U.S. stocks end higher Tuesday, S&P 500 exits correction territory
From MarketWatch: U.S. stocks finished...
From MarketWatch: U.S. stocks finished higher Tuesday, with the S&P 500 exiting correction territory after a little over a month, as investors turned more bullish on hopes for a ceasefire agreement between Russia and Ukraine. The S&P 500SPX, 1.23% added about 56 points, or 1.2%, enough to close above the 4,587.77 mark necessary to emerge from correction territory, defined as at least a 10% decline from its prior high. The Dow Jones Industrial Average rose 1% on Tuesday, while the Nasdaq Composite Index booked a 1.8% gain, even as a part of the Treasury yield curve inverted, which has been a reliable past predictor of recessions, albeit often with a roughly two-year lag.
OPEC Says the U.S. Must Trust Its Oil Production Strategy
(Bloomberg) -- Saudi Arabia and the United Arab Emirates said the ...
(Bloomberg) -- Saudi Arabia and the United Arab Emirates said the U.S. must trust OPEC+’s strategy, as Washington and other major importers call on the group to hike oil production following Russia’s invasion of Ukraine.
OPEC+, led by Saudi Arabia and Russia, meets on Thursday to decide on output levels for May. Members have far signaled they see no need to divert from their policy of small increases each month.
“We’re experts in our field and we’ve been doing it for a very long time,” UAE Energy Minister Suhail al Mazrouei said at a conference in Dubai on Tuesday, sitting alongside his Saudi counterpart. “We’re trying to balance the market and it’s not an easy job. We’re not the only producers in the world and when we say this is the right way to do it, we know it from experience. So, trust us.”
The US exported an average of 9.7 billion cubic feet per day of liquefied natural gas in 2021,...
The US exported an average of 9.7 billion cubic feet per day of liquefied natural gas in 2021, a new all-time high and a 50% increase compared to 2020, according to the Energy Information Administration. Europe and Asia fueled demand for US LNG, accounting for 3.3 Bcf/d and 1.5 Bcf/d of the average exported volume, respectively.
Dow up 400 points early Tuesday amid renewed optimism over Ukraine-Russia talks; Oil Drops
Stocks were trading higher Tuesday as Russia and Ukraine met to ...
Stocks were trading higher Tuesday as Russia and Ukraine met to discuss a possible cease-fire.
Markets are trading risk-on this morning after reported progress in ceasefire talks between Russia and Ukraine,” wrote Tom Essaye, founder of Sevens Report Research.
That helped send the price of WTI crude oil down $6.47 to $99.49 a barrel at 9:40 AM ET, which is well below the multiyear high of $130 hit in early March. The fear, one that is subsiding, for now, is that further restrictions on Russian oil from Western nations would drastically reduce the global supply.
UAE Energy Minister Urges The World To Make Up Its Mind About Oil
Speaking at the Global Energy Forum by the Atlantic Council in Dubai on Monday, United...
Speaking at the Global Energy Forum by the Atlantic Council in Dubai on Monday, United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei urged the public and global policymakers to make up their collective mind about whether they want more oil production, as quoted by Reuters.
Following several years of significant success in its goal of maintaining market stability, the OPEC+ cartel has lost control in recent years, as global events like the COVID-19 pandemic and Russia’s war in Ukraine have overtaken its ability to maintain market discipline.
