Some economic data will be released this week; some probably won’t
As the government shutdown drags into a second week, the data picture...
As the government shutdown drags into a second week, the data picture is only getting muddier. Import and export numbers are supposed to be released on Tuesday, and jobless claims are set for Thursday, but the federal government publishes that data, so it won’t be released during the shutdown. The financial metric environment won’t be completely barren, though. Consumer credit data will be released on Tuesday. The Federal Reserve will release the minutes of its September 17 meeting on Wednesday, and Fed Chair Jerome Powell will deliver remarks at a bank conference on Thursday. Then, the University of Michigan’s consumer sentiment report will be out on Friday.
The US Supreme Court’s new term starts today: The...
The US Supreme Court’s new term starts today: The high court starts its nine-month term with plenty of big cases in the pipeline. During the term, the justices will hear arguments on the legality of many of President Trump’s tariffs, Trump’s attempt to fire Federal Reserve Governor Lisa Cook, and Trump’s removal of Federal Trade Commissioner Rebecca Slaughter. The Supreme Court will also hear cases involving gun rights, campaign finance limits, and, potentially, Trump’s attempt to end birthright citizenship (to name just a few). The term runs through the end of June.
A shooting in Montgomery, AL, on Saturday night left at least 12 wounded and two dead. At least half of the people shot are said to be teenagers.
A federal judge temporarily blocked President Trump from sending federalized National Guardsmen from California or any other state to Portland, OR. California Gov. Gavin Newsom said he will sue the Trump administration after the president sent CA National Guard members out of state.
Eight OPEC+ members, including Saudi Arabia, voted to increase oil production in November.
Bitcoin hit a new high above $125,000, due in part to the US government shutdown.
U.S. stock futures flat, while oil and bitcoin prices rise amid uncertainties
U.S. stock futures gained Sunday, after the S&P 500...
U.S. stock futures gained Sunday, after the S&P 500 and Dow Jones Industrial Average ended Friday at all-time highs.
Dow Jones Industrial Average futures were up 72 points, or 0.2%, late Sunday, while S&P 500 futures and Nasdaq-100 futures also advanced as investors remained in wait-and-see mode, as the government shutdown has put the release of much economic data, including monthly jobs numbers, on hold.
Bitcoin notched a new record high Sunday,topping the $125,000 mark as investors turn to the so-called debasement trade, seeking out the perceived safety of crypto and gold to hedge against fears of a falling dollar amid increased economic uncertainty caused by the government shutdown. The price of gold also edged higher Sunday, as did the ICE U.S. Dollar Index , which measures the greenback against a basket of rival currencies.
US Drillers Report Oil and Gas Rigs Unchanged For the Week | Oklahoma Plus One
(Reuters) – U.S. energy firms this week kept the number of oil and...
(Reuters) – U.S. energy firms this week kept the number of oil and natural gas rigs virtually unchanged, energy services firm Baker Hughes said in its closely followed report on Friday. The rig count, including a miscellaneous category, an early indicator of future output, was steady at 549 in the week to October 3. Baker Hughes reported that the total count was down 36 rigs, or 6.2% below the same time last year.
Baker Hughes said oil rigs fell by two to 422 this week, while gas rigs rose by one to 118. Miscellaneous also gained one rig, to 9.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025.
On the gas side, EIA projected a 61% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. EIA projected gas output would rise to 106.6 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023.
BP has extended its partnership with Transocean, exercising a one-year...
BP has extended its partnership with Transocean, exercising a one-year option worth $232 million for the Deepwater Atlas drillship in the American Gulf. The move builds on previous multi-year contracts and further secures work for Transocean into 2030, though the specific project has not yet been disclosed.
