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Tag: Crude Oil Markets

Meet America’s Newest Oil-Trader Extraordinaire: Joe Biden
31Dec By adminNo Comments
Money

Meet America’s Newest Oil-Trader Extraordinaire: Joe Biden

Updated Dec. 31, 2023 2:36 pm ETHead of state. Commander in chief. Oil-trading whale?President Biden’s unprecedented release of oil from the U.S. petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Meet America’s Newest Oil-Trader Extraordinaire: Joe Biden
31Dec By adminNo Comments
World

Meet America’s Newest Oil-Trader Extraordinaire: Joe Biden

Updated Dec. 31, 2023 2:36 pm ETHead of state. Commander in chief. Oil-trading whale?President Biden’s unprecedented release of oil from the U.S. petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Why Oil Prices Never Surged to $100 This Year
29Dec By adminNo Comments
Money

Why Oil Prices Never Surged to $100 This Year

Travelers, truckers and shippers worldwide can thank the U.S. for helping keep a lid on oil and gasoline prices this year.A year ago, Wall Street analysts were predicting the international benchmark for oil prices would surge from around $85 a barrel to well over $100 in 2023. Instead, Brent crude will likely enter 2024 slightly cheaper than where it started this year, though experts warn any spread in global instability could drive it higher. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Why Oil Prices Never Surged to $100 This Year
29Dec By adminNo Comments
World

Why Oil Prices Never Surged to $100 This Year

Travelers, truckers and shippers worldwide can thank the U.S. for helping keep a lid on oil and gasoline prices this year.A year ago, Wall Street analysts were predicting the international benchmark for oil prices would surge from around $85 a barrel to well over $100 in 2023. Instead, Brent crude will likely enter 2024 slightly cheaper than where it started this year, though experts warn any spread in global instability could drive it higher. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Stocks Rise to Start Last Trading Week of Year
26Dec By adminNo Comments
Money

Stocks Rise to Start Last Trading Week of Year

Major indexes advanced to start the holiday-shortened trading week, with stocks looking to close out a positive year after a bruising 2022.The benchmark S&P 500 gained 0.4% Tuesday, leaving it within 0.5% of a record close. The tech-heavy Nasdaq Composite added 0.5%, and the blue-chip Dow Jones Industrial Average rose 0.4%, or about 159 points. The small-cap Russell 2000, which has outperformed the leading indexes in December, climbed 1.2%. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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OPEC Is Losing Its Mojo on Wall Street
23Dec By adminNo Comments
Money

OPEC Is Losing Its Mojo on Wall Street

Throttling back on oil production hasn’t helped OPEC and its allies to push up crude prices lately.At least four times in the past 15 months, members of the alliance known as OPEC+ have slashed oil output, only for prices to soon retreat anyway. A surge near $100 a barrel petered out earlier this year, and crude futures tumbled 10% in the two weeks after the coalition announced a roughly 5% reduction on Nov. 30.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Energy & Utilities Roundup: Market Talk
8Dec By adminNo Comments
World

Energy & Utilities Roundup: Market Talk

The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.0121 GMT – Oil rises in the morning Asian session. There seems to be technical-related buying after oil’s recent sell-off sent it into oversold territory, ANZ Research analysts say in a research note. OPEC’s recent announcement of deeper production cuts should also support physical balances but market participants will likely need to be convinced before any of these reductions are priced in, the analysts add. Front-month WTI crude oil futures and Brent crude oil futures are each 0.4% higher at $69.63/bbl and $74.36/bbl, respectively. (ronnie.harui@wsj.com)Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 ...
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U.S. Crude Oil Inventories Fall by 4.6 Million Barrels in Week
6Dec By adminNo Comments
Money

U.S. Crude Oil Inventories Fall by 4.6 Million Barrels in Week

U.S. crude oil inventories fell more than expected last week as U.S. refiners continued to raise their capacity use following the fall maintenance season, according to data released Wednesday by the U.S. Energy Information Administration.Commercial crude-oil stockpiles excluding the Strategic Petroleum Reserve fell by 4.6 million barrels in the week ended Dec. 1, to 445 million barrels, and were about 1% below their five-year average for the time of year, the EIA said. It was the first draw on stocks in seven weeks.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Rising Treasury Yields Pull Stocks Lower
4Dec By adminNo Comments
Money

Rising Treasury Yields Pull Stocks Lower

Updated Dec. 4, 2023 5:30 pm ETStocks, bonds and precious metals retreated Monday, reversing course after markets last week extended a monthlong stretch of gains. Higher bond yields weighed on shares of large technology companies, pressuring the broader stock market. The tech-focused Nasdaq Composite lost 0.8%, and the benchmark S&P 500 dropped 0.5%. The Dow industrials slipped 0.1%, or 41 points, snapping a four-day win streak.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Rising Treasury Yields Pull Stocks Lower
4Dec By adminNo Comments
World

Rising Treasury Yields Pull Stocks Lower

Stocks, bonds and precious metals retreated Monday, reversing course after markets last week extended a monthlong stretch of gains. Higher bond yields weighed on shares of large technology companies, pressuring the broader stock market. The tech-focused Nasdaq Composite lost 0.8%, and the benchmark S&P 500 dropped 0.5%. The Dow industrials slipped 0.1%, or 41 points, snapping a four-day win streak.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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