Tag Archives: Oil

Gas prices in the U.S. keep going up and up, and Washington’s Democrats have found a convenient scapegoat for the pain inflicted on American drivers — Big Oil. President Joe Biden says oil companies “shouldn’t pad their profits” while crude oil prices fall. Meanwhile, Democrats are pushing for a windfall tax on oil profits, and industry CEOs may face a grilling in Congress next month. But halfway around the U.S., the Democratic governor of an important oil-producing state has a… Source link

Stock futures jumped Wednesday morning as traders awaited the Federal Reserve’s latest monetary policy decision and updated economic projections later in the day. More positive developments on the outlook for Russia-Ukraine talks also helped boost U.S. and global equities. Contracts on the S&P 500, Dow and Nasdaq were each higher by more than 1% in pre-market trading. These moves built on gains from Tuesday, when the S&P 500 closed higher by more than 2% to shake off some of the volatility… Source link

The S&P 500 and Dow rose Monday to shake off some recent losses, with investors looking ahead to the Federal Reserve’s next monetary policy decision later this week amid an ongoing war in Ukraine and soaring inflation. The Dow Jones Industrial Average gained more than 0.7% just after market open as the index recovered some losses following five straight weekly losses. The Nasdaq erased earlier gains to trade lower. U.S. crude oil prices (CL=F) briefly dipped below $103 per barrel to a… Source link

As oil prices continue to spike, the White House and the oil industry have been engaged in tit-for-tat all week about whether more can be done to ramp up domestic energy supplies. The industry and many of its largely Republican allies in Washington have criticized the White House over what they say are onerous regulations, a slow permitting process, and President Biden’s revocation of the Keystone XL pipeline permit. In response, the White House said that the pipeline would still be under… Source link

The rally in crude oil prices may have a long way to go, warns one top strategist. “It is not unfathomable for prices to rocket to $200 a barrel by summer, spur a recession and end the year closer to $50 a barrel ($200 call options have been bid). To be clear, this is not our base case, but such a scenario does not sound implausible today. Two weeks ago, such a notion would have been ludicrous. Brent traded in a $20 range over the past 24 hours. Nothing sounds crazy, anymore,” said RBC… Source link

Oil prices are perched at 14-year highs, which has also driven a gallon of regular gas above $4, stoking new inflationary fears and pressuring already sticker-shocked consumers. And with the U.S. now moving to curtail Russian oil imports — and leaning on allies to do the same — as punishment for invading Ukraine, it’s not just the absolute price level that has market watchers concerned. “It’s just the speed of this move [that’s] concerning because it wipes out people in certain areas,”… Source link

Back up the dump truck on Caterpillar’s stock (CAT), says Jefferies analyst Stephen Volkmann. “Recent turmoil in Eastern Europe fundamentally reshapes global commodity markets, driving structurally higher pricing and after years of underinvestment capacity additions and supply diversification will be necessary in both mining and oil and gas sectors, though new projects will take time. Caterpillar has historically been a strong hedge to commodity and general inflation,” Volkmann said in a new… Source link

WASHINGTON (AP) — President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, but he acknowledged it will bring costs to Americans, particularly at the gas pump. The action follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion…. Source link

Shell (SHEL) says it will stop buying Russian crude and apologized for purchasing a cargo last week amid the ongoing Russian invasion of Ukraine. “We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry,” Shell Chief Executive Officer, Ben van Beurden said in a company statement. The… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Tuesday, March 8, 2022 When an oil crunch turns foes into frenemies Since Vladimir Putin attacked Ukraine for the sin of refusing to exist as a Russian satrapy, fiery crude prices are stoking fears of a 1970’s style oil shock, and sending a chill down the market’s spine. The U.S. government is weighing slapping embargoes on Russia’s crude —… Source link