|Day's Range||67.42 - 70.80|
Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending May 22 on Friday.
Word that OPEC and Russia could open up the oil spigots a little more in the near future pushed oil prices down sharply, but the oil supply and demand situation is more complex than just that.
Chief executives at the biggest public companies got an 8.5 percent raise last year, bringing the median pay package for CEOs to $11.7 million. Across the S&P 500, compensation for CEOs is often hundreds of times higher than typical workers. WASHINGTON (AP) -- The Trump administration has told Congress it's reached a deal that would allow Chinese telecommunications giant ZTE Corp. to stay in business, said a source familiar with the talks who spoke on condition of anonymity to discuss a confidential matter.
Investing.com – A wave of selling hit crude oil prices Friday on signs of increasing U.S. oil expansion and reports OPEC and its allies could lift output to counter a supply shortage from Iran and Venezuela.
Trading volume reached 55.4 million shares, enough to make the stock the most actively traded on the New York Stock Exchange. The selloff would be the biggest one-day percentage decline since it tumbled 10.7% on May 9, 2016. Weighing on the oil and gas company's stock was the 4.2% plunge in crude oil futures prices , which was triggered by talk that Russia and the OPEC oil cartel could increase output.
The Organization of the Petroleum Exporting Countries is cutting production to drive oil prices up -- classic cartel behavior. In November of 2016, OPEC and a handful of other oil producers, including the world’s largest– Russia – reached a decision to cut 1.8 million barrels of oil per day from global output. This new “Super OPEC” – informally referred to as the “Vienna Group” - accounts for 55 percent of global oil supply and nearly 80 percent of the world’s proven reserves, which gives it tremendous market influence.
Many investors are asking whether oil stocks, which have posted huge gains in the past year, have much fuel left to rise. One energy area still with huge upside may be oil refining companies. Morgan Stanley also is bullish on refiners, per Barron's, naming Marathon Petroleum Corp. ( MPC) and Valero Energy Corp. ( VLO) as its top U.S.-based picks, as well as international companies Thai Oil PCL (TOP.Thailand), Bharat Petroleum (500547.India), Repsol (REP.Spain), and Tupras Turkiye Petrol Rafinerileri (TUPRS.Turkey). Andeavor ( ANDV) has agreed to be acquired by Marathon, while Morgan Stanley also sees upside in Phillips 66 ( PSX).
U.S. Gulf of Mexico producers and refiners are monitoring subtropical storm Alberto, which is expected to make landfall between east Louisiana and the Florida panhandle early next week, the companies said on Friday. The National Weather Service on Friday predicted the storm would bring heavy rain to the central Gulf Coast region and the southeastern United States later this weekend and continue into early next week. The Louisiana Offshore Oil Port (LOOP), located about 20 miles south of the Louisiana coast in the Gulf, was operating normally, according to the company's website.
The U.S. oil and gas rig count increased for the week ending May 25th while oil prices saw a steep correction as traders reacted on bearish comments from OPEC and Russia
The plunge in oil prices this week won’t be enough to save drivers from paying $3 a gallon as soon as this Memorial Day weekend. Prices may hit the $3 level by Memorial Day, said Patrick DeHaan, head of petroleum analysis at GasBuddy.
By Laila Kearney NEW YORK (Reuters) - Growing expectations of increased oil supply hit crude prices on Friday, lifting the U.S. dollar and weighing on energy shares, while political upheaval in Europe ...
Airline stocks soared Friday, giving a big boost to the Dow Jones Transportation Average , with the tumbled in crude oil prices helping fuel the rally. The NYSE Arca Airline Index rallied 3.0%. The Dow ...