Oil falls 2% as OPEC cuts oil demand growth view, China concerns
Oil prices fell 2% on Monday as OPEC...
Oil prices fell 2% on Monday as OPEC lowered its 2024 and 2025 global oil demand growth view again while China's oil imports fell for a fifth month in a row.
China's stimulus plans also failed to inspire investor confidence while markets continued to watch for potential Israeli attacks on Iranian oil infrastructure.
Brent crude futures settled $1.58, or 2%, lower at $77.46 per barrel, while U.S. West Texas Intermediate crude futures fell $1.73, or 2.29%, to $73.83 per barrel. Brent had gained 99 cents last week, while WTI climbed $1.18.
Here's some related information about oil and gas prices:
OPEC demand forecast OPEC cut its demand forecast for 2024 for the third time in a row, expecting demand to grow by 1.9 million barrels per day.
Middle East conflict Escalating conflict in the Middle East has raised the possibility of oil supply disruptions and further crude oil price increases.
China's economy Concerns over China's weakening economy, including a decline in inflation, have contributed to a fall in WTI crude oil futures.
Natural gas prices -Natural gas prices are rallying from extremely low levels but are still cheap. A cold snap this autumn could spur demand for heating and push gas prices higher.
Stocks end higher with Dow and S&P 500 scoring record closing highs
U.S. stocks ended higher on Monday, with the Dow Jones...
U.S. stocks ended higher on Monday, with the Dow Jones Industrial Average and the S&P 500 logging record closing highs as third-quarter earnings season moved into full swing.
The Dow Jones Industrial Average went up 201.36 points or 0.47% to end at 43,065.22, a record close. It’s the index’s 37th record close of the year.
The S&P 500 rose 44.82 points or 0.77% to finish at 5,859.85. It is the index’s 46th record close this year.
The Nasdaq Composite gained 159.75 points or 0.87% to close at 18,502.69.
Today is Columbus Day and Indigenous Peoples Day, which President Biden...
Today is Columbus Day and Indigenous Peoples Day, which President Biden commemorated as a national holiday for the first time in 2021 and has become widely adopted around the US. Depending on where you live, your state or city might honor one of the two holidays, or something else entirely (more than half of US states don’t recognize either day as an official state holiday).
Since 1937, the US has marked today as a federal holiday, Columbus Day; the day is marked in nearly 200 cities and four states as Indigenous Peoples’ Day. Learn more about the history here. See public opinion data here.
As with the other ten federal holidays on the calendar, most banks will be closed, and the USPS will not deliver mail.
The US is sending an advanced anti-missile system to Israel
The Terminal High-Altitude Area Defense battery (THAAD) will be ...
The Terminal High-Altitude Area Defense battery (THAAD) will be deployed to Israel—along with American troops to operate it—to help repel a future ballistic missile attack from Iran, the Pentagon said on Sunday, in a significant show of support for its ally. The announcement comes as President Biden rebuked Israel for its recent attacks on the United Nations peacekeeping mission in Lebanon, which also drew widespread condemnation from the 40 countries contributing to that mission.
First-half 2024's US LNG Exports Rise 3%, DOE Says
According to the most recent data published...
According to the most recent data published by the U.S. Department of Energy (DOE), the U.S. reported a 3% rise in LNG exports in the first half of 2024 compared to the first half of 2023. The top ten destinations are countries in Europe (six, including the U.K.) and Asia (four).
U.S. LNG exports averaged 11.8 Bcf/d in the first half of 2024, rising 3% compared to 11.5 Bcf/d in the first half of 2023, the DOE reported in its monthly report.
DOE said total U.S. natural gas exports averaged 21 Bcf/d in the first half of 2024, which likewise represented a 3% rise compared to 20.3 Bcf/d in the first half of 2023.
