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.
U.S. stocks risk fifth straight daily decline with China lockdown latest worry
U.S. stocks tumbled to their lowest levels in at least a month Thursday as bond yields rose and...
U.S. stocks tumbled to their lowest levels in at least a month Thursday as bond yields rose and another pandemic lockdown in a major Chinese city added to concerns about economic growth.
How stocks are trading
S&P 500 SPX, -1.04% retreated 48 points, or 1.2%, to 3,907.
Dow Jones Industrial Average DJIA, -0.43% declined 228 points, or 0.7%, to 31,281.
Nasdaq Composite COMP, -2.09% fell 238 points, or 2%, to 11,577.
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.
