Oil prices will head back toward $100 per barrel as a supply crunch returns to the energy market, JPMorgan says
Oil prices have been on a ...
Oil prices have been on a steady slide all summer long – but that could change in the last stretch of the year, with Brent crude heading back toward $100 a barrel as supply tightens, according to JPMorgan.
In a note published last week, analysts backed their forecast for the international oil benchmark to hit $101 a barrel in the fourth quarter and $98 a barrel in 2023.
Oil prices have been dropping for months after peaking at around $122 a barrel in June. On Monday, Brent fell to $84.06.
Benchmark U.S. crude oil for November delivery fell $2.03 to $76.71 a barrel Monday. Brent crude for November delivery fell $2.09 to $84.06 a barrel.
Wholesale gasoline for October delivery was unchanged at $2.38 a gallon. October heating oilfell 11 cents to $3.13 a gallon. October natural gas rose 7 cents to $6.90 per 1,000 cubic feet.
Dow falls over 300 points to finish in bear market; S&P 500 ends at new 2022 low
U.S. stocks closed lower Monday amid elevated market volatility,...
U.S. stocks closed lower Monday amid elevated market volatility, extending last week's losses as the S&P 500 sank to a new 2022 low. The S&P 500 SPX, -1.03% dropped 1% to end around 3,655.52, while the Dow Jones Industrial Average DJIA, -1.11% fell 1.1% and the Nasdaq Composite COMP, -0.60% slid 0.6%, according to preliminary FactSet data. The S&P 500 ended below its previous closing low this year of 3666.77 on June 16. Wall Street's fear gauge has climbed amid fears over the Federal Reserve aggressively raising interest rates to fight inflation, with investors worried its hawkish stance will lead to a U.S. recession. The CBOE Volatility Index VIX, 5.88% climbed to more than 31 Monday, above its 50-day moving average of 23.86, FactSet data show, at last check. The yield on the 10-year Treasury note surged 18.3 basis points Monday to 3.878%, the highest rate since April 2010 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data. The Dow ended in bear market territory, finishing around 29,260.81 Monday.
Colo. county battles fallout from 2018 pipeline closure
Anadarko Petroleum's 2018 decision to take out of service its Third Creek gathering pipeline system...
Anadarko Petroleum's 2018 decision to take out of service its Third Creek gathering pipeline system in Adams County, Colo., over safety concerns led to business failures, increased oil leaks and a rise in the number of orphan wells in the area. According to one estimate, between 230 and 250 of the state's 981 orphan wells had relied on a connection to Third Creek
Oil loses ground amid continued global recession fears
Oil prices slipped for their second consecutive day during trading earlier today as fears of a global...
Oil prices slipped for their second consecutive day during trading earlier today as fears of a global economic slowdown weighed on markets, although prices have gained some support from supply constraints caused by the Ukraine War. West Texas Intermediate was down 87 cents at $77.87 for November delivery, while international benchmark Brent crude futures were changing hands $1 down on $85.15.
