MELBOURNE (Reuters) - Oil prices dipped in early trade on Friday,...
MELBOURNE (Reuters) - Oil prices dipped in early trade on Friday, extending the week's losses as concern over tight supply was outweighed by escalating fear of sharp interest rate hikes slamming global growth and hitting fuel demand.
Brent crude futures fell 22 cents, or 0.2%, to $90.62 a barrel as at 0052 GMT after sliding 3.5% to a one-week low in the previous session.
U.S. West Texas Intermediate (WTI) crude futures lost 25 cents, or 0.3%, to $84.85 a barrel, after tumbling 3.8% in the previous session.
"Crude oil fell as the market's focus returned to the worsening economic backdrop," ANZ commodities analysts said in client note.
U.S. stocks finish lower as Treasury yields climb; Nasdaq ends down over 1%
U.S. stocks closed lower Thursday as investors weighed economic data on retail sales, unemployment...
U.S. stocks closed lower Thursday as investors weighed economic data on retail sales, unemployment claims and manufacturing amid worries that the Federal Reserve risks triggering a recession by continuing its aggressive pace of rate hikes. The Dow Jones Industrial Average DJIA, -0.56% fell 0.6%, while the S&P 500 SPX, -1.13% fell 1.1% and the Nasdaq Composite COMP, -1.43% dropped 1.4%, according to preliminary FactSet data. Most of the S&P 500's 11 sectors finished lower, with financial and healthcare being the only areas to see gains. The yield on the 10-year Treasury note rose 4.7 basis points Thursday to 3.458%, while the 2-year Treasury yield jumped 8.9 basis points to 3.871% - the highest since October 31, 2007 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data.
Oil prices fell on Thursday morning after a rail union reached a tentative agreement with its workers,...
Oil prices fell on Thursday morning after a rail union reached a tentative agreement with its workers, averting a potentially disastrous rail strike in the United States.
WTI fell on Thursday to $84.97—a $3.5 (-3.97%) loss on the day. Brent crude fell to $90.53 at the time of writing, a drop of $3.57 (-3.79%) on the day.
Also weighing on prices are the dashed hopes that the United States would refill the SPR with sub-$80 oil. White White House sources suggested earlier that the SPR would be refilled when oil fell below $80 per barrel, the Department of Energy said it had no plans to refill the nation’s Strategic Petroleum Reserves until after Fiscal 2023. The agency also said there was no $80 price trigger.
EIA reports a bigger-than-expected weekly climb in U.S. natural-gas supplies
The U.S. Energy...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 77 billion cubic feet for the week ended Sept. 9. That compared with the average analyst forecast for an increase of 69 billion cubic feet, based on a survey conducted by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.771 trillion cubic feet, down 223 billion cubic feet from a year ago and 354 billion cubic feet below the five-year average, the government said. Following the data, October natural gas NGV22, -7.83% was down 76.8 cents, or 8.4%, at $8.346 per million British thermal units. Prices traded at $8.457 before the supply data.
Supply-demand imbalances, insufficient alternative energy sources and underinvestment in new drilling...
Supply-demand imbalances, insufficient alternative energy sources and underinvestment in new drilling could drive oil prices as high as $150 per barrel, said Christyan Malek, global head of energy strategy at JPMorgan Chase. Separately, Chevron Chairman and CEO Mike Wirth warned of "significantly higher" US natural gas prices this winter and argued against an export ban, noting that such an action "runs the risk of taking supplies that are needed in other parts of the world and reducing those which can drive world prices up, which then can affect the price of imports into this country."
