U.S. crude oil drifts lower, closes below $74 per barrel after sell-off
U.S. crude oil prices declined slightly on Wednesday, following Tuesday's significant 4% drop, as the...
U.S. crude oil prices declined slightly on Wednesday, following Tuesday's significant 4% drop, as the market rally driven by Middle East conflict concerns has paused amid uncertainty over Israel's response to Iran's recent missile attack. The situation remains tense, with Israel's Defense Minister promising a "lethal, precise and especially surprising" strike, while President Biden spoke with Prime Minister Netanyahu. Adding to market pressure was China's decision not to announce new economic stimulus measures. In Wednesday's trading,WTI crude settled at $73.24 per barrel (down 0.45%), Brent crude at $76.58 (down 0.78%), gasoline remained largely unchanged at $2.0664 per gallon, and natural gas fell 2.67% to $2.66 per thousand cubic feet.
Year-to-date, WTI is up over 2%, Brent is flat, gasoline has dropped more than 1%, while natural gas has gained over 5%. According to Strategas strategist Ryan Grabinski, the market faces increased downside risk after an overextended rally.
The U.S. Energy Information Administration reported a significant...
The U.S. Energy Information Administration reported a significant crude oil inventory build of 5.8 million barrels for the week ending October 4th, surpassing the previous week's 3.9 million barrel increase and aligning with the American Petroleum Institute's Tuesday estimate of a 10.9 million barrel build. This news, coupled with disappointment over China's decision not to implement additional economic stimulus, put downward pressure on oil prices. However, the report also showed substantial draws in refined products, with gasoline inventories decreasing by 6.3 million barrels despite increased production of 10.2 million barrels daily, up from 9.6 million the previous week. Middle distillate inventories also declined, dropping 3.1 million barrels with daily production rising to 5.0 million barrels from 4.8 million barrels the week before.
Dow, S&P 500 close at records as investors await CPI inflation reading
Stocks finished solidly higher Wednesday, with investors...
Stocks finished solidly higher Wednesday, with investors unfazed by the Federal Reserve's September meeting minutes as they look ahead to a September consumer price index reading that may have more significance amid recent signs of resilient economic growth.
According to preliminary figures, the Dow Jones Industrial Average rose around 432 points, or 1%, to finish near 42,512, topping its record finish from Friday.
The S&P 500 gained around 41 points, or 0.7%, to end near 5,792, for its first record close since Sept. 30.
The Nasdaq Composite advanced around 109 points, or 0.6%, to close near 18,292.
Equinor Acquires Nearly 10% Stake in Ørsted for $2.5B
Norway's Equinor ASA has become the second...
Norway's Equinor ASA has become the second largest shareholder in Denmark-based Ørsted AS after acquiring a 9.8% minority stake, consisting of 41.19 million shares, with the current market value of the holding estimated at around US$2.5 billion based on the Oct. 4 closing price of DKK 418 per share; according to an Oct. 7 press release, Equinor plans to increase its ownership to 10%.
The U.S. Energy Information Administration released a report this week...
The U.S. Energy Information Administration released a report this week saying it expects most U.S. households will pay about the same to heat their homes on average as they did last winter. A notable exception is that EIA expects Midwestern homes heated by natural gas will pay about 11% more on average for heat than last winter.
In its 2024 Winter Fuels Outlook, EIA forecasts a colder winter, leading to more energy consumption for heat. With energy prices similar to or slightly lower than last winter, EIA expects spending for many households will be about the same as last winter.
“There’s a lot of uncertainty about the weather over an entire season—not to mention uncertainty over commodity prices,” said EIA Administrator Joe DeCarolis.
