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How to invest in the global economy's transition to new energy sources

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3:00 a.m. Today - By MarketWatch
How to invest in the global economy's transition to new energy sourcesThe global economy is undergoing an energy transition into electrification and renewables and away from oil and gas. Here's how investors could take advantage of the trend.
10:40 a.m. June 24, 2021 - By Myra P. Saefong
Oil futures finish slightly higher as OPEC+ output decision loomsOil futures , with traders weighing the outlook for energy demand as well as a decision by the Organization of the Petroleum Exporting Countries and their allies on production levels next week. West Texas Intermediate oil for August delivery edged up by 22 cents, or 0.3%, to settle at $73.30 a barrel on the New York Mercantile Exchange.
6:37 a.m. June 24, 2021 - By Myra P. Saefong
Natural-gas prices move higher; EIA reports a climb of 55 billion cubic feet in U.S. natural-gas suppliesThe U.S. that domestic supplies of natural gas rose by 55 billion cubic feet for the week ended June 18. On average, analysts polled by S&P Global Platts forecast an increase of 63 billion cubic feet in natural-gas stocks. Total stocks now stand at 2.482 trillion cubic feet, down 513 billion cubic feet from a year ago and 154 billion cubic feet below the five-year average, the government said. Following the data, July natural gas moved higher, trading up 3.7 cents, or 1.1%, at $3.37 per million British thermal units. Prices were nearly flat at $3.33 .
2:18 a.m. June 24, 2021 - By Steve Goldstein
BP downgraded by HSBC as investors have yet to embrace climate shiftOil major BP was downgraded to hold from buy at HSBC, and its target price lowered to 360 pence from 365 pence, which said it will take years to change market perceptions about its ability to fund the transition to a lower-emissions world. "The key issue for BP is how to sustain group free cash flow when upstream volumes are set to fall by 40% through 2030," said analysts led by Gordon Gray, who nonetheless expressed optimism BP could do so. Buybacks and higher cash flows are so far failing to provide a catalyst, the analysts added.
10:40 a.m. June 23, 2021 - By Myra P. Saefong
Oil futures rise, with U.S. crude settling just above $73 a barrelOil futures , buoyed by U.S. government data that showed a for the week ended June 18. Oil production, as well as gasoline supplies, fell for the week, according to the Energy Information Administration. The numbers from the EIA can only be described as "bullish as crude inventories are at levels we haven't seen since March of last year," said Tariq Zahir, managing member at Tyche Capital Advisors. However, traders need to watch the OPEC+ meeting on July 1, he said, to see if the group agrees on a production increase. "Russia has already come out and hinted they want an increase in production," but Saudi Arabia is likely "quite happy with prices and where they are," said Zahir. The Saudis may "increase production to capture market share and prevent the fracture of the production cut agreements by other OPEC countries." West Texas Intermediate oil for August delivery edged up by 23 cents, or 0.3%, to settle at $73.08 a barrel on the New York Mercantile Exchange.
6:39 a.m. June 23, 2021 - By Myra P. Saefong
EIA reports a nearly 8 million-barrel decline in U.S. crude suppliesThe that U.S. crude inventories fell by 7.6 million barrels for the week ended June 18. On average, analysts polled by S&P Global Platts forecast a decline of 6.3 million barrels for crude stocks, while the reported a 7.2 million-barrel decrease, according to sources. The EIA also reported that gasoline supplies fell by 2.9 million barrels, while distillate stockpiles rose by 1.8 million barrels for the week. The S&P Global Platts survey forecast supply increases of 1.3 million barrels for gasoline and 1 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 1.9 million barrels for the week. Oil prices pared some of their early gains, with August West Texas Intermediate crude up 83 cents, or 1.1%, at $73.68 a barrel on the New York Mercantile Exchange. Futures were trading at $73.80 .
12:45 p.m. June 22, 2021 - By Myra P. Saefong
API data reportedly show a weekly decline of over 7 million barrels in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 7.2 million barrels for the week ended June 18, according to sources. The API report also showed gasoline stockpiles up by 959,000 barrels, while distillate inventories climbed by 992,000 barrels, the sources said. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by nearly 2.6 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 6.3 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 1.3 million barrels for gasoline and 1 million barrels for distillates. August West Texas Intermediate crude was at $73.11 barrel in electronic trading, after on the New York Mercantile Exchange.
10:40 a.m. June 22, 2021 - By Myra P. Saefong
Oil futures settle with a loss, pressured by speculation that OPEC+ will agree to more output hikes Oil futures , a day after settling at their highest since October 2018, as reports from and said OPEC+, the Organization of the Petroleum Exporting Countries and their allies, have discussed the possibility of raising production levels even more, starting in August. OPEC+ will hold its next meeting on July 1. It has already implemented a plan to gradually raise production from May through July, amid a recovery in oil demand. West Texas Intermediate oil for July delivery , which expired at the end of the session, fell 60 cents, or 0.8%, to settle at $73.06 a barrel on the New York Mercantile Exchange. The new front-month contract, August WTI oil , settled at $72.85, down 27 cents, or 0.4%.
3:17 a.m. June 22, 2021 - By Tomi Kilgore
Plug Power stock rallies after wider-than-expected loss but revenue rose above forecastsShares of Plug Power Inc. rallied 1.8% in premarket trading Tuesday, after the hydrogen fuel cell company reported a wider-than-expected first-quarter loss but revenue that rose above expectations as product revenue more than doubled. The net loss for the quarter to March 31 was $60.75 million, or 12 cents a share, after a loss of $37.45 million, or 12 cents a share, in the year-ago period. The FactSet consensus for per-share loss was 8 cents. Revenue jumped 76.3% to $71.96 million, above the FactSet consensus of $71.50 million. Sales of fuel cell systems and related infrastructure increased 128.5% to $46.77 million, and product gross margin improved to 38%, despite unusually high freight costs, from 32%. The stock has dropped 12.0% year to date through Monday but has soared 435.9% over the past 12 months. The S&P 500 has gained 12.5% this year and rallied 35.5% over the past year.
10:36 a.m. June 21, 2021 - By Myra P. Saefong
Oil futures extends rise to highest finish since 2018Oil futures , with U.S prices extending their gain to the highest levels since 2018. Oil's relentless rise has continued with "positive news in all directions," said Manish Raj, chief financial officer at Velandera Energy. "Continued economic recovery after the pandemic and robust demand growth have resulted in a tight physical market," he said. The recent Iranian election results, meanwhile, "indicate that a nuclear deal with Iran, and hence Iranian supply growth, remain elusive." West Texas Intermediate oil for July delivery rose $2.02, or 2.8%, to settle at $73.66 a barrel on the New York Mercantile Exchange.
10:50 a.m. June 18, 2021 - By Myra P. Saefong
Oil futures end higher, up a 4th straight weekOil futures , with U.S prices posting a gain for a fourth week in a row. Prices shook off much of the losses they saw Thursday on the back of strength in the dollar, which followed the Federal Reserve's suggestion that it may raise interest rates sooner than it previously expected. Traders continued to get a boost from expectations for stronger energy demand and eyed prospects for an Iran nuclear deal that would likely lead to more oil on the global market. Most appeared unconvinced that an agreement can be reached before the inauguration of a new Iran president in August. West Texas Intermediate oil for July delivery rose 60 cents, or 0.8%, to settle at $71.64 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract tacked on 1% for the week.
9:06 a.m. June 18, 2021 - By Myra P. Saefong
Baker Hughes data show a second-straight weekly climb in U.S. oil-drilling rigsBaker Hughes on Friday reported that the was up by eight at 373 this week. That marked a second weekly rise in a row. Last week, the oil rig count rose by six. The total active U.S. rig count, which includes those drilling for natural gas, rose by nine to stand at 470, according to Baker Hughes. July West Texas Intermediate crude continued for the session. The contract was up 60 cents, or 0.8%, to $71.64 a barrel on the New York Mercantile Exchange.
10:40 a.m. June 17, 2021 - By Myra P. Saefong
Oil futures fall, with U.S. prices retreating from their highest level since 2018Oil futures , with U.S prices pulling back a day after marking the highest finish since October 2018. The stronger dollar was certainly "a renewed headwind for oil and all commodities," prompting some "cross-asset funds to lighten up on oil positions," said Tyler Richey, co-editor at Sevens Report Research. "Looking across commodities, it does seem like some cracks are emerging in the broader bull run," he said, noting that the drop in copper prices has "raised concerns about the health of the global economic recovery." That's likely lead to a "spillover effect that is pressuring oil today as the latest leg higher in energy markets was largely based on demand hopes." West Texas Intermediate oil for July delivery fell $1.11, or 1.5%, to settle at $71.04 a barrel on the New York Mercantile Exchange.
6:42 a.m. June 17, 2021 - By Myra P. Saefong
EIA reports a weekly increase in U.S. natural-gas supplies, but data include a 'reclassification' of stocksThe U.S. that domestic supplies of natural gas rose by 16 billion cubic feet for the week ended June 11. The EIA said the data, however, included an adjustment to the week's total to account for a reclassification of some gas stocks from working gas to base gas. Working gas is the volume of gas available in the market. The "implied flow for the week is an increase of 67 bcf to working gas stocks," the EIA said. On average, analysts polled by S&P Global Platts forecast an increase of 78 billion cubic feet in natural-gas stocks. Total stocks now stand at 2.427 trillion cubic feet, down 453 billion cubic feet from a year ago and 126 billion cubic feet below the five-year average, the government said. Following the data, July natural gas was down 4.5 cents, or 1.4%, at $3.21 per million British thermal units. It traded at $3.23 .
10:47 a.m. June 16, 2021 - By Myra P. Saefong
U.S. oil futures eke out a slight gain U.S. oil futures barely notching their highest finish in over two and half years. Prices got a boost after the Energy Information Administration reported a larger-than-expected weekly decline in domestic crude inventories, but the U.S. dollar strengthened after the Federal Reserve said it may increase interest rates earlier than it previously expected, pressuring prices for dollar-denominated oil. West Texas Intermediate oil for July delivery rose 3 cents, or 0.04%, to settle at $72.15 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since October 2018, FactSet data show. It had traded as high as $72.99 during the trading session.
6:40 a.m. June 16, 2021 - By Myra P. Saefong
Oil futures move higher as EIA reports a larger-than-expected decline in U.S. crude suppliesThe on Wednesday that U.S. crude inventories fell by 7.4 million barrels for the week ended June 11. On average, analysts polled by S&P Global Platts forecast a decline of 4.2 million barrels for crude stocks, while the reported an 8.5 million-barrel decrease, according to sources. The EIA also reported that gasoline supply climbed by 2 million barrels, while distillate stockpiles fell by 1 million barrels for the week. The S&P Global Platts survey forecast that gasoline supplies would be unchanged for the week, while distillate stockpiles would edge up by 200,000 barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 2.1 million barrels for the week. Oil prices moved higher after the data, with July West Texas Intermediate crude up 33 cents, or 0.4%, at $72.44 a barrel on the New York Mercantile Exchange. Futures were trading little changed at $72.11 .
12:39 p.m. June 15, 2021 - By Myra P. Saefong
API data reportedly show a weekly decline of more than 8 million barrels in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 8.5 million barrels for the week ended June 11, according to sources. The API report reportedly also showed gasoline stockpiles up by nearly 2.9 million barrels, while distillate inventories climbed by almost 2 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 1.5 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 4.2 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for gasoline supplies to stand unchanged for the week, while distillate stockpiles climb by 200,000 barrels. July West Texas Intermediate crude was at $72.39 barrel in electronic trading, after $72.12 on the New York Mercantile Exchange.
10:44 a.m. June 15, 2021 - By Myra P. Saefong
U.S. oil futures settle at highest in over 2 1/2 yearsU.S. oil futures to climb back to their highest finish in over two-and-a-half years. Prices got a boost from expectations of higher energy demand, ahead of a weekly U.S. government report that's expected to show a fourth-straight weekly decline in crude inventories. On average, analysts expect the Energy Information Administration on Wednesday to report a fall of 4.2 million barrels in crude supplies for the week ended June 11, following three consecutive weekly declines. On Tuesday, West Texas Intermediate oil for July delivery rose $1.24, or nearly 1.8%, to settle at $72.12 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since October 2018, FactSet data show.
10:57 a.m. June 14, 2021 - By Myra P. Saefong
U.S. oil futures edge lower as traders eye demand U.S. oil futures as traders continued to eye prospects for energy demand. In a report issued last week, the International Energy Agency said it expects oil demand to return to pre-pandemic levels before the end of 2022, and that's "ahead of previous predictions," said Michael Hewson, chief market analyst at CMC Markets UK. "Vehicle use is starting to return to pre-pandemic use in the U.S. and Canada, while in the U.K. it already has returned to levels just prior to the pandemic, as less people use public transport and use their own vehicles to move around," he said. "While this is likely to see higher gasoline demand, this should be offset to some extent by lower demand for aviation fuel due to there being less air travel." Meanwhile, "talk of Iranian sanctions being lifted may well be acting as a bit of a headwind" for oil prices, Hewson said. West Texas Intermediate oil for July delivery fell 3 cents, or 0.04%, to settle at $70.88 a barrel on the New York Mercantile Exchange after trading as high as $71.78.
7:37 a.m. June 14, 2021 - Barrons.com
Sunrun's Plan to Rev Up SolarEd Fenster, Sunrun co-founder and executive chairman, speaks with Jack Hough on the Streetwise podcast about the benefits of solar and electric vehicles amid the ultra competitive energy landscape.
10:55 a.m. June 11, 2021 - By Myra P. Saefong
Natural-gas futures settle at highest since October; U.S. oil prices post a rally for the weekNatural-gas futures rallied buoyed by warmer weather forecasts that are likely to boost demand for the commodity from power generators. "Demand is variable, with low load demand expected to persist through the weekend amid milder conditions, but then reverse higher next week with the return of hotter conditions," said Marshall Steeves, energy markets analyst at IHS Markit. July natural gas rose 15 cents, or 4.7%, to settle at nearly $3.30 per million British thermal units. That was the highest front-month contract settlement since Oct. 30 of last year. Prices rose about 6.4% for the week, FactSet data show. U.S. oil futures, meanwhile, posted gains for the session, ending the week roughly 7% higher after the IEA forecast a return to pre-COVID global oil demand levels by the end of next year. July West Texas Intermediate crude rose 62 cents, or 0.9%, to settle at $70.91 a barrel, the highest finish since October 2018. For the week, prices gained nearly 1.9%.
9:10 a.m. June 11, 2021 - By Myra P. Saefong
Baker Hughes data show a weekly climb in U.S. oil-drilling rigsBaker Hughes on Friday reported that the was up by six at 365 this week. The increase was the largest since the week ended May 14. Last week, the number was unchanged at 359. The total active U.S. rig count, which includes those drilling for natural gas, rose by five to stand at 461, according to Baker Hughes. July West Texas Intermediate crude continued to . The contract was up 83 cents, or 1.2%, to $71.12 a barrel on the New York Mercantile Exchange.
10:53 a.m. June 10, 2021 - By Tomi Kilgore
Clean Energy Fuels stock pulls back after disclosing largest shareholder sold more sharesShares of Clean Energy Fuels Corp. tumbled 17.8% in afternoon trading Thursday, after the provider of environmentally friendly fuel for the transportation industry disclosed that its largest shareholder reduced its stake by another 1.25 million shares, after selling about 4.06 million shares over the previous five weeks. The stock's trading volume swelled to 51.2 million shares, compared with the full-day average of about 13.9 million shares. The disclosure of share sales comes after the stock shot up 31.5% on Wednesday to bring the month-to-date gain to 64.4%. In a 13D/A filing with the Securities and Exchange Commission late Wednesday, TotalEnergy SE said it beneficially owned 53.44 million Clean Energy shares, or 26.7% of the shares outstanding, after selling a total of 1,249,813 shares at a weighted average price of $10.1139 to raise $12.64 million over the previous two days. On Monday, after adjusting for a clerical error disclosed by TotalEnergy SE, TotalEnergy said it beneficially owned 54.69 million shares, or 27.4% of the shares outstanding, after selling 4,061,291 shares at a weighted average price of $8.5852, from April 28 to June 4, to raise $34.87 million. The stock has hiked up 36.1% year to date, while the S&P 500 has gained 12.9%. (This updates an earlier report in which TotalEnergy disclosed a "clerical error" in the number of shares it said it owned in the June 7 filing.)
10:40 a.m. June 10, 2021 - By Myra P. Saefong
Oil futures gain, lifting U.S. prices back above $70 a barrelOil futures , lifting U.S. prices back above $70 a barrel to their highest finish since mid-October 2018. Prices traded higher as traders continued to digest data released Wednesday that showed a more than 5 million-barrel weekly decline in U.S. crude inventories, but also revealed a 7 million-barrel increase in gasoline stockpiles, along with a weekly decline in implied demand for the fuel. Oil prices briefly dropped toward the session low around the time news related to Iranian sanctions emerged on Thursday. that the Biden administration lifted sanctions on some former Iranian officials and energy companies. West Texas Intermediate oil for July delivery rose 33 cents, or 0.5%, to settle at $70.29 a barrel on the New York Mercantile Exchange after trading as low as $68.68.
6:37 a.m. June 10, 2021 - By Myra P. Saefong
EIA reports a 98 billion cubic foot weekly climb in U.S. natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas rose by 98 billion cubic feet for the week ended June 4. That was generally in line with the average increase of 95 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 2.411 trillion cubic feet, down 383 billion cubic feet from a year ago and 55 billion cubic feet below the five-year average, the government said. Following the data, July natural gas was up 4 cents, or 1.2%, at $3.17 per million British thermal units. It traded at $3.19 shortly .
4:20 a.m. June 10, 2021 - By William Watts
OPEC leaves 2021 outlook for oil-demand growth unchangedThe Organization of the Petroleum Exporting Countries, or OPEC, on Thursday left its forecast for growth in oil demand this year unchanged. OPEC, in its monthly report, said it expects demand to grow by 6 million barrels a day, with total oil demand at 96.58 million barrels a day. OPEC revised its estimate of the fall in 2020 oil demand to 9.3 million barrels a day, versus a previous estimate of around 9.4 million barrels a day. On the supply side, the organization said it raised its 2021 estimate of non-OPEC liquids by 100,000 barrels a day. It now looks for supply to grow by 800,000 barrels day to average 63.7 million barrels a day, "mainly due to a faster-than-expected recovery in U.S. liquids production of 2.5 million barrels a day in March," the report said. Oil futures remained slightly higher following the report. July West Texas Intermediate crude was up 12 cents, or 0.2%, at $70.08 a barrel on the New York Mercantile Exchange. August Brent crude was up 20 cents, or 0.3%, at $72.42 a barrel on ICE Futures Europe.
3:49 a.m. June 10, 2021 - By Tomi Kilgore
FuelCell stock sinks after wider-than-expected loss, surprise revenue declineShares of FuelCell Energy Inc. sank 7.1% in premarket trading Thursday, after the maker of fuel cell technology platforms reported a wider-than-expected fiscal second-quarter loss as revenue surprisingly declined and the company continued to increase investment into research and development. For the quarter ending April 30, the net loss was $19.7 million, or 6 cents a share, after a loss of $15.6 million, or 7 cents a share, in the year-ago period. The FactSet consensus was for a per-share loss of 5 cents. Revenue fell 26% to $13.95 million from $18.88 million, while the FactSet consensus was for a slight increase to $18.91 million. While revenue fell, cost of revenue held steady at about $18.71 million, leading to a gross loss of $4.76 million after a gross profit of $167,000 last year, as no new module exchanges took place during the quarter and given higher costs related to efforts to improve fleet performance. Backlog decreased 1.5% to $1.32 billion. "We are firmly committed to achieving revenue growth by bringing projects online this year and positioning our portfolio to meet the significant market opportunities that our proprietary technology solutions are well positioned to solve," said Chief Executive Jason Few. The stock has tumbled 30.8% over the past three months through Wednesday, while the S&P 500 has gained 8.2%.
6:39 a.m. June 9, 2021 - By Myra P. Saefong
Oil futures pare gains as EIA reports a drop in U.S. crude supplies, but gasoline stockpiles climbThe on Wednesday that U.S. crude inventories fell by 5.2 million barrels for the week ended June 4. On average, analysts polled by S&P Global Platts had forecast a decline of 4.1 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 2.1 million-barrel decrease, according to sources. The EIA, however, also reported that gasoline supply climbed by 7 million barrels, while distillate stockpiles rose by 4.4 million barrels for the week. The S&P Global Platts survey had expected weekly supply gains of 1 million barrels for gasoline and 400,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 200,000 barrels for the week. Oil prices pared some of their early gains after the data, with July West Texas Intermediate crude up 17 cents, or 0.3%, at $70.22 a barrel on the New York Mercantile Exchange. Futures were trading at $70.32 .
2:50 a.m. June 9, 2021 - By Tomi Kilgore
Wall Box Chargers to go public through SPAC merger, valuing combined company at $1.5 billionWall Box Chargers SL is set to go public, after the maker and distributor of electric vehicle charging stations announced an agreement to merge with special purpose acquisition company (SPAC) Kensington Capital Acquisition Corp. II , in a deal that will value the combined company at $1.5 billion. Kensington Capital's stock rose 2.9% in premarket trading. After the deal closes, which is expected to occur in the third quarter of 2021, the combined company will be listed on the NYSE under the ticker symbol "WBX." The deal raises about $330 million in proceeds. Wall Box's largest institutional investor, Spain-based electricity generator Iberdola S.A. , recently announced the acquisition of the first 1,000 Wallbox Supernova fast chargers. Kensington Capital's stock, which went public on April 19, closed Tuesday 1% below where it closed on April 19, while the Renaissance IPO ETF has lost 1.6% over the same time and the S&P 500 has gained 1.5%.
2:22 a.m. June 9, 2021 - By Tomi Kilgore
SPX Corp. to sell Transformer Solutions sub for $645 million to GE-ProlecSPX Corp. announced Wednesday an agreement to sell its SPX Transformer Solutions Inc. subsidiary for $645 million in cash to GE-Prolec Transformers. The deal is expected to close during the second half of 2021. GE-Prolec is subsidiary of a joint venture between General Electric Co. and Xignux S.A. de C.V. "As a key provider of high-quality, sustainable solutions for the delivery of electrical energy, Prolec GE is an excellent fit to lead the next phase of growth and value for SPX Transformer Solutions' customers and employees alike," said SPX Chief Executive Gene Lowe. The HVAC and detection and measurement company also updated its 2021 financial guidance for the anticipated sale of Transformer Solutions. Adjusted earnings per share is now expected to be $2.17 to $2.37, down from a previous $3.06 to $3.32, and revenue is now expected to be approximately $1.25 billion, down from a previous estimate of $1.7 billion. SPX's stock, which is still inactive in premarket trading, has advanced 17.1% year to date, while the S&P 500 has gained 12.5%.
12:43 p.m. June 8, 2021 - By Myra P. Saefong
API data reportedly show a weekly U.S. crude supply decline of more than 2 million barrels The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.1 million barrels for the week ended June 4, according to sources. The API report reportedly also showed gasoline stockpiles up by 2.4 million barrels, while distillate inventories climbed by nearly 3.8 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 420,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 4.1 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast supply increases of 1 million barrels for gasoline and 400,000 barrels for distillates. July West Texas Intermediate crude was at $70.06 barrel in electronic trading, after at $70.05 on the New York Mercantile Exchange.
10:51 a.m. June 8, 2021 - By Myra P. Saefong
U.S. oil futures settle above $70 for the first time since 2018Oil futures climbed on Tuesday, with U.S. prices settling above $70 a barrel for the first time since October 2018. Prices extended their gains after the Energy Information Administration in its monthly report raised its 2021 West Texas Intermediate crude price to $61.85 a barrel, up 5% from the May forecast. Analysts polled by S&P Global Platts, on average, expect the EIA's weekly report Wednesday to show a decline of 4.1 million barrels in U.S. crude inventories for the week ended June 4. That would make a third-straight weekly decline. West Texas Intermediate oil for July delivery rose 82 cents, or 1.2%, to settle at $70.05 a barrel on the New York Mercantile Exchange after trading as high as $70.19.
8:27 a.m. June 8, 2021 - By Myra P. Saefong
EIA lifts WTI, Brent oil-price forecasts for this year The U.S. Energy Information Administration lifted its forecasts for this year's U.S. and global benchmark oil prices, according to a . The EIA forecast this year's West Texas Intermediate crude prices at an average $61.85 a barrel, up 5% from the May forecast. Brent crude is expected to average $65.19 this year, up 4.7% from the previous forecasts. The EIA, however, lowered its oil forecasts for 2022 by 0.4% to $56.74 for WTI and to $60.49 for Brent. U.S. oil production is expected to average 11.08 million barrels per day this year, up 0.5% from May's forecast, the EIA said. Domestic gasoline consumption is likely to average 9.1 million barrels a day this summer, which runs from April to September - 1.3 million barrels per day more than last summer, but down 400,000 barrels per day from the summer of 2019. The EIA also expects U.S. regular gasoline retail prices to average $2.92 a gallon this summer, up from $2.07 last summer. , July WTI crude tacked on 44 cents, or 0.6%, to $69.67 a barrel on the New York Mercantile Exchange. August Brent crude rose 31 cents, or 0.4%, to $71.80 a barrel on ICE Futures Europe.
6:36 a.m. June 8, 2021 - By Tomi Kilgore
NextDecade stock more than doubles in 2 days after back-to-back bullish analyst callsShares of NextDecade Corp. skyrocketed 56.0% in morning trading, putting them on track to break the record one-day gain that was set the previous session, after Evercore ISI analyst Sean Morgan turned bullish on the liquefied natural-gas (LNG) company and tripled the price target. Trading volume ballooned to 42.4 million shares, compared with the full-day average of about 1.3 million shares. The stock was headed for the highest close since January 2020. Morgan upgraded NextDecade to outperform, after being at in line for a little over a year, while boosting his stock price target to $9 from $3. That makes Morgan by far the most bullish of the eight analysts surveyed by FactSet who cover NextDecade. Morgan said the company's recent dilutive convertible security issuance has improved its balance sheet and has taken liquidity downside risk "essentially off the table." The stock had shot up what was then a one-day record 42.6% on Monday, after Morgan Stanley turned bullish, saying "the tides are turning" on LNG. In Tuesday's note, Evercore's Morgan said a "rising tide lifts all boats, and thus we are getting more bullish on LNG markets that are shifting in favor of the U.S. Gulf Coast LNG industry." NextDecade's stock has now leapt 122.5% in two days after the two upgrades. Morgan also upgraded Tellurian Inc. to outperform from in line, and the LNG company's stock tacked on 5.0% on Tuesday. Over the past three months, NextDecade shares have shot up 201.6% and Tellurian's stock has rallied 137.8%, while the S&P 500 has gained 10.5%.
5:27 a.m. June 8, 2021 - By Tomi Kilgore
CMS Energy sells EnerBank sub to Regions Financial for $960 million in cashCMS Energy Corp. announced Tuesday an agreement to sell its EnerBank USA subsidiary for $960 million in cash to Regions Financial Corp. , as the Michigan-based consumer energy business said it was exiting a "non-core business at a compelling valuation." CMS shares fell 0.2% in premarket trading, while Regions' stock lost 0.5%. The deal is expected to close in the fourth quarter. CMS said it plans to use the proceeds from the sale to reinvest in its core business to fund initiatives related to safety, reliability and the transformation to clean energy. CMS affirmed its 2021 adjusted earnings per share guidance of $2.83 to $2.87, which surrounds the FactSet consensus of $2.86. CMS's stock has edged up 2.9% year to date through Monday, while the SPDR Utilities Select Sector ETF has tacked on 4.5% and the S&P 500 has advanced 12.5%.
2:07 a.m. June 8, 2021 - By Tomi Kilgore
Contango Oil & Gas stock surges after deal to combine with KKR's Independence EnergyShares of Contango Oil & Gas Co. rallied 5.0% in premarket trading Tuesday, after the oil and gas company announced an agreement to combine with KKR & Co. Inc.'s Independence Energy LLC in a stock deal that values the combined company at about $4.8 billion. KKR shares gained 1.2% ahead of the open. Under terms of the deal, Independence will merger with an operating subsidiary of a new parent company, which will become publicly traded, and Contango will become a wholly owned subsidiary of that operating company. The deal is expected to be "highly accretive" to financials, including adding about 15% to Contango's cash flow per share in 2021 and adding 50% to 2022 cash flow per share. Synergies are estimate3d to be more than $20 million. KKR Energy Real Assets head David Rockecharlie will be chief executive of the combined company, and Contango Chairman John Goff will be chairman of the combined company. Contango's stock has soared 145.4% year to date through Monday, while KKR shares have climbed 33.7% and the S&P 500 has advanced 12.5%.
10:47 a.m. June 7, 2021 - By Myra P. Saefong
Oil futures end lower, with U.S. prices retreating from their highest since 2018Oil futures , with U.S. prices slipping back after ending last week at their highest since October 2018 as traders weigh prospects for demand and the likelihood and timing of an Iran nuclear deal. "The energy market remains fixated over the Iranian nuclear deal talks," said Edward Moya, senior market analyst at Oanda. "At some point this week, a make-or-break moment will present itself over Iranian nuclear talks and that should help determine if bullish momentum continues to send oil much higher." A deal between world powers, including the U.S. and Iran, would likely lead the U.S to lift sanctions on Tehran. That would allow Iran to contribute more oil to the world market. West Texas Intermediate oil for July delivery fell 39 cents, or 0.6%, to settle at $69.23 a barrel on the New York Mercantile Exchange after a gain of 1.2% for Friday's session and a rise of about .
10:51 a.m. June 4, 2021 - By Myra P. Saefong
U.S. oil prices climb back to highest settlement since 2018 Oil futures , with U.S. prices up a second week in a row and marking another settlement at the highest since October 2018. Among the reasons behind the recent advances for oil has been a weaker U.S. dollar, as well as "expectations that demand will pick up further as the vaccination programs in the U.S. and U.K. ramp up further, and restrictions get eased further," said Michael Hewson, chief market analyst at CMC Markets UK. "Downside risk to prospects of increased demand remains a rise in infection rates and slow vaccination rates in Asia, which could prompt slower economic re-openings," he said. West Texas Intermediate oil for July delivery rose 81 cents, or 1.2%, to settle at $69.62 a barrel on the New York Mercantile Exchange. For the week, front-month contract prices gained 5%, according to FactSet data.
11:02 a.m. June 3, 2021 - Barrons.com
Schwab on Today's Best OpportunitiesRandy Frederick, vice president of trading and derivatives with the Schwab Center for Financial Research, discusses where he sees the strongest upside in markets.
10:40 a.m. June 3, 2021 - By Myra P. Saefong
Oil futures settle a bit lower, with U.S. prices just below a more than 2-year highOil futures , with U.S. prices down just two pennies from a more than two-year high. Prices found support from a more than 5 million-barrel , but government data also revealed an unexpected climb in gasoline inventories. The oil market in the short term is likely "slightly overbought and the risk...is to the downside," said Tariq Zahir, managing member at Tyche Capital Advisors. Traders have been concerned about a loss in oil demand, given the worrisome number of COVID cases in India, the third largest consumer of crude oil, as well as the prospect of a deal with Iran that may bring back Iranian oil to the market later in the year, said Zahir. West Texas Intermediate oil for July delivery shed 2 cents, or 0.03%, to settle at $68.81 a barrel on the New York Mercantile Exchange. Front-month contract prices ended at $68.83 on Wednesday, their highest since October 2018, according to FactSet.
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