Oil settles down 2% on receding hurricane risk, lackluster China stimulus
(Reuters)—Oil prices settled more than 2% lower on Friday as traders...
(Reuters)—Oil prices settled more than 2% lower on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico. Meanwhile, China's latest economic-stimulus packages failed to impress some oil traders.
U.S. West Texas Intermediate futuresled the decline and settled at 70.35 per barrel, down by 2.7%, or $1.98. Global benchmark Brent crude futuresfell by 2.3%, or $1.76, to$73.87 per barrel.
Energy producers shut in more than 23% of oil output in the U.S. Gulf of Mexico by Friday to brace against Hurricane Rafael. However, the latest forecasts on trajectory and intensity reduced the risks Rafael poses to oil production.
"Threats of supply outages due to Hurricane Rafael are subsiding as the storm shifts to circling in the center of the Gulf of Mexico for the next five days or so," Alex Hodes, analyst at brokerage firm StoneX told clients in a note.
The storm, which left a trail of destruction in Cuba this week, had weakened to a Category 2 hurricane on Friday, according to the U.S. National Hurricane Center's latest advisory.
S&P 500 closes at all-time peak as U.S. stocks book big weekly gains
A momentous week ended Friday with the S&P 500® index (SPX)...
A momentous week ended Friday with the S&P 500® index (SPX) closing just shy of 6,000 and all major indexes up sharply since Tuesday's election and Thursday's Federal Reserve rate cut.
Wall Street's party atmosphere got another boost from falling long-term Treasury yields, volatility, and crude oil prices as election uncertainty dissipated. Consumer discretionary and energy stocks led the way this week on hopes for economic growth under a Republican-controlled Senate and White House, but all 11 S&P sectors posted weekly gains..
Monday is Veterans Day, meaning the Treasury market is closed. However, the New York Stock Exchange (NYSE) will trade normal hours.
Here's where the major benchmarks ended:
The SPX rose 22.44 points (0.38%) to 5,995.54 to end the week up 4.66%; the Dow Jones Industrial Average® ($DJI) added 259.65 points (0.59%) to 43,988.99 to end the week up 4.61%; and the Nasdaq Composite®($COMP) climbed 17.31 points (0.09%) to 19,286.78 to end the week up 5.74%.
The 10-year Treasury note yield (TNX) fell four basis points to 4.31%, but the 2-year yield added three basis points to 4.25%. Shorter-term yields, which are more closely connected to near-term rate policy, gained on longer-term ones this week.
The CBOE Volatility Index® (VIX) fell to 14.99, near a two-month low.
Judge: Calif.'s climate rules can move ahead for now
California's new climate disclosure rules can move ahead for now, although...
California's new climate disclosure rules can move ahead for now, although legal challenges remain. US District Judge Otis Wright II is allowing the requirements to proceed while he seeks more information before ruling on whether they violate the First Amendment. Business groups have also challenged the rules on other legal grounds, and these arguments were not covered by Wright's decision.
US Gulf Coast crude futures deliveries surpass Cushing
Deliveries of Intercontinental Exchange's US Gulf Coast crude oil futures...
Deliveries of Intercontinental Exchange's US Gulf Coast crude oil futures have surpassed those of the traditional Cushing, Oklahoma, contract, according to General Index. Open interest by Oct. 31 was 137,000 contracts, an 89% increase from this time last year.
Energy leaders push for balanced energy transition
At the recent ADIPEC Conference, energy leaders from Baker Hughes, SLB,...
At the recent ADIPEC Conference, energy leaders from Baker Hughes, SLB, Inpex and GE Vernova argued that oil and natural gas are integral to a pragmatic energy transition. Baker Hughes CEO Lorenzo Simonelli made the case for prioritizing emissions-reduction technology and positioning natural gas as a permanent solution rather than a temporary bridge.
