“Since mid-June, WTI lost steam and entered a downturn. It trades below $110 today. Meanwhile, gasoline...
“Since mid-June, WTI lost steam and entered a downturn. It trades below $110 today. Meanwhile, gasoline prices have barely moved and still stand above $4.80 per AAA data. In my view, the gasoline market has already peaked, and a downtrend should follow. RBOB gasoline wholesale price, currently at $3.68 a gallon, could fall 30% or more in the next year. I came to this assessment based on two key factors…”
Benchmark U.S. crude oil for August delivery fell $8.93 to $99.50 a barrel Tuesday....
Benchmark U.S. crude oil for August delivery fell $8.93 to $99.50 a barrel Tuesday. Brent crude for September delivery fell $10.73 to $102.70 a barrel.
Wholesale gasoline for August delivery fell 36 cents to $3.33 a gallon. August heating oil fell 34 cents to $3.60 a gallon. August natural gas fell 21 cents to $5.52 per 1,000 cubic feet.
Dow closes off day's lows as S&P 500, Nasdaq end higher
U.S. stocks booked a dramatic turnaround on Tuesday, with the S&P 500 and Nasdaq Composite both ending...
U.S. stocks booked a dramatic turnaround on Tuesday, with the S&P 500 and Nasdaq Composite both ending a choppy session higher, even as investors kept an eye on signs that the U.S. could slip into a recession. The Dow Jones Industrial Average DJIA, -0.42% shed 0.4%, or about 130 points, to finish near 30,967. At the session's low, the blue-chip index traded about 600 points lower, according to FactSet data. The S&P 500 index SPX, 0.16% eked out a gain of 0.2%, while the Nasdaq Composite Index COMP, 1.75% closed up 1.8%. A strong U.S. dollar DXY, 1.29% and tumbling oil prices also were in focus, with the U.S. benchmark CL00, -8.08%CLQ22, -8.07% falling 8.2% to close below $100 a barrel, its lowest in more than two months.
Natural gas futures fell this morning (down 11 cents at $5.61)...
Natural gas futures fell this morning (down 11 cents at $5.61) on forecasts for less demand in the next two weeks than previously expected and a build of fuel inventories as a result of the outage in the Freeport export plant in Texas. Bullish sentiment is expected for global natural gas as demand is anticipated to dip this year and then grow at a slow rate over the following three years, according to the IEA.
The energy sector is off to a Holiday shortened week lower, pressured...
The energy sector is off to a Holiday shortened week lower, pressured by weakness in the underlying commodities and the major market futures. Concerns of an economic recession as central banks across the world take aggressive actions to tame inflation has sent Wall St. lower in early trading.
WTI and Brent crude oil are down in early trading, as investors continue to remain concerned about the possibility of a recession, despite supply constraints heightened by an expected production cut in Norway due to a possible escalation of an ongoing strike. Oil and gas from Norway, Europe’s second-largest energy supplier after Russia, is in high demand as the country is traditionally a reliable and predictable supplier. The leader of the Lederne trade union said in an interview, that the union would escalate the strike to pressure employers to address demands for wage increases to compensate for rising inflation. The planned escalation could cut 56% of the Nordic country’s gas exports from Saturday, increasing the concern of tight supply.
