CNBC's Bertha Coombs discusses the day's activity in the commodities markets. » Read More
The energy market could have a new benchmark oil price when Dubai launches its Middle East sour crude futures contract as an alternative to New York's NYMEX light crude oil futures and London's IPE Brent crude oil.
European planemaker Airbus signed a deal with Qatar Airways for 80 A350XWB aircraft with a total list price of $16 billion. The order replaces a 2005 agreement for 60 planes.
Dubai International Financial Centre (DIFC), the owner of the Dubai stock exchange, is mulling a rival bid to Nasdaq's agreed $3.7 billion takeover of Nordic markets owner OMX, the Sunday Times reported.
Business in Israel is booming, despite the ongoing conflict with its Arab neighbors and the ever-present threat of terrorism and military conflict.
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U.S. crude oil futures ended lower for the third day in a row after government data showed supplies last week rose within market forecasts.
Devon Energy, an independent oil and gas producer, reported a 7% drop in first-quarter profit due to rising costs and lower natural gas prices.
U.S. crude oil fell 2% on Tuesday on expectations of rising supplies and a rebound in refinery throughput ahead of summer driving season in the United States, the world's biggest market.
Crude oil futures ended lower, sliding late in a choppy session that saw May RBOB gasoline futures up sharply ahead of its contract expiration, reaching an 11-month high at one point, amid refinery snags and supply concerns.
Phil Flynn, a member of Alaron Trading, told CNBC’s “Squawk Box” that the U.S. may face tight gasoline supplies this summer.“(Production numbers) better change soon,” Flynn said Friday. “Otherwise, we’re going to have big problems in this country. I don’t know how we’re going to get gasoline supplies where they need to be by Memorial Day. We need to be at 210 million barrels in just a few weeks. We’re at 194 million.”
Investment in alternative energy is surging and it’s not simply the result of the politically correct investing crowd. Venture capitalists are taking an active interest in the sector.
Angel Mata, managing director of equity trading at Stifel, Nicolaus Capital Markets, told CNBC’s “Power Lunch” that investors should keep an eye on bank earnings next week.“On Monday and Tuesday, a lot of the banks reporting,” Mata said Friday. “The banks have clearly been one of the most underperforming groups since the beginning of the year. I have a hard time believing that the market can sustain any kind of upward momentum without the banks turning around.”
Phil Flynn, a representative of Alaron Trading, told CNBC’s “Squawk Box” that refinery outages and strong demand will create tight gasoline supplies this summer.“This is the worst I have ever seen it at this time of year,” Flynn said Friday. “Our supply vs. demand has never been this tight before. It’s going to be a very dangerous summer and real bad luck for the consumers.”
Anthony Grisanti, an oil trader at GRZ Energy, told CNBC’s “Power Lunch” that $3-a-gallon gasoline this summer is a foregone conclusion. “Throw in a hurricane, and you could have $4 (a gallon) no problem at all," he added.
U.S. bank Lehman Brothers Holdings has been granted a license to operate in Qatar, where it plans to expand its Middle East business after it moved into Dubai last year.
Don Hays, president and chief investment strategist at Hays Advisory, told CNBC’s “Street Signs” that he expects the market to peak in the next 12 to 18 months with a 20% gain in the S&P 500.He said growth stocks will do even better. “What we wanted to do was buy when the market was panicked three to five weeks ago,” Hays said Wednesday. “That’s exactly what we did. We’re feeling very good today.”
Peter Beutel, president of Cameron Hanover, told CNBC’s “Power Lunch” that an agreement to release captured British sailors doesn’t yet remove the “Iranian premium” on the price of crude oil. “I’d say that we added about $6 during the run-up,” Beutel said Wednesday. “So, (the premium) is not out yet. Even though we’ve solved this problem, the larger problem remains-- (Iran’s) nuclear issue. Iran and the West seem to be on a collision course long-term.”
Amanda Kurzendoerfer, commodity analyst at Summit Energy, told CNBC’s “Squawk on the Street” that the surprisingly large drop in gasoline supplies and low refinery capacity could send prices at the pump over $3 a gallon by mid-July.“We could see a three handle,” Kurzendoerfer said Wednesday. “I don’t think it will last long, but it definitely a possibility.”
Sen. John Thune told CNBC’s “Squawk Box” that expansion of cellulosic ethanol will ease dependence on corn-based ethanol and help lessen the nation’s dependence on foreign oil, especially from the Middle East.“We’ve gotten very good at corn-based ethanol and it’s been a very successful story here in South Dakota and across the Midwest,” Thune, a South Dakota Republican, said Wednesday. “Cellulosic ethanol should expand dramatically the number of states that can participate in producing renewable energy.”
Frederic Dickson, chief market strategist for D.A. Davison, told CNBC’s “Closing Bell” that he expects stocks to move higher in the next few weeks.“Nobody is prepared for a break on the upside,” Dickson said Monday. “We’re not looking for a big one, but I think we’ll see prices drift higher.”