Dow ends up over 300 points as stocks extend win streak with midterms under way
U.S. stock indexes ended with gains Tuesday as investors awaited...
U.S. stock indexes ended with gains Tuesday as investors awaited the outcome of midterm congressional elections and looked ahead to a consumer price index reading later this week. Equities shrugged off a mid-afternoon dip that came as crypto assets fell sharply in the wake of a planned Binance-FTX merger that investors feared could sow more chaos into the market for digital assets. The Dow Jones Industrial Average DJIA, 1.02% rose around 334 points, or 1%, to end near 33,161, according to preliminary figures, while the S&P 500 SPX, 0.56% advanced around 21 points, or 0.6%, to finish near 3,828. The Nasdaq Composite COMP, 0.49% finished near 10,616, up 52 points, or near 0.5%.
The energy sector is off to a mixed to lower start, weighed down by mild...
The energy sector is off to a mixed to lower start, weighed down by mild weakness in the crude complex but supported by strength in the major equity futures which were slightly higher as investors looked ahead to U.S. midterm elections.
WTI and Brent crude oil futures continued to slide lower, weighed down by recession concerns and worsening COVID-19 outbreaks in China that heightened fears of lower fuel demand. Traders are also eyeing the next round of settlement reports which analysts expect to show U.S. crude oil stockpiles rose last week while distillate and gasoline inventories were seen dropping. Market participants will also be eyeing U.S. CPI data on Friday, given high inflation and rising interest rates highlight the possibility of a global economic recession.
Natural gas futures turned lower this morning,retreating following two-consecutive days of heavy gains that brought futures to highs last seen in mid-September. Traders are eyeing the weekly storage report as the next major catalyst. Consensus for EIA weekly storage data due Thursday has a build of +84 Bcf vs the 5-year average of +20 Bcf. Europe's TTF was up +8% in early trading following declines in the prior three sessions.
Oklahoma should have a new Corporation Commissioner at the end of election day. Voters are choosing between...
Oklahoma should have a new Corporation Commissioner at the end of election day.
Voters are choosing between former State Sen. Kim David, a Republican from Porter, and University of Tulsa law professor and water and energy resources expert Warigia Bowman.
They are running to succeed Dana Murphywho is term-limited and will be surrendering her office in January 2023. The winner will be elected to serve a six-year term, joining Commissioners Todd Hiett and Bob Anthony.
Bullish US oil production growth projections for this year...
Bullish US oil production growth projections for this year are failing to translate into actual volume gains as supply chain bottlenecks, cost inflation and declining well productivity continue to plague the oil industry. Many US shale producers, including ConocoPhillips, Pioneer Natural Resources, Chevron and ExxonMobil, have trimmed their production expectations for the full year despite reporting bumper profits.
US refinery utilization to stay elevated this quarter
US oil refiners plan to capitalize on market tightness and strong profit margins to continue operating...
US oil refiners plan to capitalize on market tightness and strong profit margins to continue operating their facilities at near-maximum capacity this quarter, company forecasts and analysts suggest. Marathon Petroleum is aiming for 93% utilization of its refining capacity, while Valero Energy, Phillips 66 and LyondellBasell have also set targets above 90%.
