MarketWatch: U.S. oil prices settle at their highest in a week
Oil futures climbed...
Oil futures climbed on Wednesday, with U.S. prices marking their highest settlement in a week. There's "no other way to look at energy prices today and not have a bullish outlook," said Tariq Zahir, managing member at Tyche Capital Advisors. The Energy Information Administration reported much larger inventory draws across the board, he said, with U.S. crude, gasoline and distillate supplies all down last week. "We do feel we could see crude regain the $100 level in the days and weeks to come," said Zahir. September West Texas Intermediate crudeCLU22, 2.95%rose $2.28, or 2.4%, to settle at $97.26 a barrel on the New York Mercantile Exchange. That was the highest front-month finish since July 20, FactSet data show.
The Federal Reserve pushes interest rates three-quarters of a point higher
The Federal Reserve on Wednesday raised a key U.S. interest rate for the fourth time this year in an...
The Federal Reserve on Wednesday raised a key U.S. interest rate for the fourth time this year in an aggressive bid to cool off the hottest inflation in four decades, signaling more rate hikes are coming even as the economy softens.
The central bank voted unanimously to lift the so-called fed funds rate by another 0.75 percentage points to a range of 2.25% and 2.5%. Higher rates raise the cost of borrowing for businesses and consumers and tend to slow the economy.
The speed of interest rate hikes this year is the fastest since 1981. The Fed had kept rates pinned close to zero since the pandemic to cushion the shock to the economy. The level of rates now matches the peak in the 2016-2018 tightening cycle. It brings the benchmark rate into territory the Fed considers neutral — neither boosting nor slowing the economy.
EU agrees on emergency gas plan to cut consumption by 15% amid fears Russia could cut off supply
The Council of the European Union (EU) on Tuesday approved an emergency plan to voluntarily cut gas consumption...
The Council of the European Union (EU) on Tuesday approved an emergency plan to voluntarily cut gas consumption by 15% this winter, as concerns grow about Russia slashing supplies.
The agreement will allow the EU to save on gas during the winter in the event that Russia decides to turn off the taps in retaliation for Western sanctions after its invasion of Ukraine, the council said in a statement. The 15% gas cut was first proposed last week.
Ahead of Thursday’s U.S. Energy Information Administration (EIA) storage report covering the week ended...
Ahead of Thursday’s U.S. Energy Information Administration (EIA) storage report covering the week ended July 22, preliminary results of a Bloomberg poll showed estimates ranging from increases of 15 Bcf to 28 Bcf, with a median of 22 Bcf.
Even the high end of the estimates would compare bullishly with recent history. In the comparable week last year, EIA printed an injection of 38 Bcf, while the five-year average injection is 32 Bcf.
EIA posted a 32 Bcf injection of gas into underground storage for the week ended July 15. The build raised working gas in storage to 2,401 Bcf. Still, stocks were 328 Bcf below the five-year average.
