The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday — breaching a key psychological level.Bondsread more
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
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Amazon and Blue Origin founder Jeff Bezos gave more insight into his space company's lunar plans on Wednesday.Technologyread more
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Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
took a tumble in the first half of 2017, falling 14 percent in an oversupplied market, but one fund manager believes oil is reaching a turning point.
"The energy sector has been down but it is not out," Rob Thummel, managing director for Tortoise Capital Advisors, told CNBC's "Power Lunch" on Friday. "The fundamentals are set up for a second-half comeback."
Crude prices posted their worst first-half performance since 1998 as OPEC-led production cuts failed to achieve their goal: to significantly shrink huge oil stockpiles around the world. Thummel believes that is going to change in the back half of 2017.
"You are going to see crude oil inventories globally and domestically begin to decline month after month. That will support crude oil prices, boosting the entire sector," Thummel said.
Thummel also sees a lack of capital investment in U.S. production leading to an undersupply of crude oil, resulting in a rise in crude prices.
Oilfield services firm Baker Hughes reported on Friday that its weekly count of oil rigs operating in U.S. fields fell by two rigs, the first decline since January. Last week, U.S. crude output dropped 100,000 barrels per day to 9.3 million bpd, the steepest weekly fall since July 2016.
While the oil market rebalancing plays out, Thummel — whose firm has $16.3 billion of assets under management — thinks the midstream energy transportation and storage sector is an attractive investment.
"Put your money in energy infrastructure, it's a great place to be," Thummel said. "You get paid while you are waiting for higher oil prices."
"If you look at where [energy infrastructure] trades at historical levels, they look pretty cheap right now," Thummel added.