*China Q1 GDP growth at 18- month low of 7.4 percent. *China oil demand slips 0.6 pct in Jan-March. China, the world's second largest economy and oil consumer, said its gross domestic product grew 7.4 percent in the first quarter, the slowest pace in 18 months but slightly ahead of market expectations for a 7.3 percent rise.» Read More
Despite the recent rise in U.S. gasoline imports, motor fuel inventories will likely stay tight for the rest of the summer and pump prices will remain high, the government's top energy forecaster told Congress today.
Stock futures are higher today as investors await wholesale inflation data while keeping an eye on the bond market. Global stock markets rebounded after yesterday's turnaround on Wall Street and tamer bond markets.
Russian gas export monopoly Gazprom could raise production to 670 billion cubic metres (bcm) a year by 2020 rather than the planned 590 bcm, if the market needs more gas, a senior executive said on Thursday.
Oil surged nearly a dollar a barrel Wednesday after a U.S. government report showed gasoline stockpiles remaining well below normal at the start of the summer driving season.
Stocks rallied across the board and the Dow put in its best one-day performance of the year following strong economic data and a decline in bond yields. "The market has been oversold and people were focusing on rates but then the market started looking a little cheaper and we had buyers come in today," said Todd Leone, head of listed trading at Cowen and Co.
With refiners failing to operate at maximum capacity, Sen. Ron Wyden (D-Ore.) proposed a bill to take away government subsidies from oil companies if they do not increase refiner capacity."If you really want to help consumers who are getting clobbered at the pump, you've got to expand refinery capacity," Wyden said on "Morning Call."
A debate continues in the Senate over the energy bill that could bring massive changes to the current U.S. energy policy. On “Morning Call,” Christopher Horner, author of “The Politically Incorrect Guide to Global Warming and Environmentalism,” and David Hamilton, director of the Sierra Club’s Global Warming & Energy program, debated which party has the best policy.
Like a cyclone, the rate move in the global bond market is unsettling everything in its path and leaving a new high-tide mark for credit worldwide.
Turkmenistan's government has given a go-ahead to Russian oil giant Lukoil to work three fields in the energy-rich Caspian Sea, official media in the Central Asian nation reported Wednesday.
Stocks closed at session lows and the Dow was off 129 as Treasury yields rose to multiyear highs, dashing investors' hopes for a Fed rate cut. "A few weeks ago people were convinced rates were going lower, you don't hear any of that talk now," said James Maguire, floor broker at Christopher J. Forbes.
The yield on the 10-year Treasury note reached its highest level in more than five years Tuesday afternoon, as prices continued to slump amid broad market selling. The yield tapped as high as 5.27%, a level it last reached in mid-May 2002.
Oil prices dropped below $69 a barrel Tuesday amid expectations that U.S. gasoline supplies rose for the sixth straight week, easing worries of a crunch during the summer vacation season.
Shares in GlaxoSmithKline fell 0.4% as the British pharmaceutical giant came under fire for allegedly misleading its shareholders about safety concerns facing its diabetes drug Avandia.
Interest-rate worries and a disappointing outlook from Texas Instruments are taking the punch out of stock prices today. But Lehman Brothers, the first of three brokers to report earnings this week, is a bright spot. The firm had a 27% jump in net profit and its stock is moving higher.
World oil demand will rise more quickly than previously thought this year, the International Energy Agency said on Tuesday, adding weight to consumer nations' calls for more OPEC oil. In its June monthly report, the adviser to 26 industrialised countries lifted its forecast for 2007 growth in world oil demand to 1.7 million barrels per day (bpd) or two percent, up 200,000 bpd from the previous forecast.
Stocks closed flat as the markets failed to hang onto a minor afternoon rally. "As volatility starts to pick up again, people have begun to realize that the probability of the Fed easing here is very, very low -- maybe even a better probability the Fed tightens here," said Richard Bernstein, chief investment strategist at Merrill Lynch.
U.S. oil rose to just shy of $66 on Monday, and London Brent crude recovered above $69, after a sell-off of more than $2 at the end of last week, buoyed by news leading exporter Saudi Arabia would keep OPEC supply curbs in place through July.
Shares in Russian gas giant Gazprom rose as Deputy Chief Executive Alexander Medvedev announced Sunday the company was near to closing an unspecified deal to grow its market presence in Britain.
Carl Wunsch, professor of physical oceanography at the Massachusetts Institute of Technology, told CNBC’s “Squawk Box” that the debate about global warming can point out risks, but assertions of coming catastrophe can’t be proven with mathematical certainty.
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