Bulletin
Investor Alert

Commodities

Why oil traders say this key crude delivery point looks ‘basically empty’

Backwardation in the futures contracts for U.S. benchmark West Texas Intermediate crude oil implies a shortage of supplies at the Cushing, Okla. delivery hub for the contracts, an analyst told MarketWatch on Friday. 3:58 p.m. Today

U.S. oil futures score the longest weekly winning streak on record

Oil futures climb on Friday, with U.S. prices tallying a record streak of weekly gains, up nine weeks in a row, on the back of easing travel restrictions, a slow recovery in U.S. production and expectations for higher energy demand for the holidays. 3:24 p.m. Today

U.S. oil futures log a 9th straight weekly climb

Oil futures finished higher on Friday, with U.S. prices up tallying a ninth consecutive weekly climb --- the longest streak of weekly gains for front-month crude on record, based on data going back to April 1983, according to Dow Jones Market Data. Analysts attributed oil's price gains to easing travel restrictions, as well as a slow recovery in U.S. crude output and expectations for higher energy demand for the upcoming holiday season. West Texas Intermediate crude for December delivery rose $1.26, or 1.5%, to settle at $83.76 a barrel on the New York Mercantile Exchange. For the week, prices based on the front month rose 2.5%. 3:01 p.m. Today

Commodities Headlines

Gold futures settle higher, posting a gain for the week

Gold futures settled higher on Friday, with concerns surrounding rising inflation prompting prices to post a gain for the week. Gold prices, however, finished off the session's highest price levels after Federal Reserve Chairman Jerome Powell said Friday that it was "time to taper" the central bank's $120 billion in monthly asset purchases. December gold climbed by $14.40, or 0.8%, to settle at $1,796.30 an ounce. Prices based on the most-active contract climbed about 1.6% for the week, marking a second consecutive weekly gain, according to FactSet data.

1:50 p.m. Today
Baker Hughes reports the first weekly decline in U.S. oil-drilling rigs in 7 weeks

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by two to 443 this week. The weekly decline followed six consecutive weeks of increases. The total active U.S. rig count, which includes those drilling for natural gas, also fell by one to stand at 542, according to Baker Hughes. December West Texas Intermediate crude continued to trade higher, up 93 cents, or 1.1%, at $83.43 a barrel on the New York Mercantile Exchange.

1:07 p.m. Today
Schlumberger stock falls after profit matches expectations but revenue misses

Shares of Schlumberger Ltd. slumped 0.9% in premarket trading Friday, after the oil services company reported a third-quarter profit that matched expectations but revenue rose missed, but provided an upbeat outlook oil and gas demand. The company swung to net income of $550 million, or 39 cents a share, from a loss of $82 million, or 6 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share more than doubled to 36 cents from 16 cents, compared with the FactSet consensus of 36 cents. Revenue grew 11.2% to $5.85 billion, below the FactSet consensus of $5.15 billion. Among business segment revenue, well construction topped expectations and reservoir performance matched, but digital and integration and production systems missed. "The industry macro fundamentals have visibly strengthened this year, particularly in recent weeks-with demand recovery, oil and gas commodity prices at recent highs, low inventory levels, and encouraging trends in pandemic containment efforts," said Chief Executive Olivier Le Peuch. The stock has soared 22.6% over the past three months through Thursday, while the VanEck Oil Services ETF has run up 16.1% and the S&P 500 has gained 4.2%.

7:07 a.m. Today
U.S. oil benchmark ends lower, taking a break from its rally to 7-year highs

Oil futures settle lower Thursday, with analysts citing profit-taking after a sustained run to multiyear highs.

3:15 p.m. Oct. 21, 2021
U.S. oil futures mark first loss in 6 sessions

Oil futures settled lower on Thursday, with U.S. prices down for the first time in six sessions, a day after the front-month contract settled at the highest since October 2014. Prices got a boost Wednesday as the Energy Information Administration reported a weekly decline in U.S. crude inventories --- the first in four weeks. On its first full trading day as a front-month contract, West Texas Intermediate crude for December delivery fell 92 cents, or 1.1%, to settle at $82.50 a barrel on the New York Mercantile Exchange.

2:49 p.m. Oct. 21, 2021
Gold futures end lower after two-session decline

Gold futures ended with a loss on Thursday, easing back after posting gains in each of the last two trading sessions. The precious metal "appears stuck in 'no man's land', battling rising yields on the short-end of the curve" as Federal Reserve members try to push back rate hike expectations, said Edward Moya, senior market analyst at Oanda. "Bullion continues to struggle to recapture the $1,800 level," he said. December gold declined by $3, or 0.2%, to settle at $1,781.90 an ounce.

1:37 p.m. Oct. 21, 2021
EIA reports a weekly climb of 92 billion cubic feet in natural-gas supplies

The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas rose by 92 billion cubic feet for the week ended Oct. 15. That was a bit larger than the average increase of 88 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.461 trillion cubic feet, down 458 billion cubic feet from a year ago and 151 billion cubic feet below the five-year average, the government said. Following the data, November natural gas extended its decline, trading down 11.5 cents, or 2.2%, at $5.062 per million British thermal units. Prices were at $5.107 shortly before the data.

10:33 a.m. Oct. 21, 2021
Freeport-McMoRan's stock falls after profit rises above expectations but revenue comes up a bit shy

Shares of Freeport-McMoRan Inc. fell 1.8% in premarket trading Thursday, after the mining company reported third-quarter net profit that soared more than four-fold, while revenue came up short of expectations, as realized copper prices soared but gold prices fell. Net income climbed to $1.40 billion, or 94 cents a share, from $329 million, or 22 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 89 cents, above the FactSet consensus of 81 cents. Revenue grew 58.0% to $6.08 billion, just short of the FactSet consensus of $6.13 billion, as cost of sales increased 23.8% to $3.55 billion. The average realized price per pound of copper rose 39.5% to $4.20, the average realized price per ounce for gold fell 7.6% to $1.76 billion and the average realized price per pound for molybdenum jumped 101.6% to $18.61. The stock has rallied 12.4% over the past three months, while the S&P 500 has gained 4.1%.

8:21 a.m. Oct. 21, 2021

Video

Worried about the Fed's next steps? Here are 3 things you need to know

  • Worried about the Fed's next steps? Here are 3 things you need to know Worried about the Fed's next steps? Here are 3 things you need to know 3:23
    Inflation is surging. Here are 3 sectors that could benefit Inflation is surging. Here are 3 sectors that could benefit 4:05
    Home delivery services could disrupt the $65 billion cannabis market Home delivery services could disrupt the $65 billion cannabis market 6:45
    These 3 industries are poised for growth in edge computing These 3 industries are poised for growth in edge computing 3:38
  • What's next for tech stocks after recent rout What's next for tech stocks after recent rout 3:40
    Here's how your home equity can be used as a financial safety net Here's how your home equity can be used as a financial safety net 2:36
    Moneyist Live Moneyist Live 24:32
    Splurge or save? Splurge or save? 25:11
  • How to navigate the pandemic-era workplace and economy How to navigate the pandemic-era workplace and economy 24:47
    Ask MarketWatch Ask MarketWatch 25:31

Partner Center

Trending Tickers
  • /zigman2/quotes/200467500/composite NVDA+6.01%
  • /zigman2/quotes/200164174/composite SNOA+85.40%
  • /zigman2/quotes/202092269/composite ENSC+35.46%
  • /zigman2/quotes/226465160/composite ALF-14.72%
  • /zigman2/quotes/207732364/composite MSFT+1.66%
X
Powered by StockTwits
Link to MarketWatch's Slice.