Oil settles lower as US dollar surges, investors take stock of Trump victory
Oil prices settled lower on Wednesday as investors weighed a strong U.S....
Oil prices settled lower on Wednesday as investors weighed a strong U.S. dollar against the potential that U.S. President-elect Donald Trump's foreign-policy plans could squeeze global oil supply.
Brent crude oil futures settled down 61 cents, or 0.81%, at $74.92 per barrel. U.S. West Texas Intermediate (WTI) crude settled down 30 cents or 0.42%, to $71.69.
Trump's election triggered a large sell-off, pushing oil prices down by more than $2 per barrel during early trade as the U.S. dollar rallied. The dollar is currently at its highest level since September 2022.
A stronger dollar makes greenback-denominated commodities such as oil more expensive for holders of other currencies and tends to weigh on prices.
Dow jumps 1,500 points to seal largest post election advance in over a century
U.S. stocks completed a momentous trading session on...
U.S. stocks completed a momentous trading session on Wednesday, with investor optimism over Donald Trump's presidential election victory fueling the most significant post-election jump in the Dow Jones Industrial Average in over 100 years.
Wednesday's advance in all three major U.S. stock indexes came despite a spike in Treasury yields, led by a 15.3-basis-point rise in the 30-year rate.
Based on preliminary data, the Dow Jones Industrial Average closed up 1508.05 points, or 3.6%, at a new record close of 43,729.93.
The S&P 500 closed up by 146.28 points, or 2.5%, at 5,929.04.
The Nasdaq Composite ended up by 544.29 points, or almost 3%, at 18,983.47.
The small-cap Russell 2000 Index finished up by roughly 129 points, or 5.7%, at around 2,390 for its largest one-day point gain on record.
At Janus Henderson Investors, Marc Pinto, head of Americas equities, and Lucas Klein, head of EMEA and Asia Pacific equities, said the surprisingly straightforward U.S. election results may provide additional fuel for U.S. stocks through year-end. However, they said, it remains to be seen how policy will impact future earnings—the real driver of long-term returns.
Renewable-energy stocks tank as Donald Trump wins White House
The stocks of renewable-energy companies led S&P...
The stocks of renewable-energy companies led S&P 500 decliners early Wednesday, after former President Donald Trump won a sweeping victory in the U.S. presidential election.
Trump, who has denied that the climate is changing as a result of burning fossil fuels, is expected to upend green policies implemented by the current administration, which include solar tax credits and incentives that were part of incumbent President Joe Biden’s Inflation Reduction Act.
“The renewables sector might face downward pressure if Trump prioritizes fossil fuels over green energy and scales back clean energy incentives or environmental regulations,” said Daniela Sabin Hathorn, senior market analyst at Capital.com, in emailed comments.
Methane emissions near record despite global pledges
The Global Methane Pledge, backed by nearly 160 countries, aims to cut...
The Global Methane Pledge, backed by nearly 160 countries, aims to cut methane emissions 30% by 2030. However, progress has been slow and atmospheric methane levels continue to rise, particularly from fossil fuel facilities, reports the International Methane Emissions Observatory. The IMEO has identified more than 1,100 large methane leaks since 2022 and says that few have been addressed.
US Gulf operators brace for potential hurricane threat
Up to 4.9 million barrels of oil and 6.39 Bcf/d of gas production in...
Up to 4.9 million barrels of oil and 6.39 Bcf/d of gas production in the Gulf of Mexico could be knocked out by Tropical Storm Rafael, which is expected to strengthen into a Category 2 hurricane later this week, according to the National Hurricane Center. Shell and Chevron have begun evacuating non-essential personnel from offshore platforms as a precaution.
