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Oil prices settle sharply higher on reports OPEC+ will cut production

Oil prices were sharply higher on Monday, with U.S. benchmark prices settling up more than 5%, following reports that the OPEC+ cartel is considering a production cut of more than 1 million barrels a day. 3:11 p.m. Oct. 3, 2022

U.S. oil futures gain more than 5% on bets that OPEC+ will agree to cut output

Oil futures climbed sharply on Monday, with U.S. prices up more than 5% as traders bet that the Organization of the Petroleum Exporting Countries and their allies will agree later this week to cut production on concerns over a slowdown in the economy that would hurt demand for oil. News reports said the group of producers, known as OPEC+, may consider a reduction of more than 1 million barrels per day or more. A production cut would "reinforce a message from Saudi Arabia and other key producers that they are prepared to take action in order to prevent further price declines," said Robbie Fraser, global research and analytics manager at Schneider Electric. November WTI crude rose $4.14, or 5.2%, to settle at $83.63 barrel on the New York Mercantile Exchange. 2:40 p.m. Oct. 3, 2022

Why California is paying nearly 70% more for gasoline at the pump than the rest of the country

California has pretty much always paid much more than the nation for gasoline at the pump, in part due to higher taxes and a more expensive blend of fuel, but an average price that's nearly 70% more than just about everyone else in the U.S. is a bit extreme. 2:08 p.m. Oct. 3, 2022

Commodities Headlines

Silver posts strongest daily percentage gain since February 2021; gold up nearly 2%

Silver futures rallied on Monday, posting a gain of more than 8% for the session --- the largest daily rise since February 2021, according to Dow Jones Market Data. Gold prices also climbed by almost 2%. "Out of the two metals, silver was the most impressive...as yields fell on the back of [the Bank of England's] temporary bond buying programme and disappointing U.S. ISM manufacturing PMI data," said Fawad Razaqzada, market analyst at City Index and FOREX.com. December silver rose $1.55, or 8.1%, to settle at $20.589 an ounce, the highest most-active contract finish since August. December gold added $30, or 1.8%, to settle at $1,702 an ounce, the highest since mid-September.

2:00 p.m. Oct. 3, 2022
Lithium producer Livent edges up, even after BofA analyst recommended selling

Shares of Livent Corp. edged up 0.3% in afternoon trading Monday, even after BofA Securities analyst Matthew DeYoe recommended investors sell, saying the lithium producer's stock looks "expensive" as lithium prices appear to be near a peak. DeYoe noted that spot prices for lithium, which have been in high demand as it's used in electric vehicle (EV) batteries, have been holding near a peak about about $70,000 per metric ton since February. "[W]e think the peak is more or less in," DeYoe wrote in a note to clients. "Can lithium stocks outperform when prices are falling? We suspect no." And based on his analysis of net-asset value at peak lithium prices suggests Livent's stock is "quiet expensive," so he cut his rating to underperform from neutral. His $27 price target on the stock implies about 12% downside from current levels. Over the past three months, Livent's stock has run up 38.6%, while the Global X Lithium & Battery Tech ETF has lost 6.8% and the S&P 500 has declined 4.0%.

1:42 p.m. Oct. 3, 2022
Energy stocks surge as oil prices jump, led by Marathon Petroleum's biggest gain in over a year

The S&P 500's energy sector saw a unanimous rally in midday trading Monday, as reports that an large oil-producing cartel plans to cut production provided a big lift to crude oil prices. The SPDR Energy Select Sector exchange-traded fund ran up 5.0% with all 21 components gaining ground. The ETF's biggest gainer was Marathon Oil Corp.'s stock , which climbed 9.2%, toward the biggest one-day gain since it soared 13.6% on June 21, 2021. Of the ETF's most active components, shares of Occidental Petroleum Corp. rallied 5.4% and Exxon Mobil Corp. hiked up 4.5%. The worst performer was Kinder Morgan Inc.'s stock , which gained 2.2%. Chevron Corp.'s stock ran up 5.0% to pace the Dow Jones Industrial Average's gainers. Meanwhile, crude oil futures charged up 3.9%, after reports over the weekend that the Organization of Petroleum Exporting Countries (OPEC) and their allies, known as (OPEC+), is considering cutting production by more than one million barrels a day to stem the recent price decline.

11:54 a.m. Oct. 3, 2022
Enbridge names new CEO after current chief retires

Enbridge Inc. on Monday named independent board chair Greg Ebel as president and chief executive officer effective Jan. 1 upon the retirement of Al Monaco, after the pipeline company considered internal and external candidates. A new independent board chair will be named before the end of 2022. Enbridge shares rose 2.4% in premarket trades.

9:13 a.m. Oct. 3, 2022
OPEC+ could cut oil production because it’s trying to halt a sharp crude selloff

Oil prices notch their fourth monthly loss in a row, leading to speculation that major oil producers next week will make a fresh move to set a floor under prices --- cutting production for a second consecutive month.

6:22 p.m. Oct. 2, 2022
Oil prices settle lower for the month and quarter on demand risks

Oil futures decline Friday, pressured by worries surrounding the demand outlook, but prices hold onto a weekly gain, buoyed by the prospect of an OPEC+ production cut next week.

3:14 p.m. Sept. 30, 2022
Oil futures end lower for the session, month and quarter

Oil futures declined Friday, contributing to their losses for the month and quarter as concerns over a potential recession raised expectations for a slowdown in demand. Still, oil supply will get tighter in the winter and "now that most of the crude demand destruction has been priced in, prices should stabilize going into the year-end," said Edward Moya, senior market analyst at OANDA. November WTI crude fell $1.74, or 2.1%, to settle at $79.49 barrel on the New York Mercantile Exchange, with front-month prices still up nearly 1% for the week. For the month, prices lost 11%, and ended the quarter down almost 25%, according to Dow Jones Market Data.

2:59 p.m. Sept. 30, 2022
Gold futures gain for the week, fall for the month and quarter

Gold futures climbed Friday to finish higher for the week, but overall strength in the dollar amid aggressive monetary policy tightening by the Federal Reserve, as it continues its efforts to tame inflation, pushed prices for the metal lower for the month, as well as the quarter. Gold for December delivery rose $3.40, or 0.2%, to settle at $1,672 an ounce on Comex. Prices based on the most-active contract climbed 1% for the week. They posted declines of 3.1% for the month and 7.5% for the quarter.

1:54 p.m. Sept. 30, 2022

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