HONG KONG, March 7- Strength in Sinopec Corp lifted Hong Kong- listings of China firms on Friday, trimming their weekly losses, on hopes that the Chinese oil giant's proposed sale of a stake in its retail business will attract private international investors.» Read More
Oil prices rose above $71 a barrel on Friday as investors focused on falling gasoline and crude stocks in key regions of the United States, the world's top consumer.
Crude oil futures enjoyed an extended rally after a government inventory report, released Wednesday, showed that U.S. petroleum product inventories dropped unexpectedly. The news, which helped push oil prices up around the $71-a-barrel mark, was surprising because it followed a step-up in refinery activity. With futures around a 10-month high, CNBC.com talked to John Kilduff, a senior vice president at Man Financial, about his views on the oil market. Here's what he had to say:
Stocks may open higher after early weakness on this final day of the second quarter. European markets are mostly lower, and Asia was mixed with Tokyo up 1%. The discovery of an explosive device in a car in London impacted market tone in Europe.
Stocks finished little-changed after a roller-coaster session as investors tried to figure out the Federal Reserve's latest statement on inflation and interest rates. "The Fed's been engaged in a real delicate balancing act," said Bruce Bittles, chief investment strategist at Robert W. Baird
Oil futures spiked above $70 a barrel on Thursday for the first time since Sept. 1 on a government report that showed gasoline inventories dropped unexpectedly as the summer driving season neared its peak.
Russia's gas monopoly Gazprom said on Thursday its profit doubled in 2006 to 636.461 billion roubles ($24.63 billion) in 2005, beating the average analysts' expectation of 591.4 billion roubles in Reuters poll.
Stocks are flat ahead of the opening, though stock markets worldwide are springing higher on the back of Wall Street's gains Wednesday. The focus today is on the Fed.
Stocks closed higher, led by gains in technology and energy shares. Major indexes had fallen earlier in the day after weaker-than-expected durable goods data but then rebounded. "I think a lot of people see setbacks to be bargain time", said Michael Metz of Oppenheimer.
Petro-Canada has decided to pull out of Venezuela and has reached an agreement with the state oil company on compensation for its oil investments, the Venezuelan government said.
Crude oil and gasoline prices settled higher on Wednesday after a government inventory report stoked concerns about the nation's gasoline supplies during the summer driving season.
Stock futures point lower this morning after a weak showing in equities markets worldwide. European stocks are trading lower, and Asian markets were mostly down overnight. Volatility will no doubt be the tone of the day, as the Fed starts its two-day meeting. Durable goods fell 2.8%, below expectations. The dollar slid after the report and Treasurys rallied.
Russian oil firm Rosneft hopes to pay down its huge debt by milking and honing its increasingly profitable business rather than selling more shares, the firm's vice president for finance said.
Stocks finished lower in a choppy session that was overshadowed by concerns about the housing slowdown and a meltdown in the subprime mortgage industry. "The financials tend to lead the market down and that's what they were doing today," said Robert Albertson, chief strategist at Sandler O'Neill. "I think it goes well beyond subprime. "
U.S. oil giants Exxon Mobil and ConocoPhillips both left huge crude projects in Venezuela's Orinoco Belt after President Hugo Chavez nationalized them as part of his socialist revolution. Venezuela is the fourth biggest supplier of oil to the United States.
Stock futures are perking up this morning after three sessions of selling. Housing starts for May are reported today and there are a few earnings reports to make headlines.
State-controlled Rosneft strengthened its position as the nation's top oil company on Tuesday, announcing that it would buy nearly 600 filling stations and other facilities that once belonged to the bankrupt Yukos oil company.
Spanish power company Iberdrola plans to buy regional utility owner Energy East for $4.5 billion (3.34 billion euros) in cash, giving it a foothold in the United States, the companies announced Monday.
Stocks ended lower as investors were rattled by concerns regarded leveraged mortgage securities held by two Bear Stearns hedge funds. "We will see a splash near term as some of these funds need to unwind positions in paper that really isn't traded too much," said Jack Ablin of Harris Private Bank.
John Kilduff, senior vice president and energy analyst at Man Financial, appeared on CNBC's special "Power Lunch at the Four Seasons" to give his outlook for oil and gasoline -- and to explain why easing tensions in Nigeria haven't made him bearish on either.