Oklahoma Leasing Activity The SCOOP continues to be the hottest play in Oklahoma leasing. Continental’s leasing efforts in Stephens County speaks to their continued position as the...
The nation’s drilling rig count rose slightly this week as crude inventories are falling and U.S. oil exports are on the rise....
The U.S. Department of Interior has set the date for the nation’s largest oil and gas lease sale. In support of President...
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LONDON/TOKYO (Reuters) – Oil prices stood near a one-week high on Friday as global equities headed for their biggest weekly gain in...
The broader upswing in the equities market also helped crude benchmarks. Russia and Saudi Arabia sign LNG deal. Russia and Saudi Arabia signed several energy...
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Chesapeake Energy (CHK) announced last week its exit from the Mississippian Lime, the play that the company helped to pioneer several years...
On Tuesday, crude oil prices plunged to their lowest levels since December 2021, with both major benchmarks falling nearly 4%. This sharp decline came in the wake of OPEC+ downgrading its demand forecast for 2024 and 2025, a move that overshadowed supply concerns arising from Tropical Storm Francine, as reported by Reuters.
Key market movements:
West Texas Intermediate (WTI) crude: Closed at $65.75 per barrel on the New York Mercantile Exchange, dropping $2.96 or 4.31% At one point, WTI futures fell over 5%, touching their lowest levels since May 2023
Brent crude futures: Settled at $69.19 per barrel on ICE Futures Europe, and fell $2.65 or 3.69%. Earlier in the trading session, Brent declined by more than $3 per barrel.
This significant price drop underscores the market's sensitivity to demand projections, particularly those from influential bodies like OPEC+. The revised forecast appears to have outweighed immediate supply disruption concerns, highlighting the complex interplay of factors influencing global oil prices.
Analysts will closely monitor how these price movements might impact production decisions and investment in the oil sector in the coming weeks.
U.S. stocks finished mostly higher on Tuesday afternoon, with the S&P 500 and the Nasdaq Composite scoring back-to-back gains ahead of Wednesday's release of August's CPI inflation report.
The Dow Jones Industrial Average was down 92.63 points, or 0.2%, ending at 40,736.96, according to FactSet data.
The S&P 500 rose 24.47 points, or 0.5%, to end at 5,495.52.
The Nasdaq Composite advanced 141.28 points, or 0.8%, to finish at 17,025.88.
According to FactSet data, the S&P 500's energy and financials sectors were the only two sectors to end in the red on Tuesday, down nearly 2% and 1%, respectively. Shares of JPMorgan Chase & Co. finished 5.2% lower amid widespread pressure on bank stocks.
Traders also look at two key economic reports that will likely decide the size of the Federal Reserve's first interest-rate cut next week. August's consumer-price index report is due Wednesday morning at 8:30 a.m. Eastern time, followed by the producer-price index report on Thursday morning.
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