CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Commodities rallied today. Oil was up on the day and nat gas rebounded after hitting an 11-month low.» Read More
Stocks wobbled Friday as investors were encouraged by a jump in consumer sentiment less-bad GDP report but still remained a bit jittery. Dell shot out of the gate after beating its earnings target but other techs were slow to follow. GM fell below $1.
The draw in gasoline raised some eyebrows, but there are signs that allow us to be cautiously optimistic, writes Stephen Schork.
Stock index futures indicated a higher open for Wall Street Friday after the latest GDP report showed the economic decline began to slow in the first quarter.
Stocks ended higher Thursday as crude prices climbed after an inventory pare-down and the results of the Treasury bond auction eased concerns about government debt.
Stocks rebounded Thursday as crude prices climbed after inventories were pared more than expected. Stocks had gotten off to a wobbly start as investors juggled a bleak report on new-home sales with any optimism from the unexpected drop in jobless claims and GM's deal with bondholders.
Stocks retreated Thursday, after a higher open, as bleak report on new-home sales overshadowed any optimism from the unexpected drop in jobless claims and GM's deal with bondholders.
Stocks opened higher Thursday after an unexpected drop in initial jobless claims.
Spot gasoline is dear. The market is screaming at the refiners to start processing gasoline and sell into the backwardation. Failure to take advantage today and the refiners run the risk of chasing the curve lower as we move out along the x-axis… not to mention they risk of the wrath of media savvy politicians should downstream inaction lead to higher prices at the pump for Americans through this summer and into hurricane season, writes Stephen Schork.
Futures held onto gains Thursday after an unexpected drop in initial jobless claims. However, the gains were muted as Dow component P&G slashed its outlook.
The oil market has stopped taking its cues from stocks and the dollar for the moment to focus on what's being said in Vienna ahead of Thursday's OPEC meeting.
Investment is not economically plausible below $70 a barrel, OPEC’s Secretary General Abdalla El-Badri told CNBC Tuesday, ahead of Thursday's OPEC quarterly meeting in Vienna.
Yesterday the second-month out July contract eked out a 2.2 cent gain. That is rather pitiful given that residual fuel oil, per the NYMEX 1% NYH swap, was marked 20 cents higher. Despite yesterday’s higher close, July Henry Hub futures have closed lower in 7 out of the last 11 sessions. More importantly, yesterday the contract posted a lower higher and lower low for an eighth straight session, writes Stephen Schork.
OPEC is unlikely to cut output at its upcoming meeting, Saudi Arabia's oil minister said in comments published Tuesday, as indications mounted that the oil producing bloc would resist a temptation to tighten the taps despite wanting higher crude prices.
"It's a 'show me' period, but the expectation is that the data is going to disappoint, as it mostly has for the last few weeks," said Binky Chadha, chief U.S. strategist at Deutsche Bank.
Bottom line, nothing changed, i.e. you can’t swing a cat without hitting a molecule of gas in the U.S. In this vein, yesterday’s reaction to the EIA report on the NYMEX is not difficult to reconcile, writes Stephen Schork.
London bulls are shooting 3 for 3 thus far... U.S. refiners are in no apparent rush to get back to business, writes Stephen Schork.
China, the largest contributor to greenhouse gas emissions in the world, has been taking large steps to be greener. However, they now recognize that they may have more pressing issues to address, writes Stephen Schork.
The summer Natural Gas strip is trading at a significant premium to the nearby winter strip. For this point in the season that is odd. We could expect this contango in October....but to see this behavior so early in the year is, to quote everybody’s favorite Vulcan, highly illogical, writes Stephen Schork.
The fact that equities had a rare down week also weighed upon the energy complex. That is to say, even the equity market’s more enthusiastic Pollyannas had a hard time spinning last week’s headlines, writes Stephen Schork.
Another potential sign that crude oil is topping out was my appearance last Friday night on the Kudlow Report, writes Stephen Schork.