fund’s inflow is one of the largest for any oil-tracking ETP this year.
The move coincided with benchmark Brent futures sliding 11% in their biggest weekly slump since early August. Worries that rising interest rates will quell demand and an oversupplied physical market have pressured prices lately.
In another sign of dip buying,the market’s largest product, the $2.4 billion US Oil Fund— or USO — saw a daily inflow of $169 million last week. That was the most since August 2020.
Chesapeake Energy Corporation announced Monday it had a new source...
Chesapeake Energy Corporation announced Monday it had a new source of funding for its operations.
The company said the new senior secured reserve-based revolving credit facility replaced its previous credit facility. In a filing with the Securities and Exchange Commission, Chesapeake would be able to obtain an initial borrowing base of $3.5 billion.
Chesapeake explained it obtained the new revolving credit facility as a result of “a more favorable interest rate grid as well as loosened financial and administrative covenants and administrative burdens.”
Markets: The captain has turned on the seatbelt sign, because the stock market is going...
Markets: The captain has turned on the seatbelt sign, because the stock market is going to get real bumpy this week. Not only will the Fed announce another rate hike on Wednesday, but tomorrow the consumer price index (CPI) report will provide the latest snapshot on inflation. And on days when the CPI drops, the market is more mercurial than a toddler: On the Sept. 13 release, the S&P plunged 4.3%, but on the Nov. 10 report, it surged 5.5%.
