Bulletin
Investor Alert

Commodities

Oil ends sharply lower as worries rise over virus outbreak

Oil futures end sharply lower Friday, dragged down as worries about the spread of the coronavirus added to concerns about potential oversupply in the market. 3:38 p.m. Jan. 24, 2020

Oil remains sharply lower as U.S. rig count rises

Crude futures remained sharply lower Friday after oil-field-services company Baker Hughes said the number of U.S. oil rigs rose by 3 from last week to 676. West Texas Intermediate crude for March delivery on the New York Mercantile Exchange was off $1.40, or 2.5%, at $54.19 a barrel in recent trade. 1:12 p.m. Jan. 24, 2020

Oil prices fall a third day on worries about oversupply, China virus fallout

Oil futures tumbled for a third session in a row on Thursday, with U.S. prices logging their lowest finish since late November, on fears that economic growth and oil demand may be hit by the spread of the coronavirus outbreak in China. 3:11 p.m. Jan. 23, 2020

Commodities Headlines

U.S. oil futures mark lowest settlement since late November

Oil futures fell sharply on Thursday, sending U.S. prices to their lowest settlement since late November, as the spread of coronavirus raised worries about the global economy and energy demand. "All markets are watching the situation with China" and the coronavirus, said Tariq Zahir, managing member at Tyche Capital Advisors. "Energy markets could see a rather [large] impact on demand, especially if this virus gets worse." March West Texas Intermediate oil fell $1.15, or 2%, to settle at $55.59 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Nov. 29, according to Dow Jones Market Data.

2:41 p.m. Jan. 23, 2020
Gold futures finish at their highest in more than 2 weeks

Gold futures settled at a more than two-week high on Thursday, as worries surrounding the spread of the coronavirus led to weakness in the U.S. stock market and a fall in bond yields, lifting the haven appeal of the precious metal. "Appetite towards the precious metal should remain supported by growing fears over the coronavirus outbreak in China," said Lukman Otunuga, senior research analyst at FXTM. "The general uncertainty is likely to accelerate the flight to safety with gold seen testing $1568 in the short term," he said. February gold rose $8.70, or 0.6%, to settle at $1,565.40 an ounce. That was the highest most-active contract settlement since Jan. 7, according to FactSet data.

1:41 p.m. Jan. 23, 2020
Oil prices pare losses as EIA reports a modest, unexpected weekly fall in U.S. crude-oil supplies

Oil prices pared some of their earlier losses on Thursday after weekly data from the Energy Information Administration revealed that U.S. crude supplies fell by 400,000 barrels for the week ended Jan. 17. Analysts polled by S&P Global Platts forecast a rise of 500,000 barrels, while the American Petroleum Institute on Wednesday reported an increase of 1.6 million barrels, according to sources. EIA and API data were each released a day later than usual because of Monday's Martin Luther King Jr. holiday. The EIA data also showed a supply climb of 1.7 million barrels for gasoline, but distillate stocks declined by 1.2 million barrels. The S&P Global Platts survey had shown expectations for an increase in supplies of 3.3 million barrels for gasoline and 1.6 million barrels for distillates. March West Texas Intermediate crude was down $1.48, or 2.6%, at 55.26 a barrel on the New York Mercantile Exchange. It was trading at $54.93 before the supply data.

11:06 a.m. Jan. 23, 2020
EIA reports a weekly decline of 92 billion cubic feet in U.S. natural-gas supplies

The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 92 billion cubic feet for the week ended Jan. 17. That was slightly larger than the decline of 88 billion cubic feet forecast by analysts polled by S&P Global Platts, but well below the year ago and five-year average draw for the period. Total stocks now stand at 2.947 trillion cubic feet, up 554 billion cubic feet from a year ago, and 251 billion cubic feet above the five-year average, the government said. February natural gas traded at $1.939 per million British thermal units, up 3.4 cents, or 1.8%, from Wednesday's settlement. Prices were down a bit from $1.97 before the data.

10:39 a.m. Jan. 23, 2020
Freeport-McMoRan tops earnings estimates for Q4

Freeport-McMoRan Inc. said Thursday it had net income of $9 million, or less than 1 cent a share, in the fourth quarter, down from $485 million, or 33 cents a share, in the year-earlier period. Adjusted per-share earnings came to 2 cents, ahead of the FactSet consensus for breakeven. The copper and gold miner said revenue rose to $3.911 billion from $3.684 billion, well ahead of the $3.698 billion FactSet consensus. Sales of copper totaled 906 million pounds, sales of gold came to 317 thousand ounces and sales of molybdenum came to 22 million pounds in the quarter. For 2020, the company is expecting sales of about 3.5 billion pounds of copper, 0.8 million ounces of gold and 88 million pounds of molybdenum, including 725 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in the first quarter. Capital expenditures are expected to come to $2.8 billion in 2020 after $2.65 billion in 2019, and will fund underground development rose 0.5% premarket but are up just 0.1% in the last 12 months through Wednesday, while the S&P 500 has gained 26%.

8:11 a.m. Jan. 23, 2020
Anglo American output up 4%, benefiting from Minas-Rio ramp-up

The diversified mining company said that, excluding the impact of Minas-Rio, however, group copper-equivalent production is down 1% in the period.

2:38 a.m. Jan. 23, 2020
Galp, ACS reach $2.43 billion solar-energy deal

Galp claims the deal with Spain’s ACS will make it the main solar-power producer in the Iberian region.

1:56 a.m. Jan. 23, 2020
API data reveal a weekly climb in U.S. crude supply, sources say

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 1.6 million barrels for the week ended Jan. 17, according to sources. The API data, which were released a day later than usual because of Monday's Martin Luther King Jr. holiday, also reportedly showed a stockpile increase of 4.5 million barrels for gasoline, while distillate stocks climbed by 3.5 million barrels. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories rose by 500,000 barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply increases of 3.3 million barrels for gasoline and 1.6 million barrels for distillates. March West Texas Intermediate crude was at $56.37 a barrel in electronic trading. It settled at $56.74 Wednesday on the New York Mercantile Exchange.

4:43 p.m. Jan. 22, 2020

Video

Here's why drug shortages cost the U.S. 450 million a year

  • Here's why drug shortages cost the U.S. 450 million a year Here's why drug shortages cost the U.S. 450 million a year 2:17
    How deception technology is beating cyberattackers at their own game How deception technology is beating cyberattackers at their own game 2:18
    How artificial intelligence could predict the next natural disaster How artificial intelligence could predict the next natural disaster 3:27
    Here's what internet companies get wrong about revenue Here's what internet companies get wrong about revenue 2:35
  • This trend might make it easier to renovate your home This trend might make it easier to renovate your home 3:00
    The flu costs billions of dollars each year in lost productivity The flu costs billions of dollars each year in lost productivity 3:00
    How photo technology levels the playing field for small businesses How photo technology levels the playing field for small businesses 2:24
    Invesco's Kristina Hooper says watch out for these 3 trends in 2020 Invesco's Kristina Hooper says watch out for these 3 trends in 2020 3:29
  • 3 things most investors get wrong about bonds 3 things most investors get wrong about bonds 3:59
    How AI helps parents and schools keep an eye on kids How AI helps parents and schools keep an eye on kids 3:36
Link to MarketWatch's Slice.