Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC


Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC
Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close.

International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC’s crude oil production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Oil output from the world’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.

Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

“Markets…believe the production cut deal will be in range of 1-1.3 million bpd,” ANZ bank said on Thursday.


Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


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Treasury yields continue slide with traders wary of ‘curve inversion’

The difference between the 5-year Treasury inflation-protected securities, or TIPS, and the corresponding Treasurys hit 1.72 percentage points last Tuesday. The closely followed spread between the 2-year Treasury note yield and the 10-year Treasury note yield remains positive. “The move into the long-end is also recessionary (12-18 months out) as the curve continues it way towards full inversion of the 2-year, 10-year spread,” he added. The yield on the benchmark 10-year Treasury note fell 7 bas


The difference between the 5-year Treasury inflation-protected securities, or TIPS, and the corresponding Treasurys hit 1.72 percentage points last Tuesday. The closely followed spread between the 2-year Treasury note yield and the 10-year Treasury note yield remains positive. “The move into the long-end is also recessionary (12-18 months out) as the curve continues it way towards full inversion of the 2-year, 10-year spread,” he added. The yield on the benchmark 10-year Treasury note fell 7 bas
Treasury yields continue slide with traders wary of ‘curve inversion’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: thomas franck
Keywords: news, cnbc, companies, note, treasury, spread, wary, yields, curve, continue, rates, slide, traders, inflation, treasurys, inversion, 10year, trading, yield


Treasury yields continue slide with traders wary of 'curve inversion'

Short-term yields, impacted by changes in Fed policy, have been anchored in place in recent months as Chair Jerome Powell led his colleagues in three increases to the overnight lending rate. In contrast, inflation and economic expectations dictate the movement of long-term rates; investors estimate how much they should be compensated beyond inflation for holding government debt over several years.

The difference between the 5-year Treasury inflation-protected securities, or TIPS, and the corresponding Treasurys hit 1.72 percentage points last Tuesday. That spread is a practical look at the market’s projection of where inflation is heading, and is down from highs over 2 percent in October. The closely followed spread between the 2-year Treasury note yield and the 10-year Treasury note yield remains positive.

There has been “a tremendous move in the long-end as short rates have hardly moved and 30-year bonds are up five-eights of a point. I believe a lot of this move is a function of portfolios liquidating credit and equity exposure in favor of

long-dated Treasurys,” wrote Tom di Galoma, head of Treasury trading at Seaport Global Holdings.

“The move into the long-end is also recessionary (12-18 months out) as the curve continues it way towards full inversion of the 2-year, 10-year spread,” he added.

The yield on the benchmark 10-year Treasury note fell 7 basis points to 2.915 percent at around 4:38 p.m. ET, while the benchmark on the 30-year Treasury bond was also lower, trading at 3.17 percent. Bond yields move inversely to prices.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: thomas franck
Keywords: news, cnbc, companies, note, treasury, spread, wary, yields, curve, continue, rates, slide, traders, inflation, treasurys, inversion, 10year, trading, yield


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Dow set to fall more than 150 points as tech shares resume slide

U.S. stock index futures pulled back ahead of Friday’s open as some of the most popular technology shares were under pressure once again. ET, Dow Jones Industrial Average futures were 183 points lower, indicating a decline of more than 170 points at the open. Stock futures were also under pressure on Friday as crude oil prices plunged. Crude’s decline comes at a time when U.S.-China trade tensions have raised concern of a possible economic slowdown. China stocks fell on Friday in anticipation of


U.S. stock index futures pulled back ahead of Friday’s open as some of the most popular technology shares were under pressure once again. ET, Dow Jones Industrial Average futures were 183 points lower, indicating a decline of more than 170 points at the open. Stock futures were also under pressure on Friday as crude oil prices plunged. Crude’s decline comes at a time when U.S.-China trade tensions have raised concern of a possible economic slowdown. China stocks fell on Friday in anticipation of
Dow set to fall more than 150 points as tech shares resume slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: fred imbert, sam meredith
Keywords: news, cnbc, companies, uschina, stock, dow, futures, slide, stocks, trade, set, points, 150, fall, sp, resume, talks, tech, shares, energy, xle


Dow set to fall more than 150 points as tech shares resume slide

U.S. stock index futures pulled back ahead of Friday’s open as some of the most popular technology shares were under pressure once again.

At around 8:45 a.m. ET, Dow Jones Industrial Average futures were 183 points lower, indicating a decline of more than 170 points at the open. S&P 500 and Nasdaq 100 futures also fell.

Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all traded down at least half a percent in the premarket. These stocks, which make up the popular “FAANG” trade, have already fallen sharply this week. In that time period, they have all fallen at least 2.3 percent through Wednesday’s close.

Trading on Wall Street is set to resume after market participants observed the Thanksgiving holiday on Thursday. However, Friday’s session is scheduled to be abbreviated with the New York Stock Exchange and Nasdaq both due to close early at 1 p.m. ET.

Stock futures were also under pressure on Friday as crude oil prices plunged. West Texas Intermediate futures fell more than 6.5 percent to $50.97 per barrel, reaching their lowest level of the year.

The drop sent the Energy Select Sector SPDR Fund (XLE) — which tracks the S&P 500 energy sector — down more than 2.5 percent before the bell. Shares of Marathon Oil, TechnipFMC and Devon Energy led the XLE lower.

Crude’s decline comes at a time when U.S.-China trade tensions have raised concern of a possible economic slowdown. The two countries have imposed tariffs on billions of dollars worth of each other’s goods as the Trump administration takes on a protectionist stance on trade.

U.S. and Chinese leaders are expected to meet at a G-20 meeting in Argentina at the end of the month, though few economists expect the scheduled talks to resolve the trade dispute.

China stocks fell on Friday in anticipation of the U.S.-China trade talks. The Shanghai Composite dropped 2.5 percent while the Shenzhen A Share index pulled back 3.7 percent.

On the data front, investors are likely to closely monitor a flash reading of Markit Services PMI data for November at around 9:45 a.m. ET.


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: fred imbert, sam meredith
Keywords: news, cnbc, companies, uschina, stock, dow, futures, slide, stocks, trade, set, points, 150, fall, sp, resume, talks, tech, shares, energy, xle


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Retail stocks slide as CEOs fail to persuade skeptical investors that outlook is rosy

Holiday sales are expected to grow near 5 percent this year. “There is no indicator as we sit here today that the consumer environment is slowing as we enter the holiday season,” Cornell said. Investors are starting to look past the holiday season and are already thinking about 2019, he added. Spending online is predicted to climb more than 14 percent this holiday season, compared with growth of 2.7 percent at bricks-and-mortar retailers. But the majority of retail sales in the U.S., nearly 90 p


Holiday sales are expected to grow near 5 percent this year. “There is no indicator as we sit here today that the consumer environment is slowing as we enter the holiday season,” Cornell said. Investors are starting to look past the holiday season and are already thinking about 2019, he added. Spending online is predicted to climb more than 14 percent this holiday season, compared with growth of 2.7 percent at bricks-and-mortar retailers. But the majority of retail sales in the U.S., nearly 90 p
Retail stocks slide as CEOs fail to persuade skeptical investors that outlook is rosy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: lauren thomas, stephanie keith, getty images
Keywords: news, cnbc, companies, outlook, retail, rosy, earnings, holiday, season, online, stocks, ceos, retailers, fail, consumer, ceo, youre, investors, persuade, slide, skeptical, sales


Retail stocks slide as CEOs fail to persuade skeptical investors that outlook is rosy

Executives at most of the major retailers were confident in recent third-quarter earnings calls that shoppers will show up at stores and online in full force this holiday season. But skeptical investors were unconvinced and sold off their shares en masse Tuesday.

Shares of Target tanked more than 10.5 percent Tuesday on the heels of its earnings report, as Kohl’s stock tumbled 9.2 percent, Ross Stores fell 9.4 percent, and Lowe’s fell nearly 6 percent. Their lackluster earnings reports also drove the shares of other companies such as Under Armour, Tapestry and Home Depot into the red.

Best Buy was the one major retailer that saw its shares climb for the day, closing up more than 2 percent, after its quarterly earnings and sales topped Street expectations. The electronics retailer’s stock stumbled by nearly 2 percent earlier in the day, falling with much of the companies included in the S&P 500 Retail ETF. The index of retail stocks fell 3.3 percent Tuesday and 11.4 percent over the last eight trading days.

“Everything we are seeing about the consumer is very positive,” Best Buy CEO Hubert Joly said on a call with reporters Tuesday. “The consumer is in great shape, there is no doubt.”

Holiday sales are expected to grow near 5 percent this year. Low unemployment in the U.S., coupled with rising wages, are giving companies such as Macy’s and Walmart confidence to predict they’ll sell more this year than in past holiday seasons. Walmart CEO Doug McMillon said there is”momentum in the business as we execute our plan and benefit from a favorable economic environment,” according to a statement posted on its web site after it reported earnings last week.

Target CEO Brian Cornell mirrored Joly and McMillon, telling reporters on a conference call Tuesday that consumer spending is still strong.

“There is no indicator as we sit here today that the consumer environment is slowing as we enter the holiday season,” Cornell said.

He raved about the U.S. economy earlier this year, saying it was one of the best he’d ever seen in his career.

Still, investors aren’t cheering the news. They’re paying closer attention to pressures on profits. While Target’s third-quarter sales were up, its earnings slightly missed the mark. And Kohl’s beat analysts’ quarterly expectations, but its full-year profit outlook was on the low end of Wall Street forecasts.

“I think there has been some skittishness around retail,” KeyBanc analyst Ed Yruma told CNBC. “Like, is this as good as it gets?”

Investors are starting to look past the holiday season and are already thinking about 2019, he added. There’s the threat of new tariffs on Chinese goods going into place next year, along with predictions the economy may cool and force consumers to pull back on spending. Retailers, meanwhile, are still expected to invest in their websites and mobile apps to keep pace with Amazon and other major e-commerce brands.

“You grow online … you’re going to have some expense structure against your margin because you’re doing things,” Jan Kniffen, CEO of consulting firm J Rogers Kniffen WWE, told CNBC’s “Power Lunch.” “That’s a problem with the group, whether you’re Macy’s or Walmart or Target … You’re having some expenses go up because of all the great online business you’re doing, but that’s what you have to do to grow.”

Spending online is predicted to climb more than 14 percent this holiday season, compared with growth of 2.7 percent at bricks-and-mortar retailers. But the majority of retail sales in the U.S., nearly 90 percent, still takes place at stores, according to the U.S. Commerce Department.

Looking past the holidays, the first and second quarters for retailers across the board should be “pretty good,” Kniffen said. But, “at some point the tax law effects start to slow down, and we’ll start to see that in the business.”


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: lauren thomas, stephanie keith, getty images
Keywords: news, cnbc, companies, outlook, retail, rosy, earnings, holiday, season, online, stocks, ceos, retailers, fail, consumer, ceo, youre, investors, persuade, slide, skeptical, sales


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Once popular tech stocks like Facebook and Apple are now getting crushed: Here’s what happened

Facebook shares are getting crushed — Here’s what three experts say investors should know 11 Hours Ago | 05:08Technology stocks were hit hard on Monday, with some of the biggest U.S. companies leading losses across the sector. The tech-heavy Nasdaq Composite fell 3 percent as it continued a 6-week slide. The index was led lower by Facebook, Apple, and Nvidia. Facebook’s stock hit its lowest level since February 2017 on Monday. Facebook is on pace to finish its third straight month in the red, wh


Facebook shares are getting crushed — Here’s what three experts say investors should know 11 Hours Ago | 05:08Technology stocks were hit hard on Monday, with some of the biggest U.S. companies leading losses across the sector. The tech-heavy Nasdaq Composite fell 3 percent as it continued a 6-week slide. The index was led lower by Facebook, Apple, and Nvidia. Facebook’s stock hit its lowest level since February 2017 on Monday. Facebook is on pace to finish its third straight month in the red, wh
Once popular tech stocks like Facebook and Apple are now getting crushed: Here’s what happened Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: michael sheetz, marlene awaad, bloomberg, getty images
Keywords: news, cnbc, companies, getting, crushed, shares, streak, stock, apple, heres, tech, stocks, straight, happened, sectorthe, techheavy, facebook, popular, hit, slide


Once popular tech stocks like Facebook and Apple are now getting crushed: Here's what happened

Facebook shares are getting crushed — Here’s what three experts say investors should know 11 Hours Ago | 05:08

Technology stocks were hit hard on Monday, with some of the biggest U.S. companies leading losses across the sector.

The tech-heavy Nasdaq Composite fell 3 percent as it continued a 6-week slide. The index was led lower by Facebook, Apple, and Nvidia.

Facebook’s stock hit its lowest level since February 2017 on Monday. Facebook is on pace to finish its third straight month in the red, which would be its longest monthly losing streak ever.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: michael sheetz, marlene awaad, bloomberg, getty images
Keywords: news, cnbc, companies, getting, crushed, shares, streak, stock, apple, heres, tech, stocks, straight, happened, sectorthe, techheavy, facebook, popular, hit, slide


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Cloud stocks get hammered, with Salesforce suffering worst day since early 2016

Salesforce had its worst day since February 2016, plunging 8.7 percent on Monday to $121.01, leading a swoon in shares of companies that sell subscription software. Workday fell 7.6 percent, ServiceNow dropped 8.4 percent and Atlassian fell 8.7 percent. A number of cloud stocks plummeted more than 10 percent, including Okta, Coupa, Everbridge, Five9, HubSpot, Shopify, Tableau, Twilio and Zendesk. Joe Terranova, chief market strategist with Virtus Investment Partners, told CNBC on Monday that con


Salesforce had its worst day since February 2016, plunging 8.7 percent on Monday to $121.01, leading a swoon in shares of companies that sell subscription software. Workday fell 7.6 percent, ServiceNow dropped 8.4 percent and Atlassian fell 8.7 percent. A number of cloud stocks plummeted more than 10 percent, including Okta, Coupa, Everbridge, Five9, HubSpot, Shopify, Tableau, Twilio and Zendesk. Joe Terranova, chief market strategist with Virtus Investment Partners, told CNBC on Monday that con
Cloud stocks get hammered, with Salesforce suffering worst day since early 2016 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: jordan novet, adam galica
Keywords: news, cnbc, companies, day, zendesk, suffering, saw, software, twilio, worst, salesforce, hammered, stocks, early, cloud, 2016, fell, 87, market, terranova, slide


Cloud stocks get hammered, with Salesforce suffering worst day since early 2016

The market sell-off is is crushing cloud stocks.

Salesforce had its worst day since February 2016, plunging 8.7 percent on Monday to $121.01, leading a swoon in shares of companies that sell subscription software. Workday fell 7.6 percent, ServiceNow dropped 8.4 percent and Atlassian fell 8.7 percent.

A number of cloud stocks plummeted more than 10 percent, including Okta, Coupa, Everbridge, Five9, HubSpot, Shopify, Tableau, Twilio and Zendesk. The sector has been hot this year, spurred by big acquisitions, IPOs and a general shift in spending from desktop software to the cloud.

There was no obvious catalyst to Monday’s slide, with earnings season behind us and businesses thinning out ahead of the Thanksgiving holiday. But the broader market decline is having an outsized impact on technology. Facebook continues to drop on unfavorable news regarding abuse of its platform and Apple slid after the Wall Street Journal reported the company has cut production orders for new iPhones.

Joe Terranova, chief market strategist with Virtus Investment Partners, told CNBC on Monday that concerns around economic growth are hurting tech companies.

“You’re not seeing what you saw at the beginning of this year,” Terranova said. “Whereas you saw a significant enterprise spend on software, on services — that’s dissipating.”

The Dow Jones Industrial Average and S&P 500 both fell more than 1.5 percent, while the tech-heavy Nasdaq lost 3 percent, and is now 13 percent below its high reached in August.

Even after the cloud slide that began in late September, Salesforce is still up 18 percent for the year, while Twilio is up more than 200 percent.

WATCH: We could be in a bear market, but this expert sees opportunity for investors


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: jordan novet, adam galica
Keywords: news, cnbc, companies, day, zendesk, suffering, saw, software, twilio, worst, salesforce, hammered, stocks, early, cloud, 2016, fell, 87, market, terranova, slide


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Gold prices hold steady as US dollar eases

Gold prices held steady on Thursday, after rising nearly 1 percent in the previous session, as the dollar slipped further from a 16-month peak hit earlier in the week. U.S. gold futures inched up 0.1 percent at $1,211.7 per ounce. “There’s going to be a bid to gold provided the dollar continues to slide,” said Stephen Innes, APAC trading head at OANDA in Singapore. Gold has fallen more than 11 percent from a peak in April as investors flock to the dollar, with U.S.-China trade friction unfolding


Gold prices held steady on Thursday, after rising nearly 1 percent in the previous session, as the dollar slipped further from a 16-month peak hit earlier in the week. U.S. gold futures inched up 0.1 percent at $1,211.7 per ounce. “There’s going to be a bid to gold provided the dollar continues to slide,” said Stephen Innes, APAC trading head at OANDA in Singapore. Gold has fallen more than 11 percent from a peak in April as investors flock to the dollar, with U.S.-China trade friction unfolding
Gold prices hold steady as US dollar eases Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15
Keywords: news, cnbc, companies, eases, support, steady, rising, hold, interest, ounce, gold, trade, 01, dollar, prices, rates, slide


Gold prices hold steady as US dollar eases

Gold prices held steady on Thursday, after rising nearly 1 percent in the previous session, as the dollar slipped further from a 16-month peak hit earlier in the week.

Spot gold was little changed at $1,211.12 per ounce at 0453 GMT.

U.S. gold futures inched up 0.1 percent at $1,211.7 per ounce.

“There’s going to be a bid to gold provided the dollar continues to slide,” said Stephen Innes, APAC trading head at OANDA in Singapore.

The dollar index, which measures the greenback against a basket of six major currencies, traded at 96.84, off a 16-month high hit on Monday.

“We could see further slide in the dollar since we didn’t get any follow through on the bullish consumer price index effect,” Innes added.

U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on track to raise interest rates again next month.

Gold has fallen more than 11 percent from a peak in April as investors flock to the dollar, with U.S.-China trade friction unfolding against a backdrop of higher U.S. interest rates.

Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion.

“For gold, 1,200 is providing a good support and the market could trade firmer from here,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

Meanwhile, Asian stocks rose on Thursday, supported by a bounce in Chinese shares on news that Beijing has delivered a written response to U.S. trade demands, raising hopes the two sides could resume negotiations to end their trade war.

Spot gold may extend its bounce to $1,223 per ounce, following its stabilization around a support at $1,195, said Reuters technical analyst Wang Tao.

Among other precious metals, silver was up 0.1 percent at $14.14 per ounce. The metal fell to its lowest level since Jan. 21, 2016 at $13.85 in the previous session.

Platinum dipped 0.6 percent to $829.75 an ounce, while palladium fell 0.1 percent to $1,123.24 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-11-15
Keywords: news, cnbc, companies, eases, support, steady, rising, hold, interest, ounce, gold, trade, 01, dollar, prices, rates, slide


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Oil extends slide from 7 percent slump the day before as outlook darkens

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement. International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel. The slump in spot prices has turned the entire forward curve for crude oil upside down. By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. “This will, in our view, cap any upside above $85 p


U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement. International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel. The slump in spot prices has turned the entire forward curve for crude oil upside down. By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. “This will, in our view, cap any upside above $85 p
Oil extends slide from 7 percent slump the day before as outlook darkens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14
Keywords: news, cnbc, companies, crude, million, output, extends, surge, slump, supply, later, slide, day, oil, outlook, prices, darkens, production, opec


Oil extends slide from 7 percent slump the day before as outlook darkens

Oil markets slipped again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors.

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement.

International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel.

Crude oil has lost over a quarter of its value since early October in what has become one of the biggest declines since prices collapsed in 2014.

The slump in spot prices has turned the entire forward curve for crude oil upside down.

Spot prices in September were significantly higher than those for later delivery, a structure known as backwardation that implies a tight market as it is unattractive to put oil into storage.

By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. That implies an oversupplied market as it makes it attractive to store oil for later sale.

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown.

U.S. crude oil output from its seven major shale basins is expected to hit a record of 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said on Tuesday.

That surge in onshore output has helped overall U.S. crude production hit a record 11.6 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.

Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019.

“This will, in our view, cap any upside above $85 per barrel (for oil prices),” said Jon Andersson, head of commodities at Vontobel Asset Management.

The surge in U.S. production is contributing to rising stockpiles.

U.S. crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million as refineries cut output, data from industry group the American Petroleum Institute showed on Tuesday.

The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) has been watching the jump in supply and price slump with concern.

OPEC has been making increasingly frequent public statements that it would start withholding crude in 2019 to tighten supply and prop up prices.

“OPEC and Russia are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next OPEC meeting on Dec. 6,” said Andersson.

That puts OPEC on a collision course with U.S. President Donald Trump, who publicly supports low oil prices and who has called on OPEC not to cut production.


Company: cnbc, Activity: cnbc, Date: 2018-11-14
Keywords: news, cnbc, companies, crude, million, output, extends, surge, slump, supply, later, slide, day, oil, outlook, prices, darkens, production, opec


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Asia stocks slide after Fed keeps rates unchanged; Hong Kong down more than 2 percent

Stocks in Asia were broadly lower in afternoon trade after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting. The big mover to the downside was in Hong Kong, where the Hang Seng index fell 2.39 percent. The moves in China followed the country’s Consumer Price Index and Producer Price Index for the month of October coming in at 2.5 percent and 3.3 percent higher, respectively, compared to a year ago. In Australia, the ASX 200 was lower by 0.42 percent in the afte


Stocks in Asia were broadly lower in afternoon trade after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting. The big mover to the downside was in Hong Kong, where the Hang Seng index fell 2.39 percent. The moves in China followed the country’s Consumer Price Index and Producer Price Index for the month of October coming in at 2.5 percent and 3.3 percent higher, respectively, compared to a year ago. In Australia, the ASX 200 was lower by 0.42 percent in the afte
Asia stocks slide after Fed keeps rates unchanged; Hong Kong down more than 2 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: eustance huang
Keywords: news, cnbc, companies, rates, price, territory, fed, trade, asia, index, kong, stocks, market, unchanged, slide, fell, hong, keeps, china, seeing, lower


Asia stocks slide after Fed keeps rates unchanged; Hong Kong down more than 2 percent

Stocks in Asia were broadly lower in afternoon trade after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting.

The big mover to the downside was in Hong Kong, where the Hang Seng index fell 2.39 percent.

The mainland China markets, which investors are watching closely as trade tensions between Washington and Beijing continue to weigh on sentiment, also traded in negative territory. The Shanghai composite shed 1.29 percent and the Shenzhen composite declined by 0.382 percent.

The moves in China followed the country’s Consumer Price Index and Producer Price Index for the month of October coming in at 2.5 percent and 3.3 percent higher, respectively, compared to a year ago. Those numbers were in line with expectations from a Reuters poll.

One economist warned that relations between the U.S. and China could get more frosty now that the midterm elections stateside are over.

“The upshot is that there will be more noise and volatility on China,” TS Lombard’s chief U.S. economist, Steve Blitz, said in a note on Thursday, commenting on the post-election environment. Many Democrats, including Sen. Chuck Schumer, are “China hawks,” Blitz said.

Another market observer said the expected meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping during the upcoming G-20 summit is unlikely to yield results.

“I wouldn’t bank on seeing anything solid on the back of that actually play through,” Kerry Craig, a global market strategist at J.P. Morgan Asset Management, told CNBC’s “Squawk Box” on Friday. Still, he predicted the meeting between the two leaders would be “very cordial.”

In other Asian market news, Japan’s Nikkei 225 fell 1 percent while the Topix index saw losses of 0.43 percent after earlier seeing gains. South Korea’s Kospi was lower by 0.46 percent.

In Australia, the ASX 200 was lower by 0.42 percent in the afternoon, with the major sectors in mixed territory. Energy stocks fell by 1.69 percent while the heavily weighted financial subindex was slightly lower.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: eustance huang
Keywords: news, cnbc, companies, rates, price, territory, fed, trade, asia, index, kong, stocks, market, unchanged, slide, fell, hong, keeps, china, seeing, lower


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Buying a house can send your credit score down. Here’s how long it takes to recover

The way a mortgage affects your credit score is like a kick in the shin. You make sure your score is good enough to qualify for a home loan, and then the purchase pushes your number down. That drop averages 15 points, although some consumers can see their score slide by as much as 40 points, according to a new study by LendingTree. “If you have high utilization on credit cards or other credit lines, and then take a relatively large mortgage relative to your income and credit history, you can hav


The way a mortgage affects your credit score is like a kick in the shin. You make sure your score is good enough to qualify for a home loan, and then the purchase pushes your number down. That drop averages 15 points, although some consumers can see their score slide by as much as 40 points, according to a new study by LendingTree. “If you have high utilization on credit cards or other credit lines, and then take a relatively large mortgage relative to your income and credit history, you can hav
Buying a house can send your credit score down. Here’s how long it takes to recover Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: sarah obrien, gary burchell, getty images
Keywords: news, cnbc, companies, house, way, long, send, recover, points, study, score, heres, buying, tendayi, takes, utilization, credit, mortgage, slide, sure


Buying a house can send your credit score down. Here's how long it takes to recover

The way a mortgage affects your credit score is like a kick in the shin.

You make sure your score is good enough to qualify for a home loan, and then the purchase pushes your number down. That drop averages 15 points, although some consumers can see their score slide by as much as 40 points, according to a new study by LendingTree.

“If you have high utilization on credit cards or other credit lines, and then take a relatively large mortgage relative to your income and credit history, you can have a bigger decline,” said Tendayi Kapfidze, chief economist for LendingTree.


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: sarah obrien, gary burchell, getty images
Keywords: news, cnbc, companies, house, way, long, send, recover, points, study, score, heres, buying, tendayi, takes, utilization, credit, mortgage, slide, sure


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