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Preparing for Winter Headwinds

  • Preparing for Winter Headwinds Preparing for Winter Headwinds 10:31
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    Why a Small Dutch Earthquake Is Having a Big Impact on Gas Prices Why a Small Dutch Earthquake Is Having a Big Impact on Gas Prices 5:30
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9:44 a.m. Dec. 3, 2021 - By Myra P. Saefong
U.S. oil futures post a sixth consecutive weekly decline U.S. oil futures with a loss, suffering a sixth weekly decline in a row. While the decision by the to "formally keep their meeting 'in session' means that they are watching developments closely and could reconvene at any time to begin to renegotiate the deal, this just speaks to the current uncertainty in the market when it comes to the ultimate impact the omicron variant will have on demand," said Troy Vincent, senior market analyst at DTN. "It's simply too early to tell." January West Texas Intermediate crude fell 24 cents, or 0.4%, to settle at $66.26 a barrel on the New York Mercantile Exchange, after trading as high as $69.22. For the week, prices based on the front-month contract, lost 2.8%, according to FactSet data.
9:42 a.m. Dec. 2, 2021 - By Myra P. Saefong
Oil futures settle higher after OPEC+ decides to keep gradual production increase for January Oil futures after the Organization of the Petroleum Exporting Countries and their allies by 400,000 barrels per day in place for January. The group of producers, which is known as OPEC+, also left the door open for any adjustments to production, depending on new developments in the market. January West Texas Intermediate crude rose 93 cents, or 1.4%, to settle at $66.50 a barrel on the New York Mercantile Exchange, after trading as low as $62.43.
8:49 a.m. Dec. 2, 2021 - By Tomi Kilgore
WEC Energy boosts dividend, to push the implied yield even further above its peer groupShares of WEC Energy Group Inc. announced Thursday plans to raise its quarterly dividend by 7.4%, to 72.75 cents a share from 67.75 cents, in the first quarter of 2022. The Milwaukee-based utility company's stock rallied 1.8% in afternoon trading. Based on current stock prices, the new annual dividend rate implies a dividend yield of 3.26%, which compares with the current yield for the SPDR Utilities Select Sector ETF of 2.94% and the implied yield for the S&P 500 of 1.35%. Separately, WEC introduced 2022 earnings per share guidance of $4.29 to $4.33, which surrounds the current FactSet consensus of $4.30. The stock has slipped 3.0% year to date, while the utilities ETF has gained 7.2% and the S&P 500 has rallied 21.9%.
5:40 a.m. Dec. 2, 2021 - By Myra P. Saefong
EIA reports a weekly decline in natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas fell by 59 billion cubic feet for the week ended Nov. 26. That matched the average decline forecast by analysts polled by S&P Global Platts, and compared with a five-year average decrease of 31 billion cubic feet for the period. Total stocks now stand at 3.564 trillion cubic feet, down 375 billion cubic feet from a year ago and 86 billion cubic feet below the five-year average, the government said. Following the data, January natural gas traded up by 2.3 cents, or 0.5%, at $4.281 per million British thermal units. Prices were at $4.268 .
4:47 a.m. Dec. 2, 2021 - By Myra P. Saefong
OPEC+ agrees to rollover existing policy, lift output by 400,000 barrels per day in JanuaryThe Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, decided to rollover their current policy and by 400,000 barrels per day in January. "Demand concerns were already on the rise and the was another rollover of the current policy from the OPEC+ group," said Fawad Razaqzada, market analyst at ThinkMarkets. "Yet contrary to some expectations for only a moderate hike or no hike at all for January, that's exactly what happened. So OPEC+ will be "adding more oil to the global supply and thus completely removing the threat of supply shortages at a time when demand is expected to fall," said Razaqzada. , January West Texas Intermediate crude fell 79 cents, or 1.2%, to trade at $64.78 a barrel on the New York Mercantile Exchange, following a loss of 0.9% on Wednesday. February Brent crude declined by 73 cents, or 1.1%, at $68.14 a barrel.
2:09 a.m. Dec. 2, 2021 - By Tomi Kilgore
Chesapeake Energy sets $1 billion stock buyback programChesapeake Energy Corp. announced Thursday plans to repurchase up to $1 billion worth of its common stock and/or warrants to buy back stock over the next two years. The value of the buyback program represents about 15% of oil and natural gas company's market capitalization of $6.68 billion as of Wednesday's close. The stock, which was little changed in premarket trading, has dropped 7.9% amid a four-day losing streak to close Wednesday at a three-month low. "We are pleased to build upon our previously announced base and variable dividend structure to include the ability to repurchase a significant amount of our outstanding equity," said Chief Executive Nick Dell'Osso. The stock has slipped 2.2% over the past three months while the SPDR Energy Select Sector ETF has climbed 10.5% and the S&P 500 has slipped 0.5%.
9:39 a.m. Dec. 1, 2021 - By Myra P. Saefong
Oil futures finish lower as U.S. identifies its first case of the omicron variant of coronavirus Oil futures , giving up earlier gains following news that . The turn lower for prices late in the session was linked to growing concerns over COVID-19, and the potential for the new variant to disrupt economic activity and oil demand, said Tariq Zahir, managing member at Tyche Capital Advisors. Traders await Thursday's decision by the Organization of the Petroleum Exporting Countries and their allies on production levels. Some analysts said the group, known as OPEC+, may decide to pause their current deal to boost monthly output by 400,000 barrels per day, given the recent plunge in oil prices following the discovery of the new variant of coronavirus. January West Texas Intermediate crude fell 61 cents, or 0.9%, to settle at $65.57 a barrel on the New York Mercantile Exchange, after touching an intraday high of $69.49. Prices lost 5.4% on Tuesday.
8:02 a.m. Dec. 1, 2021 - Barrons.com
Preparing for Winter HeadwindsThe Schwab Center for Financial Research's Kathy Jones discusses potential challenges facing the U.S. bond market in 2022. Plus, Janney Montgomery Scott's Mark Luschini analyzes opportunities within equities despite ongoing economic volatility.
5:38 a.m. Dec. 1, 2021 - By Myra P. Saefong
Oil futures pare some gains after EIA reports a smaller-than-expected weekly fall in U.S. crude suppliesThe Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 900,000 barrels for the week ended Nov. 26. On average, analysts had forecast a 2.7 million-barrel decline, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 747,000-barrel decrease, according to sources. The EIA also reported weekly inventory increases of 4 million barrels for gasoline and 2.2 million barrels for distillates. The S&P Global Platts survey expected supply climbs of 900,000 barrels gasoline and 1 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.1 million barrels for the week. January West Texas Intermediate crude was up $2.07, or 3.1%, at $68.25 a barrel on the New York Mercantile Exchange. It traded at $68.60 before the supply data.
2:31 a.m. Dec. 1, 2021 - By Tomi Kilgore
Exxon Mobil to boost spending on greenhouse gas reduction projects to $15 billion through 2027Exxon Mobil Corp. said Wednesday that it has finalized its corporate plans to 2027, including increased spending on greenhouse gas emission-reduction projects to $15 billion over the next six years. The company said it also plans to maintain "disciplined capital investments," keeping that in the range of $20 billion to $25 billion per year through 2027. "The support the corporate strategy of continued structural cost savings, investment in low-cost-of-supply and lower-emission products, and further portfolio high-grading, positioning the company to double earnings and cash flow by 2027 versus 2019," the oil giant stated. The stock rose 2.1% in premarket trading, and crude oil futures bounced 4.7% off Tuesday's 3-month closing low. Exxon Mobil's stock has rallied 45.2% year to date through Tuesday, while the SPDR Energy Select Sector ETF has run up 44.0% and the S&P 500 has advanced 21.6%.
12:04 p.m. Nov. 30, 2021 - By Myra P. Saefong
API data reportedly show a weekly decline in U.S. crude supplies, but product stocks riseThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 747,000 barrels for the week ended Nov. 26, according to sources. The API also reportedly showed weekly inventory increases of 2.2 million barrels for gasoline and 800,000 barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub, meanwhile, rose by 1 million barrels last 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 2.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 900,000 barrels for gasoline and 1 million barrels for distillates. Oil prices moved up in the electronic trading session after the API data. January West Texas Intermediate crude was at $66.90 a barrel in electronic trading, at $66.18 on the New York Mercantile Exchange.
9:53 a.m. Nov. 30, 2021 - By Myra P. Saefong
Oil futures suffer largest monthly loss since March 2020Oil futures , with prices posting their largest monthly loss since the pandemic officially began in March of 2020. "Crude prices got hit with a one-two punch" from the Moderna CEO's concern over the current MRNA vaccines' effectiveness with the omicron variant of the coronavirus, and after the Federal Reserve briefly sent the dollar higher and brought forward rate hike expectations, said Edward Moya, senior market analyst at Oanda. January West Texas Intermediate crude lost $3.77, or 5.4%, to settle at $66.18 a barrel on the New York Mercantile Exchange, with prices for the most-active contract down nearly 21% for the month, according to Dow Jones Market Data.
9:46 a.m. Nov. 29, 2021 - By Myra P. Saefong
Oil prices mark a slight rebound from late last week Oil futures , with U.S. prices marking a modest rebound from the more than 13% decline seen on Friday as traders eye developments tied to the omicron coronavirus variant and how it might hurt economic activity and demand for oil. Price-wise for oil, "it's possible that the kneejerk reaction to omicron is overdone," said Ipek Ozkardeskaya, senior analyst at Swissquote, in an earlier note. "If, however the news gets worse, we shall see a further slide below the $70 mark, but the downside should be limited as the worsening omicron news would also revive the expectation of tighter OPEC supply." On the New York Mercantile Exchange, January West Texas Intermediate crude settled at $69.95 a barrel, up $1.80, or 2.6%, on Monday, following Friday's loss of 13.1%.
3:32 a.m. Nov. 26, 2021 - By Steve Gelsi
GE eyes $80 billion in gross debt reduction by end of 2021General Electric Co. said Friday it expects to achieve $80 billion in gross debt reduction between the end of 2018 and the end of 2021, up from its $75 billion projection made on Nov. 10. The company said it's on track to achieve deleveraging targets and deliver high-single-digit free cash flow margins in 2023. About $33.3 billion in aggregate principal was tendered at or prior to an early participation date. GE accepted for purchase about $25 billion in aggregate principal.
5:42 a.m. Nov. 24, 2021 - By William Watts
Oil futures little changed after rise in crude inventoriesOil futures were little changed Wednesday, with the U.S. benchmark flipping between small gains and losses after government data showed U.S. crude inventories rose by around 1 million barrels in the week ended Nov. 19. West Texas Intermediate crude for January delivery was down 4 cents, or 0.1%, at $75.46 a barrel on the New York Mercantile Exchange.
9:41 a.m. Nov. 23, 2021 - By William Watts
Oil ends with strong gains despite release of strategic reservesOil futures ended with strong gains Tuesday, as traders appeared to fade a long-anticipated decision by President Joe Biden to release crude from the Strategic Petroleum Reserve as part of coordinated U.S.-led effort by energy-consuming countries. West Texas Intermediate crude for January delivery rose $1.75, or 2.3%, to finish at $78.50 a barrel on the New York Mercantile Exchange.
4:18 a.m. Nov. 23, 2021 - By Tomi Kilgore
Oil stocks see broad rally as crude prices reverse higher after SPR release planShares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces sharply to turn positive, shrugging off of a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an attempt to rein in prices. The SPDR Energy Select Sector ETF rose 1.1% in premarket trading, with all 21 components gaining ground ahead of the open. Among some of the more active components, shares of Exxon Mobil Corp. gained 0.8%, Chevron Corp. rose 1.3%, ConocoPhillips climbed 1.2%, Marathon Oil Corp. tacked on 1.6% and Occidental Petroleum Corp. advanced 1.9%. Continuous crude oil futures rose 1.2% to $77.66, reversing an earlier loss of about 1.8%, according to FactSet data. Meanwhile, futures for the S&P 500 were little changed.
2:33 a.m. Nov. 23, 2021 - By Mark Decambre
U.S. oil down early Tuesday as White House announces release of 50 million barrels from strategic reservesWest Texas Intermediate oil oil was down sharply on Tuesday as President Biden to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve, or SPR, in coordination with other countries, to help ease pricing pressures, supply-chain bottlenecks and surging demand that have emerged in the economic recovery phase of the COVID-19 pandemic. WTI crude for January delivery was trading 29 cents, or 0.4%, lower at $76.43 a barrel on the New York Mercantile Exchange, after rising 1.1% on Monday. "As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price," wrote Secretary Granholm, U.S. Secretary of Energy, in a Tuesday statement. "This action underscores the President's commitment to using the tools available to bring down costs for working families and to continue our economic recovery," the energy secretary said. The White House said that the release will come in two parts: 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the SPR in the years ahead; and "18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized." The statement from the White House said that the U.S. would be ready to take additional action as needed to relieve pricing pressures. The U.S.'s SPR is the world's largest emergency stockpile of crude oil. The SPR was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program, according to the Energy Department. The stocks in the reserve, which have an authorized capacity of 714 million barrels, are federally owned and are stored in underground salt caverns at four sites along the Gulf of Mexico coastline. As of Nov. 12, the SPR had a total of 606.1 million barrels of crude oil, following a drawdown of 11.6 million barrels in October. The Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, have rebuffed calls to increase production, amid concerns that the current prices will compromise the global economic recovery. Biden had previously asked China, Japan, India and South Korea to also release strategic oil along with the U.S. to help lower prices across the globe.
9:44 a.m. Nov. 19, 2021 - By Myra P. Saefong
Oil settles at a 7-week low, with prices down a 4th straight week Oil futures to their lowest settlement in about seven weeks, with prices posting a loss for a fourth consecutive week. "There have certainly been multiple bearish fundamental developments for the energy market over the last two weeks, including the discussion of coordinated oil reserve releases among major oil consumers around the globe and the uptick in COVID fears centered in Europe," said Tyler Richey, co-editor at Sevens Report Research. Still, it may be too early to declare a top in the oil market as the latest pullback has "so far resembled a healthy, corrective pullback in an otherwise still upward trending oil market," he said. December West Texas Intermediate oil fell $2.91, or 3.7%, to settle at $76.10 a barrel on the New York Mercantile Exchange. Based on the front-month contract, which expired at the end of the session, prices logged their lowest finish since Oct. 1 and lost about 5.8% for the week, down a fourth week in a row, according to FactSet data. January WTI crude , the new front month, settled at $75.94, down $2.47, or nearly 3.2%.
8:07 a.m. Nov. 19, 2021 - By Myra P. Saefong
Baker Hughes reports a 4th weekly rise in a row for U.S. oil-drilling rigsBaker Hughes on Friday reported that the rose by seven to 461 this week. That followed increases in each of the previous three weeks, including a climb of four oil rigs last week, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by seven to stand at 563, according to Baker Hughes. on concerns that Europe's rise in COVID cases will hurt energy demand. December West Texas Intermediate crude was down $2.77, or 3.5%, at $76.24 a barrel on the New York Mercantile Exchange.
7:34 a.m. Nov. 19, 2021 - By Tomi Kilgore
Oil stocks take a broad beating as crude prices sinkThe energy sector took a broad beating Friday, and was the weakest of the S&P 500's 11 key sectors, after by fears that will drive down demand. The SPDR Energy Select Sector ETF dropped 3.5%, with all 21 equity components losing ground, and has lost 5.5% amid a three-day losing streak. The biggest loser was Devon Energy Corp.'s stock , which slid 5.6%. Among other more active components, shares of Exxon Mobil Corp. slumped 4.3%, Marathon Oil Corp. gave up 4.3%, Occidental Petroleum Corp. lost 4.9%, Schlumberger Ltd. fell 5.1% and Chevron Corp. declined 2.2%. Meanwhile, crude oil futures shed 3.7% toward a seven-week low. The energy sector ETF has still run up 19.8% over the past three months, while crude oil futures have climbed 18.9% and the S&P 500 has gained 7.0%.
9:43 a.m. Nov. 18, 2021 - By Myra P. Saefong
Oil futures rebound from their lowest levels in about 6 weeksOil futures , rebounding after settling Wednesday at their lowest levels since early October. U.S. benchmark crude futures have dropped from their recent highs as energy traders appear to have mostly "priced in" the impact of a potential coordinated strategic petroleum reserve release between the U.S. and China, said Edward Moya, senior market analyst at Oanda. Still, the oil market deficit will remain even if the reserves are tapped, and "the next big move for prices will most likely depend on the weather." December West Texas Intermediate oil rose 65 cents, or 0.8%, to settle at $79.01 a barrel on the New York Mercantile Exchange. Prices for the front-month contract, which expires at the end of Friday's session, at the lowest since Oct. 7, according to FactSet data.
5:38 a.m. Nov. 18, 2021 - By Myra P. Saefong
EIA reports a 26-billion-cubic-foot weekly climb in natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas rose by 26 billion cubic feet for the week ended Nov. 12. IHS Markit had forecast an increase of 24 billion cubic feet. Total stocks now stand at 3.644 trillion cubic feet, down 310 billion cubic feet from a year ago and 81 billion cubic feet below the five-year average, the government said. Following the data, December natural gas traded up by 13.4 cents, or 2.8%, at $4.95 per million British thermal units. Prices were at $4.961 shortly .
1:43 a.m. Nov. 18, 2021 - By Tomi Kilgore
NOV reinstates quarterly dividend, last paid in March 2020NOV Inc. said Thursday it will reinstate its quarterly dividend of 5 cents a share, payable on Dec. 17 to shareholders of record on Dec. 3. The provider of equipment to the oil and gas industry last paid a dividend in March 2020. "Reinstating a regular quarterly dividend demonstrates our continued commitment to returning excess capital to our shareholders along with our growing confidence in the emerging recovery of our business," said Chief Executive Clay Williams. Based on the stock's Wednesday closing price of $12.82, the annual dividend rate implies a dividend yield of 1.56%, compared with the yield for the SPDR Energy Select Sector ETF of 3.78% and the implied yield for the S&P 500 of 1.31%.
9:38 a.m. Nov. 17, 2021 - By Myra P. Saefong
Oil futures settle at lowest since early OctoberOil futures , settling at their lowest level since early October. Prices fell sharply following a that said the U.S. and China discussed the possible release of oil from their reserves to help lower international oil prices, during a summit between U.S. President Joe Biden and Chinese leader Xi Jinping earlier this week. Biden, meanwhile asked the possible illegal practices that are contributing to rising gasoline prices. Oil failed to find support even as data from the a weekly decline of 2.1 million barrels in U.S. crude inventories, the first weekly decline in four weeks. December West Texas Intermediate oil dropped $2.40, or 3%, to settle at $78.36 a barrel on the New York Mercantile Exchange, the lowest front-month finish since Oct. 7, FactSet data show.
6:05 a.m. Nov. 17, 2021 - By Myra P. Saefong
Oil futures extend losses as EIA reports a weekly decline in U.S. crude suppliesThe on Wednesday that U.S. crude inventories fell by 2.1 million barrels for the week ended Nov. 12. That was smaller than the average 2.5 million-barrel decrease expected by analysts polled by S&P Global Platts. The reported a 655,000-barrel rise, according to sources. The EIA also reported weekly inventory declines of 700,000 barrels for gasoline and 800,000 barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 100,000 barrels for gasoline and 1.3 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 200,000 barrels for the week. was down $1.47, or 1.8%, at $79.29 a barrel on the New York Mercantile Exchange. It traded at $79.84 before the supply data.
11:52 a.m. Nov. 16, 2021 - By Myra P. Saefong
API data reportedly show a weekly climb in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 655,000 barrels for the week ended Nov. 12, according to sources. The API also reportedly showed a weekly inventory decline of 2.8 million barrels for gasoline, but distillate stockpiles edged up by 107,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 491,000 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 2.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 100,000 barrels for gasoline and 1.3 million barrels for distillates. Oil prices was little changed in the electronic trading session after the API data. December West Texas Intermediate crude was at $80.74 a barrel in electronic trading, after on the New York Mercantile Exchange.
9:38 a.m. Nov. 16, 2021 - By Myra P. Saefong
U.S. oil futures finish slightly lower as IEA forecasts a rise in global outputU.S. oil futures pressured as the growth in crude-oil production to help ease tight global supplies. Prices had briefly traded higher after U.S. House Majority Leader Steny Hoyer said he does not agree with Senate Majority Leader Chuck Schumer's recent call to tap the U.S. Strategic Petroleum Reserve to lower gasoline prices, according to a . That eased expectations over a potential release of oil from the reserve, for now, analysts said. December West Texas Intermediate oil shed 12 cents, or nearly 0.2%, to settle at $80.76 a barrel on the New York Mercantile Exchange.
9:39 a.m. Nov. 15, 2021 - By Myra P. Saefong
U.S. oil futures shake off early declines to finish higher U.S. oil futures shook off earlier losses from concerns over a potential release of oil from the U.S. Strategic Petroleum Reserve to finish with a slight . "While the Biden administration has been mulling an SPR release to force oil prices lower, it would appear the virus may well be doing the job for him in Europe, with Austria ordering a lockdown of the unvaccinated and Ireland urging people to work from home again," said Michael Hewson, chief market analyst at CMC Markets UK. Still, many analysts have said that a to provide a short-term pullback in oil and gasoline prices. December West Texas Intermediate oil tacked on 9 cents, or 0.1%, to settle at $80.88 a barrel on the New York Mercantile Exchange. Prices traded as low as $79.30, the lowest intraday level for a front-month contract since Nov. 5, FactSet data show.
5:36 a.m. Nov. 15, 2021 - By Tomi Kilgore
Chevron stock gets a boost after UBS upgrades to buy, saying share price doesn't reflect rising oil price trendShares of Chevron Corp. rose 0.9% in morning trading Monday, after UBS analyst Jon Rigby turned bullish on the oil and gas giant for the first time in 1 1/2 years, saying the oil upcycle is not yet reflected in the share price. Rigby raised his rating to buy, after being at neutral since May 2020, while boosting the stock price target to $125 from $110. Chevron's stock hasn't traded as high as $125 since September 2019. The company comes as crude oil futures have run up 16.4% over the past three months and 64.2% year to date, amid concerns over rising demand at a time of tight supplies. "Within the universe of Integrated Majors, [Chevron] has one of the highest relative oil price sensitivities by virtue of its business mix," Rigby wrote in a note to clients. "The central theme of our updated forecasts is tight oil markets as post-COVID demand recovers but supply is constrained by a multi-year shortfall in investment and continuing industry caution in responding to price signals." Chevron's stock has hiked up 36.5% year to date while the SPDR Energy Select Sector ETF has rallied 51.7% and the Dow Jones Industrial Average has gained 18.3%.
9:40 a.m. Nov. 12, 2021 - By Myra P. Saefong
Oil futures extend losses to third weekOil futures , suffering a third-straight weekly decline as traders continued to weigh the likelihood of a U.S. release of oil from the Strategic Petroleum Reserve or a ban on oil exports to combat high oil and gasoline prices. During a White House press conference Friday, Press Secretary Jen Psaki said that all options remain on the table, but no decisions have been made. "What this tells us is that behind the scenes in the White House, they're not quite sure what to do," said Phil Flynn, senior market analyst at The Price Futures Group. Some say that a ban on U.S. oil exports would only reduce U.S. production and put domestic oil workers out of work, with little impact on gasoline prices, while an SPR release may only have a short-term impact, he said. December West Texas Intermediate oil fell 80 cents, or 1%, to settle at $80.79 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract ended the week with a 0.6% loss, FactSet data show.
8:05 a.m. Nov. 12, 2021 - By Myra P. Saefong
Baker Hughes reports a third-straight weekly rise in U.S. oil-drilling rigsBaker Hughes on Friday reported that the rose by four to 454 this week. That followed increases in each of the previous two weeks, including a climb of six oil rigs last week, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, climbed by six to stand at 556, according to Baker Hughes. December West Texas Intermediate crude , down 89 cents, or 1.1%, at $80.70 a barrel on the New York Mercantile Exchange.
9:47 a.m. Nov. 11, 2021 - By Myra P. Saefong
Oil futures post a modest climb, a day after a sharp drop in pricesOil futures , with U.S. prices recouping only a small portion of the more than 3% loss they suffered a day earlier on the back of a weekly rise in U.S. crude inventories and strength in the U.S. dollar. Talk of a release from the U.S. Strategic Petroleum Reserve has weighed on oil prices, "although it's not immediately clear what effect such a release might have apart from keeping a lid on prices," said Michael Hewson, chief market analyst at CMC Markets UK. December West Texas Intermediate oil rose 25 cents, or 0.3%, to settle at $81.59 a barrel on the New York Mercantile Exchange following a 3.3% .
3:01 a.m. Nov. 11, 2021 - By William Watts
OPEC leaves 2022 forecast for global oil-demand growth unchangedThe Organization of the Petroleum Exporting Countries on Thursday left its forecast for global oil-demand growth in 2022 unchanged from its October estimate at 4.2 million barrels a day, while trimming its forecast for 2021 growth by around 160,000 barrels a day to 5.7 million barrels a day. That would put global oil demand at 100.6 million barrels a day in 2022, around 500,000 barrels a day above 2019 levels, while 2021 demand is seen at 96.4 million barrels a day, OPEC said in its monthly report. The organization, meanwhile, left its forecast for non-OPEC liquids supply growth in 2021 and 2022 unchanged at 700,000 and around 3 million barrels a day, respectively. That puts non-OPEC supply at 63.6 million barrels a day this year and 66.7 million barrels a day in 2022.
9:35 a.m. Nov. 10, 2021 - By Myra P. Saefong
Oil futures suffer first loss in 4 sessionsOil futures to post their first loss in four sessions. Prices fell sharply on the back of a weekly climb in U.S. crude inventories , and a sharp climb in the ICE U.S. Dollar index also weighed on dollar-denominated prices for oil. Traders also continued to weigh the possibility that the Biden administration will release oil from the Strategic Petroleum Reserve as the government looks for ways to ease prices of the commodity. December West Texas Intermediate oil fell $2.81, or 3.3%, to settle at $81.34 a barrel on the New York Mercantile Exchange.
7:06 a.m. Nov. 10, 2021 - By Myra P. Saefong
EIA reports a small weekly climb in natural-gas suppliesThe U.S. on Wednesday that domestic supplies of natural gas rose by 7 billion cubic feet for the week ended Nov. 5. That was less than half the average increase of 15 billion cubic feet forecast by analysts polled by S&P Global Platts. The EIA released its report a day early because of Thursday's Veterans Day holiday. Total stocks now stand at 3.618 trillion cubic feet, down 308 billion cubic feet from a year ago and 119 billion cubic feet below the five-year average, the government said. Following the data, December natural gas traded down by 15.3 cents, or 3.1%, at $4.826 per million British thermal units. Prices were at $4.916 .
5:40 a.m. Nov. 10, 2021 - By Myra P. Saefong
Oil futures pare losses as EIA reports a weekly rise in U.S. crude supplies, but product stocks declineThe that U.S. crude inventories rose by 1 million barrels for the week ended Nov. 5. That matched the average increase expected by analysts polled by S&P Global Platts. The reported a 2.5 million-barrel decline, according to sources. The EIA also reported weekly inventory declines of 1.6 million barrels for gasoline and 2.6 million barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 1.6 million barrels for gasoline, but distillate stockpiles were expected to show no change for the week. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub unchanged for the week. Oil prices pared some of its earlier losses after the EIA data. December West Texas Intermediate crude contract was down 43 cents, or 0.5%, at $83.72 a barrel on the New York Mercantile Exchange. It traded at $83.70 .
2:16 a.m. Nov. 10, 2021 - By Tomi Kilgore
EVgo reports surprise profit and revenue more than doubles, but stock pulls backShares of EVgo Inc. pulled back 4.8% in premarket trading Wednesday, after rocketing 48.3% over the past two sessions, after the electric-vehicle charging network reported a surprise third-quarter profit, revenue that more than doubled to beat expectations and raised its full-year outlook. The company reported net income of $6.1 million, or 9 cents a share, after recording no net income a year ago. The FactSet consensus was for a per-share loss of 8 cents. Revenue grew 119% to $6.18 million, above the FactSet consensus of $5.38 million. For 2021, the company raised its revenue guidance to $20 million to $22 million from $20 million, and its outlook for network throughput of 24 GWh to 26 GWh from 24 GWh. The stock had soared this week on the back of and after EVgo announced with General Motors Co. and Uber Technologies Inc. . EVgo shares have soared 38.2% over the past three months while the S&P 500 has gained 5.6%.
12:24 p.m. Nov. 9, 2021 - By Myra P. Saefong
API data reportedly show a more than 2 million-barrel weekly fall in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.5 million barrels for the week ended Nov. 5, according to several sources. The API also showed inventory declines of 4.5 million barrels for gasoline and 3.3 million barrels for distillate stockpiles, two sources told MarketWatch. Crude stocks at the Cushing, Okla., storage hub, meanwhile, rose by 234,000 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 up by 1 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a supply decline of 1.6 million barrels for gasoline, while distillate stockpiles are expected to show no change for the week. Oil prices moved up in the electronic trading session after the API data. December West Texas Intermediate crude was at $84.61 a barrel in electronic trading, after on the New York Mercantile Exchange.
9:37 a.m. Nov. 9, 2021 - By Myra P. Saefong
U.S. oil futures settle at a 2-week highOil futures , with U.S. prices settling at their highest in two weeks. Some analysts pointed out that talk of a potential release of crude from the U.S. Strategic Petroleum Reserve highlights a shortage of crude supplies. An SPR release would be a "short-term measure at best," since any inventory drawn from the reserve would have to eventually be replenished, Manish Raj, chief financial officer at Velandera Energy Partners, told MarketWatch. Oil prices may even rise in response to an SPR release, he said, as the move "will be seen as a desperate attempt that highlights the acute shortage of oil." Meanwhile, the its 2021 price forecasts for regular retail gasoline and U.S. benchmark crude. December West Texas Intermediate oil rose $2.22, or 2.7%, to settle at $84.15 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since Oct. 26, according to FactSet data.
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