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."
White House: Tentative deal reached in rail worker talks
The White House has signed off on a tentative agreement...
The White House has signed off on a tentative agreement between major railroads and labor unions that could avert a national strike, pending a labor union vote. A strike could disrupt energy product shipments, refinery operations and fuel availability in the US Northeast.
US stock market edged higher early Thursday, as investors await fresh economic data...
US stock market edged higher early Thursday, as investors await fresh economic data and mull the prospect of a large interest rate hike by the Federal Reserve. Here are the latest market moves.
On the docket: Adobe Inc., Ryanair, and more all reporting. Plus, keep an eye out for the unemployment insurance weekly claims report, import and export price indexes, and the advance retail sales report, all due later this morning.
U.S. initial unemployment claims lower for a fifth straight week
The numbers: The labor market is still hot as layoffs continue to fall in the latest...
The numbers: The labor market is still hot as layoffs continue to fall in the latest week, despite fears of a slowdown in the U.S. economy.
New jobless claims fell by 5,000 to 213,000 in the week ended Sept. 10, the Labor Department said Thursday. This is the fifth week in a row that jobless claims fell. Jobless claims are at the lowest level in 15 weeks.
The number of people applying for jobless benefits is one of the best barometers of whether the economy is getting better, or worse.
Economists polled by The Wall Street Journal had estimated new claims would total 225,000.
The global fuel market will remain pressured by inadequate oil refining capacity until at least the middle...
The global fuel market will remain pressured by inadequate oil refining capacity until at least the middle of this decade, according to a new report from the International Energy Forum and S&P Global. Crude refining capacity has declined by as much as 3.8 million barrels per day between March 2020 and mid-2022 as oil demand increased by 5.6 million bpd, and delays are likely to stall completion of the roughly 2 million bpd of new capacity scheduled to come online by the end of 2023.
