These are the stocks posting the largest moves before the bell.Market Insiderread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
"There is reason to believe that we know the culprit," Trump said in a post on Twitter.Politicsread more
An extended Saudi oil outage could push Brent crude prices north of $75 per barrel, Goldman Sachs warned clients.Marketsread more
As investors worry about oil supply, airline and cruise ship stocks are getting hit on Monday, while some energy stocks are shooting upward.Marketsread more
Here are the biggest calls on Wall Street on MondayInvestingread more
Brent crude surged by as much as 19.5% to reach $71.95 per barrel on Monday, the biggest intra-day jump since the Gulf War in 1991.Oilread more
U.S. stock futures are under pressure Monday as oil prices spike after Saturday's coordinated strikes on key Saudi oil interests.Marketsread more
In the past few weeks, the S&P 500 has waged a 6% rally, pulling within 1% of its late-July record high by Friday's close.Trading Nationread more
The strike, depending on its length, could easily cost GM hundreds of millions of dollars. The last time the union declared a strike at GM was in 2007.Autosread more
Consumers in the U.S. prefer Apple's more expensive models, while the standard iPhone 11 appears to be more attractive to buyers in China, according to Kuo.Technologyread more
I'm hearing that the government is set to expand, possibly greatly, the number of wells shut-in in Oklahoma, beyond the initial 30 wastewater disposal wells. Oil prices will see significant support, if that occurs. Given the attention it's getting and some of the "I-told-you-so" talk from the Feds, especially, it's a real possibility.
Gulf of Mexico rigs were getting re-populated on Friday, and full production will likely be restored no later than Tuesday (12 percent of oil and 9 percent of gas was shut-in as of 11 a.m. Friday, which was the final update for this storm.)
Tropical Storm Hermine gets interesting now for the East Coast refiners, for crude oil imports into the region, and for refined product exports, which have increased markedly over the past year. As of late Sunday, Hermine, which made landfall in Florida on Friday, was sitting off the east coast, with a possibility the storm could regain hurricane strength.
The refiners themselves are built to withstand Category-3 storms, but operations can still be affected by local power outages and the inability to get personnel in and out of the facilities.
Shipping interests typically avoid the storms, and if Hermine lingers, as she is forecast to do, inventories of crude oil would be drawn down, despite continuing oil-by-rail volumes. Meanwhile, gasoline inventories will rise, possibly significantly.
Gasoline demand appears to have taken a big hit, anyway, from the storm, due to canceled travel plans, but the inability to export via vessel will really take a toll. It's just what refiners do not need right now, as they work to clear summer-grade gasoline ahead of the October 1 shift to winter grade fuel.
This storm is not like some of the other big ones such as Sandy, where we saw actual gasoline shortages develop, but it could amount to something significant, if it lingers. We will have to watch to see what effect it has on the supply chain.