S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +50.00. Equity...
S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +50.00.
Equity futures have pulled back from their best levels. The S&P 500 futures are up 3 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 50 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are down 1 point and are trading roughly in line with fair value.
Microsoft and Alphabet are trading up in pre-open action in front of their earnings reports after the close today. Other mega caps are also trading up, supporting the broader market.
The U.S. Dollar Index has been climbing, up 0.1% to 101.4
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose $1.67 to $78.74 a barrel Monday. Brent crudefor September delivery rose $1.67 to $82.74 a barrel.
Wholesale gasolinefor August delivery rose 9 cents $2.90 a gallon. August heating oilrose 2 cents to $2.77 a gallon. August natural gas fell 3 cents to $2.69 per 1,000 cubic feet.
TC Energy Selling 40% Stake in Gas Pipeline Systems for $3.9B
TC Energy Corp. is selling a 40% interest in...
TC Energy Corp. is selling a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines in a deal with Global Infrastructure Partners (GIP).
TC Energy is divesting a 40% stake in the pipeline systems for $3.9 billion (CA$5.2 billion) in cash, the company announced in a July 24 news release.
The Columbia Gas and Columbia Gulf pipeline systemswill be organized in a joint venture partnership between Calgary-based TC Energy and private equity firm GIP. The two companies will jointly invest growth capital to enhance the systems’ capacity and reliability, in addition to annual maintenance and modernization investments.
TC Energy will continue to operate the pipelines after closing, which is expected to occur in the fourth quarter.
Dow scores 11th straight day of gains, longest win streak in 6 years
U.S. stocks closed higher, with the Dow posting its longest win...
U.S. stocks closed higher, with the Dow posting its longest win streak in over six years, according to Dow Jones Market Data. The Dow Jones Industrial Average DJIA gained about 184 points, or 0.5%, ending near 35,411, according to preliminary FactSet data. With 11 straight sessions of gains, it was the blue-chip gauge’s longest streak of wins since Feb. 27, 2017, according to Dow Jones Market Data. The S&P 500 indexSPX advanced 0.4%, with the energy sector leading the way higher, and the Nasdaq Composite IndexCOMP ended up 0.2%. Stocks have been charging higher in 2023 despite the dramatic pace of rate hikes from the Federal Reserve since last year. Focus is on Wednesday’s Fed rate decision,with U.S. central bankers expected to raise rates by another 25 basis points to a 5.25%-5.5% range, potentially marking the last in this cycle as its inflation fight appears to be paying off.
Energy Sector Commentary for Monday, July 24, 2023
The energy sector is trading higher...
The energy sector is trading higher in the pre-market, tracking gains in both crude oil and the major market futures. U.S equities are expected to begin the session higher ahead of various central bank interest rate announcements, heavy earnings and a slew of macroeconomic data to be released this week.
WTI and Brent crude oil are extending their gains, setting the stage for five weeks of consecutive increases, on supply concerns and hopes China will stimulate their economy. Tightening conditions due to Saudi oil output cuts and summer demand being somewhat stronger for gasoline and jet fuel has paved the way for oil futures to trend higher, despite expectations of more rate hikes in the near future.
Natural gas futures edged higher on forecasts for hotter weather across the U.S. mainland, with record-setting temperatures expected in a number of states, especially over the Central Great Plains and the Middle Mississippi Valley.
