NEW YORK, May 19 (Reuters) – A potential deal to lift the U.S. debt ceiling could spur money managers to pare holdings in the massive technology and growth stocks that have been havens this year and shift into the rest of the market, some investors believe. Strong balance sheets and predictable cash flows have made …
Continue reading “US debt ceiling deal could END high tech rally”
U.S. gasoline and diesel inventories are drawing down and sitting below the five-year average for this time of the year, pointing to resilient fuel demand and supporting both crude oil prices and U.S. refining margins. Although global refining margins have halved since February as Russian oil supply remains elevated despite the embargoes, U.S. refiners are …
Continue reading “Signs Of Strong U.S. Fuel Demand Should Boost Oil Prices”
The price of gold and silver slid more than 1% on Thursday, after the Federal Reserve official underscored that there might not be sufficient evidence to support a pause in the Fed’s interest rate cycle following recent data releases. “The data in coming weeks could yet show that it is appropriate to skip a meeting. …
Continue reading “Gold falls over 1% after jobs data, lowest since early April”
Investors keyed in on an agreement between President Joe Biden and top congressional Republican Kevin McCarthy to negotiate a deal directly, with Biden cutting short an Asia trip to return to talks on Sunday. Analysts highlighted how both parties agreed to new, smaller teams to continue negotiations, which they took as a sign that discussions …
Crude prices remain highly volatile, partially due to the effects of gamma hedging. Goldman Sachs still sees path to $100 oil this year. The energy sector is the cheapest of all 11 U.S. market sectors, with a current PE ratio of just 5.7. The oil markets remain highly volatile, but continue to have little forward …
Continue reading “Goldman Sachs: Oil Markets To Face Supply Crisis In 2024”
Russia’s President Vladimir Putin has contradicted the position by OPEC+ that its 1.2 million barrels per day production cut announced in April was intended to balance the markets, with the Russian leader saying it was necessary to maintain relatively high oil prices. According to Putin, the situation in the global oil markets is “absolutely stable” as …
The world’s oil demand is set to rise by 2.2 million barrels per day (bpd) this year to a record 102 million bpd, the International Energy Agency (IEA) said on Tuesday, revising up its forecast by 200,000 bpd as China’s demand hit a record. The Chinese recovery continues to exceed expectations, the agency said in …
Continue reading “Record Chinese Oil Demand Prompts IEA To Lift Global Growth Forecast”
The decline in oil prices over the past few weeks contrasts with an expected tightening of the market later this year when demand exceeds supply by nearly 2 million barrels per day (bpd), the International Energy Agency (IEA) said on Tuesday. Since the middle of April, oil prices have lost all the gains from OPEC+’s …
Continue reading “IEA: Global oil demand to reach record 102M bpd in 2023”
Retail sales of consumer goods for April in China landed slightly above analysts’ projections, despite increasing by 18.4% compared to the same time last year, the country’s National Bureau of Statistics (NBS) reported on Tuesday. Analyzed by different areas, the data for the three-month period showed that the retail sales in urban areas reached 3.0 …
May 15 – U.S. central bankers on Monday signaled they see interest rates staying high and, if anything, going higher, given sticky inflation – a stark contrast with the market’s view that the Federal Reserve will be cutting rates well before 2023 is over. Now that the Fed has increased its benchmark overnight interest rate …