The energy sector kicked off November higher, backed by strength in the crude complex and in the major equity futures which roseas rates fell ahead of the FOMC’s rate decision as investors hope for a sign that the Fed will ease its tightening stance in the months ahead.
WTI and Brent crude oil futures jumped higher this morning,recouping yesterday’s declines amid weakness in the U.S. dollar which offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand. The greenback sank this morning from a one-week high against a basket of major peers, as traders weighed the odds of a less aggressive Federal Reserve at Wednesday's monetary policy meeting. Traders also noted that OPEC+'s upcoming oil output cuts and record US oil export data also support oil prices. The markets will be looking to the supply reports as the next major catalysts which analyst expect to show a rise in U.S. crude stocks.
Natural gas futures are in retreat this morning after rallying over 10% rally, sliding ahead of Thursday’s storage report while forecasts for more demand this week than previously expected buoyed prices.
U.S. stocks open higher amid declining Treasury yields as Fed kicks off policy meeting
U.S. stocks opened higher amid a drop in Treasury yields as the Federal Reserve kicks off its two-day...
U.S. stocks opened higher amid a drop in Treasury yields as the Federal Reserve kicks off its two-day policy meeting. The Dow Jones Industrial Average DJIA, -0.16% was up 0.6% soon after the opening bell, while the S&P 500 index SPX, -0.09% rose around 1% and the tech-heavy Nasdaq Composite COMP, -0.20% gained 1.5%, according to FactSet data, at last check. The yield on the 10-year Treasury note was down about 13 basis points at around 3.95%.This morning investors will digest U.S. economic reports that include readings on manufacturing and jobs openings. They're also looking ahead to the outcome of the Fed's policy meeting on Wednesday, when they'll be searching for clues on the central bank's future path of interest rate hikes.
Russia Starts Supplying Oil Products To Iran Under Swap Agreement
Russia has begun delivering oil products to Iran as part of a swap deal, the Interfax...
Russia has begun delivering oil products to Iran as part of a swap deal, the Interfax news agency reported on Tuesday, citing Deputy Prime Minister Alexander Novak.
Novak, who manages Russia's energy diplomacy, said the list of products to be included in the agreement would be widened in the near future.
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.
