Jamie Dimon Is Changing His Tune About an Economic Hurricane. He’s Not Alone.
After a difficult 2022 for investors, there may be rays of light peeking through at the start of the...
After a difficult 2022 for investors, there may be rays of light peeking through at the start of the new year.
Take heart from JPMorgan Chase CEO Jamie Dimon. He clarified Tuesday that maybe he shouldn’t have said last year that an “economic hurricane” is coming. There are clouds for sure, but he didn’t mean to predict widespread collapse. His bank is still hiring.
Nobel Prize-winning economist Paul Krugman said maybe his worries about the outlook were overblown as well. A soft landing is more likely than it seemed just a few months ago, he wrote in his New York Times column Tuesday.
The American Petroleum Institute (API) on Tuesday reported a huge build of crude inventories...
The American Petroleum Institute (API) on Tuesday reported a huge build of crude inventories by 14.865MM barrels as refining activity begins to return to normal following previous weather-related shutdowns.
U.S. crude inventories increased by 13 million barrels over the course of 2022, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by 221 million barrels.
Cushing inventories showed a build of 2.3M barrels according to the API report.
Dow books nearly 200-point gain ahead of inflation data
U.S. stocks closed higher Tuesday, shaking off earlier weakness...
U.S. stocks closed higher Tuesday, shaking off earlier weakness to end near the session's high, while extending a modest advance in the first two weeks of 2023. The Dow Jones Industrial Average DJIA, +0.56% gained about 187 points, or 0.6%, ending near 33,705, slightly below the session's high. The S&P 500 index SPX, +0.70% advanced 0.7% and the rate-sensitive Nasdaq Composite Index COMP, +1.01% closed up 1%, according to FactSet. While investors didn't hear much from Federal Reserve Chairman Powell, who was speaking Tuesday from Sweden, on the central bank's next likely policy steps, stock-market bulls hoping for a soft landing for the economy were able to add to modest gains so far in January. Investors will be tuned into a monthly update on inflation on Thursday from the consumer-price index, which in recent months has shown a retreat from a peak annual rate above 9% this summer. Corporate earnings season also kicks off with major banks posting fourth-quarter results starting Friday. The Dow was up 1.7% on the year through Tuesday, while the S&P 500 gained 2.1% and the Nasdaq rose 2.6%.
U.S. natgas slides to one-year low as January demand could hit record low
Volatile U.S. natural gas futures plunged Tuesday to their ...
Volatile U.S. natural gas futures plunged Tuesday to their lowest in a year, giving back most gains from the previous session, on rising production and forecasts for lower heating demand.
Analysts say natural gas demand could be on track to hit record lows in January if unseasonably warm weather continues.
Nymex natural gas futures (NG1:COM) for February delivery recently traded -8.3% to $3.587/MMBtu, putting the front-month contract on track for its lowest close since December 30, 2021; the contract has surged up or down more than 5% in four of the six trading days so far this year.
Russia's main oil product is trading way below the $60 price cap
Russia's main oil product is now trading way below the G7's...
Russia's main oil product is now trading way below the G7's $60 price cap, as the heavily sanctioned nation only has a handful of buyers to keep up its crude oil trade.
Urals grade, Russia's largest crude oil export, traded at its Baltic Sea port at just $37.80 a barrel on Friday, according to data from Argus Media.
In addition to lagging below the price cap, that's less than half the price of international benchmark Brent crude, which was trading at about $80 a barrel on Monday.
