Oil prices bounce off 2-week lows ahead of OPEC+ meeting
Oil futures bounced higher early Friday morning, but remained on track for hefty weekly losses, as investors...
Oil futures bounced higher early Friday morning, but remained on track for hefty weekly losses, as investors awaited a meeting of the Organization of the Petroleum Exporting Countries and its allies early next week.
Price action
West Texas Intermediate crude for October delivery CL.1, 1.59%CL00, rose $1.70, or 2%, to $88.31 a barrel on the New York Mercantile Exchange, leaving the U.S. benchmark on track for a 5.1% weekly loss.
November Brent crude BRN00, 1.46%BRNX22, 1.46%, the global benchmark, was up $1.71, or 1.9%, to $94.07 a barrel, headed for a 5% weekly decline. WTI and Brent ended at roughly two-week lows on Thursday.
Back on Nymex, October gasoline RBV22, 2.22% jumped 3.1% to $2.459 a gallon, but remained set for an 8.2% weekly fall. October heating oil HOV22, -0.90% edged down 0.1%, on track for a 9.6% weekly fall.
October natural gas NGV22, -2.97% was down 2.4% at $9.043 per million British thermal units, leaving it on track for a 2.8% weekly fall based on most actively traded contracts.
Dow, S&P 500 snap 4-day losing streak as investors await Friday jobs report
U.S. stocks finished mostly higher on Thursday as bond yields rose and another pandemic lockdown in the...
U.S. stocks finished mostly higher on Thursday as bond yields rose and another pandemic lockdown in the southwestern Chinese metropolis of Chengdu added to concerns about economic growth. The Dow Jones Industrial Average and the S&P 500 index snapped a four-day losing streak, while the Nasdaq Composite recorded its longest losing streak since February.
How stocks are trading
S&P 500 SPX, +0.30% gained 11.85 points, or 0.3%, to finish at 3,966.85.
Dow Jones Industrial Average DJIA, +0.46% was 145.99 points higher, or 0.5%, to settle at 31,656.42.
Nasdaq Composite COMP, -0.26% fell 31.08 points, or 0.3%, ending at 11,785.13.
On Wednesday, the Dow Jones Industrial Average fell 308 points, or 0.96%, to 31791, the S&P 500 declined 44 points, or 1.1%, to 3986, and the Nasdaq Composite dropped 135 points, or 1.12%, to 11883. The S&P 500 has fallen for seven of the past nine trading days.
Oil Sinks Further in Test of OPEC’s Resolve Amid Demand Concerns
(Bloomberg) -- Oil fell for a third day amid escalating concerns about worldwide demand while...
(Bloomberg) -- Oil fell for a third day amid escalating concerns about worldwide demand while a broader risk-off sentiment weighed on assets from metals to equities.
West Texas Intermediate futures dropped below $88 a barrel after falling for a third consecutive month in August in the longest run since April 2020. Investors are focusing on tightening monetary policy around the world which could crimp economic growth and hit oil demand. The lockdown of the Chinese megacity of Chengdu to contain a Covid-19 outbreak added to the negative sentiment.
“The oil benchmarks have started September lower as signs that the global economy is heading towards murky waters grow ever-more apparent,” said Harry Altham, an energy analyst for StoneX Group. “There has been a wider shift away from risk assets in recent days and this has accelerated as bets are on” for a 75-basis-point rise in US interest rates next month.
EIA reports a weekly rise of 61 billion cubic feet in U.S. natural-gas supplies
The U.S. Energy Information Administration ...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 61 billion cubic feet for the week ended Aug. 26. That compared to an average forecast for an increase of 56 billion cubic feet from analysts polled by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.640 trillion cubic feet, down 228 billion cubic feet from a year ago and 338 billion cubic feet below the five-year average, the government said. Following the data, October natural gas NGV22, 1.94% was up 10.1 cents, or 1.1%, at $9.228 per million British thermal units. Prices traded at $9.265 before the supply data.
Californians told not to charge their electric cars at times on Labor Day weekend🤣
Mere days after approving a controversial plan to ...
Mere days after approving a controversial plan to ban the sale of piston-powered cars by 2035, California officials have asked residents not to charge their EVs to avoid overwhelming the power grid over Labor Day weekend. The news was announced via a so-called Flex Alert.
The California Independent System Operator (ISO), an independent power grid operator, asked Golden State residents to voluntarily conserve energy between 4:00 p.m. and 9:00 p.m. during the three-day weekend. It explained that a looming heat wave is expected to strain the grid through September 6, 2022, and it expects that the peak load for electricity will exceed 48,000 megawatts on Labor Day.
