The energy sector is off to a lower start pressured by weakness in the underlying commodities, despite...
The energy sector is off to a lower start pressured by weakness in the underlying commodities, despite Wall Street's main indexes set for a higher open. Investors continued to favor beaten-down growth stocks while grappling with concerns about the Russia-Ukraine conflict and the possibility of bigger interest rate hikes.
WTI and Brent crude oil futures are lower in early trading(WTI, down $2, at $110.34 as of 10:40 AM ET)on some easing supply concerns after a partial export resumption from Kazakhstan's CPC crude terminal, while the European Union remained split on whether to impose an oil embargo on Russia. OPEC sources said the producer group's officials believe that a possible EU ban on Russian oil would hurt consumers and that it had conveyed its concerns to Brussels. Prices were also pressured by the potential for another coordinated release of oil from storage by the United States and its allies to help to calm oil markets. Canada has the capacity to increase oil and gas exports by up to 300,000 barrels per day by the end of 2022 to help improve global energy security following Russia's invasion of Ukraine.
Business Insider: Tougher times ahead for the economy
The chips are stacked against the market and the economy. A chorus of experts...
The chips are stacked against the market and the economy. A chorus of experts have voiced concern over what the coming months may hold. Notably, Wells Fargo's head of macro strategy predicts a 50% chance of a recession in 2023 thanks to a range of factors from inflation to spiking mortgage rates to geopolitical conflict.
Stock futures and oil are ticking lower. Investors are weighing up the possible outcome of US/European talks this week, including what to do about Russia's energy exports. Here's what's happening on the markets.
Earnings on deck: Farmers Edge, Lifeist Wellness, and BRP Inc, all reporting.
Chinese and European markets have seen a massive capital exodus since Russia invaded Ukraine. "Outflows from China on the scale and intensity we are seeing are unprecedented," the Institute of International Finance said in a report. Dig into the data to see why investors are shedding their positions.
Wells Fargo & Company Raises Brigham Minerals (NYSE:MNRL) Price Target to $27.00
Brigham Minerals (NYSE:MNRL) had...
Brigham Minerals (NYSE:MNRL) had its price objective increased by analysts at Wells Fargo & Company from $24.00 to $27.00 in a research note issued on Friday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 9.89% from the stock's previous close.
A number of other research firms have also recently weighed in on MNRL. Piper Sandler lifted their price objective on Brigham Minerals from $23.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, March 10th. Raymond James lifted their target price on Brigham Minerals from $35.00 to $39.00 and gave the company a "strong-buy" rating in a research note on Friday.
US natural gas inventories slip less than expected but price surge continues
US natural gas in storage dropped by less than expected in what might be the final draw of the heating...
US natural gas in storage dropped by less than expected in what might be the final draw of the heating season, yet Henry Hub futures continue to build on recent gains as the summer and winter strips sail higher above $5/MMBtu.
Storage fields withdrew 51 Bcf for the week ended March 18, according to data released by the US Energy Information Administration on March 24.
Working gas inventories decreased to 1.389 Tcf. US storage volumes now stand 366 Bcf less than the year-ago level of 1.784 Tcf and 293 Bcf less than the five-year average of 1.744 Tcf.
