The energy sector is off to a sharply higher start, rebounding from last week’s selloff amid strength in the crude complex and major equity futures. Stock futures rallied higher this morning as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
WTI crude oil futures jumped higher in early trading and are outpacing Brent, clawing back more of last week's losses as the focus returned to tight supply of crude and fuel products as we move into the summer driving season versus concerns about a recession hitting demand down the track.
Natural gas futures extended their slide lower, pressured by forecasts for lower demand this week and next and expectations the extended shutdown of the Freeport LNG export plant in Texas would allow utilities to quickly rebuild low U.S. gas stockpiles.
Dow futures point to 500-point surge as Wall Street returns from holiday weekend
U.S. stock-index futures rose sharply on Tuesday after a three-day holiday weekend, following the worst...
U.S. stock-index futures rose sharply on Tuesday after a three-day holiday weekend, following the worst weekly performance for equities in more than two years.
Futures on the Dow Jones Industrial Average YM00 rose 411 points, or 1.4%, to 30,280.
Futures on the S&P 500 ES00 gained 57.25 points, or 1.6%, to 3,733.
Futures on the Nasdaq-100 NQ00 were up 182 points, or 1.6%, at 11,478.75.
Last week was the worst for the S&P 500 index since the stretch ending March 20, 2020, when the U.S. was first battling the coronavirus pandemic. The Dow Jones Industrial Average DJIA ended last week with a loss of 4.8%, the S&P 500 SPX dropped 5.8% and the Nasdaq Composite COMP dropped 4.8%.
Libya Oil Output Up to 800,000 Barrels Daily, Minister Says
Libya’s oil production has risen in the past week to around 700,000 to 800,000 barrels a day, according...
Libya’s oil production has risen in the past week to around 700,000 to 800,000 barrels a day, according to Energy Minister Mohamed Oun.
Libya’s decline in crude production has been steep, with the nation pumping an average of 1.2 million barrels a day just last year. Major importers in Europe were hoping it would be able to raise that figure to help counter supply constraints elsewhere. Oil prices have surged almost 50% in 2022 to $110 a barrel, mostly due to the fallout from Russia’s invasion of Ukraine.
Libya’s oil output could plummet again in the next few days as Waha Oil Co., which operates in the east of the country, may have to halt production entirely due to protests, according to people familiar with the matter.
China Buys $7.5 Billion of Russian Energy With Oil at Record
(Bloomberg) -- China continued to snap up Russian energy products last month, including a record quantity...
(Bloomberg) -- China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion -- about $1 billion more than April and double the amount of a year ago.
The increase in shipments came as the war in Ukraine entered the fourth month and other buyers continued to shy away from Russian oil, gas and coal. Chinese demand also started to show some improvement as virus restrictions were loosened, easing logistical snarls and allowing industrial production to rebound.
China’s total imports from Russia accelerated in May, surging 80% on year to $10.27 billion, as Beijing continues to offer support to an otherwise isolated government in Moscow.
Gas prices are headed to $6 by Labor Day – here are the main reasons why
President Biden’s ...
President Biden’s recent letter to refiners to complain of high gasoline prices is the only positive action he can take on behalf of consumers. But it won’t keep the average price at the pump in the U.S. from climbing another dollar by September and topping $6.
Here’s why: shrinking U.S. refining capacity even as oil CL output recovers from COVID-19 pandemic lows, and a well-known shift in European demand away from Russia has cut into U.S. stockpiles more deeply than many realize. Plus Biden’s ability to act is further limited by underappreciated policy decisions that, ironically, he helped to make.
