Oil prices edge lower ahead of Fed decision, supply data
Oil futures were slightly lower Wednesday as investors awaited an official reading on U.S. inventories...
Oil futures were slightly lower Wednesday as investors awaited an official reading on U.S. inventories after industry data showed a rise in crude stocks and stood by for a Federal Reserve interest rate decision.
West Texas Intermediate crude for May delivery CL00 fell 27 cents, or 0.4%, to $69.40 a barrel on the New York Mercantile Exchange.
May Brent crude BRN00 was off 32 cents, or 0.4%, at $75 a barrel on ICE Futures Europe.
Back on Nymex, April gasoline RBJ23 edged down 0.2% to $2.535 a gallon, while April heating oil HOJ23 was up 0.8% at $2.711 a gallon.
April natural-gas futures NGJ23 dropped 5% to $2.231 per million British thermal units.
Stocks of the crisis-hit First Republic Bank witnessed a brutal sell-off in the morning...
Stocks of the crisis-hit First Republic Bank witnessed a brutal sell-off in the morning session on Tuesday. But, after the news break of US government's potential backing to encourage buyers, First Republic Bank's share price rebounded strongly and ended 29.50 percent higher at $ 15.77 per share on NYSE.
"First Republic Bank surged almost 30% amid optimism over a new plan under discussion to aid the regional lender," said Marc Despallieres.
The American Petroleum Institute (API) on Tuesday reported a build of 3.262 million barrels,...
The American Petroleum Institute (API) on Tuesday reported a build of 3.262 million barrels, compared to estimates of a 1.448 million barrel draw. The total number of barrels of crude oil gained so far this year is now more than 59 million barrels.
This week, SPR inventory held steady for the tenth week in a row at 371.6 million barrels—the lowest amount of crude oil in the SPR since December 1983.
Distillates fell by 1.84 million barrels after decreasing by 2.886 million bpd in the week prior.
Inventories at Cushing, Oklahoma, decreased by 760,000 barrels—on top of the 946,000 barrel decline that the API reported last week.
Benchmark U.S.crude oilfor April delivery rose $1.69 to $69.33 a barrel Tuesday. Brent crude for May delivery rose $1.53 to $75.32 a barrel.
Wholesale gasoline for April delivery was unchanged at $2.54 a gallon. April heating oilwas also unchanged at $2.69 a gallon. April natural gas rose 13 cents to $2.35 per 1,000 cubic feet.
U.S. stocks close higher as regional banks rally ahead of Fed rate decision
The S&P 500 on Tuesday posted its highest close since the collapse of Silicon Valley Bank earlier...
The S&P 500 on Tuesday posted its highest close since the collapse of Silicon Valley Bank earlier this month, which sent shockwaves through financial markets and raised concerns about the stability of the U.S. banking system. The S&P 500 index SPX closed up about 51 points, or 1.3%, ending near 4,003, according to preliminary data from FactSet. That was its highest close since May 6, four days before the failure of Silicon Valley, the biggest bank collapse since the 2008 global financial crisis. The Dow Jones Industrial Average DJIA, rose 1% Tuesday, while the Nasdaq Composite IndexCOMP swept to a 1.6% gain. Banks and companies with heavy exposure to rate-sensitive assets, including property loans, have been under pressure since Silicon Valley Bank’s implosion.
