The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the crude complex. The major equity futures meanwhile were flat as investors struggle to shake off recession fears after the central bank upped its forecast for future hikes last week above previous expectations.
WTI and Brent crude oil futuresare trading higher this morning, as optimism for a recovery in the Chinese economy outweigh concerns over a global recession. Investors are closely eyeing China’s next move after the country said it would make its fiscal policy more efficient, maintain the necessary intensity for spending, keep monetary policy precise and keep liquidity reasonably ample. However, COVID infections are rising after the nation eased its restrictions which could hurt China’s plans for growth. Citi Research lowered its oil price forecasts for 2023, seeing risks skewed to the downside as weak demand and ample supply from Russia and OPEC+ would keep prices lower.
Natural gas futures dropped this morning tracking losses in European gas prices and on forecasts for milder weather than previously expected.
US refiners are performing better than before the pandemic
US refining profit margins for diesel, gasoline and other products surged this year as economic activity...
US refining profit margins for diesel, gasoline and other products surged this year as economic activity bounced back from early pandemic lows, pushing refiners' quarterly profits and market valuations to record or near-record levels. However, planned global capacity additions, rising stockpiles and slowing economic growth will likely cause margins to decline by 30% to 50% next year, eroding profitability, Fitch Ratings predicts.
⚽️Argentina beats France on penalty kicks in wild World Cup final
LUSAIL, Qatar — Lionel Messi’s once-in-a-generation career is complete. The Argentina...
LUSAIL, Qatar — Lionel Messi’s once-in-a-generation career is complete. The Argentina superstar is finally a World Cup champion.
Messi scored two goals and then another in a shootout as Argentina beat France 4-2 on penalties after a 3-3 draw Sunday to claim a third World Cup title despite Kylian Mbappé scoring the first hat trick in a final in 56 years.
(Reuters) U.S. energy firms cut oil rigs by the most this week since September, reducing the total oil and gas count for a second week in a row as crude prices remained negative for the year. U.S. oil futures were down about 1% so far this year after soaring 55% in 2021.
The U.S. total oil and gas rig count, an early indicator of future output, fell by four to 776 in the week of Dec. 16. Despite this week’s rig decline, Baker Hughes said the total count was still up 197, or 34%, over this time last year.
U.S. oil rigsfell five to 620 this week, their lowest in six weeks, while gas rigs rose one to 154.
