Benchmark U.S. crude oil for September delivery rose $1.43 to $91.93...
Benchmark U.S. crude oil for September delivery rose $1.43 to $91.93 a barrel Wednesday. Brent crude for October delivery rose $1.09 to $97.40 a barrel.
Wholesale gasoline for September delivery rose 11 cents to $3.07 a gallon. September heating oil rose 8 cents to $3.41 a gallon.
Meanwhile, September natural gas rose 37 cents to $8.20 per 1,000 cubic feet.
MarketWatch: The Dow closes 535 points higher as stocks take inflation news in best light
After four days in the red, U.S. stocks closed on Wednesday at their highest levels since early...
After four days in the red, U.S. stocks closed on Wednesday at their highest levels since early May following a July inflation report that came in slightly cooler than expected, sparking a sharp rally in both stocks and bonds. The S&P 500 SPX, +2.13% gained 87.75 points, or 2.1%, to close at 4,210.24, marking the first time the U.S. equity benchmark closed above 4,200 since May 4. The Dow Jones Industrial Average gained 535.43 points, or 1.6%, to finish at 33,309.32. The Nasdaq Composite COMP, +2.89% advanced 360.88 points, or 2.9%, to 12,854.80, exiting bear-market territory after 107 trading sessions. The Dow also exited correction territory. A bear market is typically seen as a drop of 20% or more from a recent high, while a correction is defined as a drop of 10% or more from a recent high.
US refining, pipeline firms issue upbeat demand forecasts
US refiners and pipeline companies remain bullish on energy consumption in the second half of the year,...
US refiners and pipeline companies remain bullish on energy consumption in the second half of the year, despite analysts and industry watchers warning about the prospect of a recession-linked demand contraction. Refiners are expected to benefit from inventory replenishment and strong export demand from Latin America, while midstream companies are seeing increased pipeline and terminal volumes as the oil production recovery continues.
Occidental Petroleum stock surges after Warren Buffett's Berkshire Hathaway boosts stake by $390 million
Shares of Occidental Petroleum Corp. ...
Shares of Occidental Petroleum Corp. OXY, 1.11% rallied 3.6% in afternoon trading Tuesday, enough to pace the S&P 500's SPX, 1.78% energy sector gainers, after the oil and natural gas company disclosed that Warren Buffett's Berkshire Hathaway Inc. BRK.B, 0.83% boosted its stake in Occidental to more than 20%. Occidental disclosed in a late-Monday filing that Berkshire Hathaway increased its investment in Occidental by 6.68 million shares, valued at $390.72 million, to 188.37 million shares, or 20.2% of the shares outstanding. At current prices, Berkshire Hathaway's common stock stake is valued at $11.72 billion. The shares were purchased in a series of transactions from Aug. 4 through Aug. 8, at a weighted average price of $58.4763, according to a MarketWatch analysis of filing data. That price is 6.0% below current levels. The purchase further distances Berkshire Hathaway as Occidental's largest shareholder, as the second-largest shareholder is Dodge & Cox at 10.75%, according to FactSet data. Occidental's stock has soared 114.6% year to date, while the SPDR Energy Select Sector ETF XLE, 0.79% has climbed 34.3% and the S&P 500 SPX, 1.78% has shed 13.5%.
VIX — Wall Street’s so-called fear gauge — is below 20 for 1st time since April
With U.S. stocks back in rally mode following Wednesday's consumer-price index release for July, the...
With U.S. stocks back in rally mode following Wednesday's consumer-price index release for July, the Chicago Board Options Exchange Volatility Index, better known as the VIX, or the market's "fear gauge", has dropped below 20 for the first time since April, according to FactSet data. The index reached a session low of 19.79 as the S&P 500 SPX, 1.94% retook 4,200 for the first time since May 5 late Wednesday morning in New York. As of 11:20 a.m., the S&P 500 was up 79 points, or 1.9%, at 4,201, while the Nasdaq Composite COMP, 2.60% was up 311 points, or 2.5%, at 12,805. The Dow Jones Industrial Average DJIA, 1.53% was up 545 points, or 1.7%, at 33,317. Headline inflation in July came in at 8.5% annualized, lower than the 8.7% anticipated by economists polled by FactSet, and also below the 9.1% reading in June, which marked the highest inflation in roughly 40 years.
