European Stocks, Euro Sink as Energy Woes Worsen: Markets Wrap
(Bloomberg) -- European stocks slumped and the euro fell Monday...
(Bloomberg) -- European stocks slumped and the euro fell Monday as the region’s worsening energy crisis added to risks for a global economy already facing high inflation and a wave of monetary tightening.
The Stoxx Europe 600 Index fell 1.5%. Energy stocks outperformed, while technology, construction and chemicals were laggards. An Asian equity index was also in the red, paced by losses in Hong Kong, where tech shares slid as traders weighed the risk of curbs on investment from the US. Wall Street contracts wavered after the worst week for world shares since June.
The dollar jumped as commodity-linked currencies joined the euro’s retreat to a two-decade low. Oil rallied before an OPEC+ meeting on supply. Cash Treasuries and US stocks are closed because of Labor Day.
Gas prices surge 35pc after Putin shuts Nord Stream pipeline ‘indefinitely’
Gas prices have surged after Russia halted supplies through its biggest pipeline to Europe indefinitely,...
Gas prices have surged after Russia halted supplies through its biggest pipeline to Europe indefinitely, fuelling fears of blackouts and rationing this winter.
Benchmark European prices jumped as much as 35pc after Gazprom’s decision late on Friday not to turn the Nord Stream pipeline back on after three days of maintenance.
Oil prices climb more than $1/bbl ahead of OPEC+ meeting
SINGAPORE (Reuters) - Oil prices jumped more than $1 a barrel...
SINGAPORE (Reuters) - Oil prices jumped more than $1 a barrel on Monday,extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day.
Brent crude futures rose $1.43, or 1.5%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4%, following a 0.3% advance in the previous session. U.S. markets are closed for a public holiday on Monday.
At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
Offshore oil and gas drilling and projects are set for robust growth in the coming years, thanks to the...
Offshore oil and gas drilling and projects are set for robust growth in the coming years, thanks to the world’s clear need for continued large volumes of fossil fuels as evidenced by the ongoing energy crisis in Europe and tight markets.
High-impact drilling is returning after the COVID-induced slump, while international majors are close to approving more offshore projects, including so far offshore that production sites would be in international waters, analysts say.
The trend of global oil demand in the coming decades of the energy transition will be a key factor in the profitability of future offshore oilfields.
U.S. oil & gas rig count falls for fourth week in five
U.S. energy firms this week cut the number...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks even as oil prices remain relatively high. The U.S. total oil and gas rig count, an early indicator of future output, fell by 5 to 760 in the week to Sept. 2.
U.S. oil rigs fell by 9, the most since September last year, to 596 this week which is their lowest since early August.
However, gas rigs rose 4 to 162, the highest since August 2019.
