Oil ends down for the day, up for the month; natural-gas futures cut their October loss
Oil futures fell Monday, feeling the pressure after a weak reading on China factory activity and a widening...
Oil futures fell Monday, feeling the pressure after a weak reading on China factory activity and a widening of COVID-19 curbs by the country, but still marked their first monthly gain since May.
Previously beaten-down natural-gas futures, meanwhile, rallied by nearly 12% to significantly pare their loss for the month.
West Texas Intermediate crude for December delivery CL.1, fell $1.37, or 1.6%, to settle at $86.53 a barrel on the New York Mercantile Exchange. The front-month contract ended October with a gain of 8.9%, following four straight monthly declines, according to Dow Jones Market Data.
December Brent crude BRNZ22, the global benchmark, was down 94 cents, or 1%, at $94.83 a barrel on ICE Futures Europe. On its expiration day, the contract tallied a 7.8% monthly rise. January Brent BRN00, -0.06% the most actively traded contract, declined 96 cents, or 1%, to $92.81 a barrel.
Back on Nymex, December natural gas NGZ22, surged 11.8% to $6.355 per million British thermal units,cutting its October loss to 6.1%.
November gasoline RBX22, fell 3.3% to $2.8107 a gallon, with prices up 13.7% for the month, while November heating oil HOX22, -1.25% lost 7.9% at $4.1909 a gallon, losing 24.4% for the month. Both November contracts expired at the end of the session.
Dow ends lower Monday but paces monthly gains, up 14% in October
Stocks ended the final day of the month on a down note Monday,...
Stocks ended the final day of the month on a down note Monday, but still saw the Dow Jones Industrial Average log one of its strongest monthly performances of all time and its biggest October gain on recordas investors await the outcome of this week's Federal Reserve meeting for clues to the size of future rate increases. The Dow DJIA, -0.39% fell around 129 points, or 0.4%, to close near 32,733, but posted a monthly gain of 13.95%, its strongest since January 1976. The S&P 500 SPX, -0.75% fell around 29 points, or 0.7%, to close near 3,872, logging a monthly rise of 8%. The Nasdaq Composite COMP, -1.03% fell around 114 points, or 1%, ending near 10,988, leaving it up 3.9% in October.
🎃Energy Sector Commentary for this Halloween Monday
The energy sector is off to a lower start pressured by weakness in the...
The energy sector is off to a lower start pressured by weakness in the crude complex and the major indices. U.S market futures opened lower as investors are bracing themselves for the upcoming two-day Federal Reserve policy meeting where they are anticipating another larger interest rate hike.
WTI and Brent crude oil are down in early trading amid weaker-than-expected Chinese factory activity data and as China continues to expand its COVID-19 curbs. Factory activity in China fell in October, weighed down by lower global demand and COVID-19 restrictions. Additionally, several Chinese cities are also widening their COVID-19 curbs in an attempt to control a series of outbreaks. In an outlook released on Monday, OPEC+ is sticking to a view of oil demand rising for another decade despite increasing use of renewable energy.
Natural gas futures rallied this morning on forecasts for higher demand, high European gas prices and as the Cove Point LNG export plant ends maintenance.
Oil and gas operators will likely add at least 90 more rigs through next year, according to a survey...
Oil and gas operators will likely add at least 90 more rigs through next year, according to a survey conducted by U.S. contract driller Patterson-UTI, as stronger oil prices boost activity.
Some 40 rigs will be added this quarter, according to the Patterson survey, which polled more than 70 of its customers, while another 50 could be added next year. There are currently 771 rigs operating in the United States, up 229 from a year ago, according to Baker Hughes.
A busy week for the economy. The Fed is pretty much a lock to hike interest rates by...
A busy week for the economy. The Fed is pretty much a lock to hike interest rates by a ginormous 75 basis points on Wednesday for the fourth straight meeting. Evidence that its inflation-fighting campaign is working could come on Friday, with the October jobs report. Plus: lots more earnings.
It’s about to get dark really early. Daylight Saving Time ends at 2am ET Sunday, so while we’ll get an extra hour of sleep that night, it also means watching the sunset from your desk at work for the next few months.
The World Series heads to Philly. The Phillies and the Astros each took one game apiece in Houston, and the teams will play Game 3 tonight in front of a frenzied—and very wealthy—crowd in Philly. The minimum to get in the door is $900.
