U.S. natural gas prices in early morning trading on May 3 surged to their highest levels since September 2008, as faltering domestic gas production and the Russian invasion of Ukraine continue to disrupt global energy markets. Natural gas prices have jumped more than 8 percent over the last two sessions, following a nearly 30 percent…
Australian Green Billionaire Confronts Energy Giant Over Demerger Plan
Australian tech billionaire and climate activist Mike Cannon-Brookes has clashed with AGL Energy’s board over its demerger plans after becoming the company’s largest shareholder. This clash comes just short of two months after Cannon-Brookes failed to take over Australia’s largest electricity generator in March to speed up the company’s decarbonisation process. The co-founder of the…
Oil Prices Fall From China Worries, Support Comes From European Embargo
May 3, 2022
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Business & EconomycommoditiesEuropeeuropean sanctions on russiaglobal oil pricesMarketsRussian Oil BanRussian Oil TradeWorld
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Crude oil prices declined on Tuesday trading due to demand worries from China and the country’s weak manufacturing activity data even though prices are getting support from a possible European Union ban on Russian oil. Brent crude oil July futures were trading at $106.10 per barrel on May 3 as of 09:57 UTC after hitting…
Stocks Up, US Yields at 3 Percent as Markets Ready for Fed Hike
MILAN—World stocks rose on Tuesday and U.S. 10-year Treasury yields held above 3 percent as investors prepared for the Federal Reserve’s biggest rate hike since 2000. In a busy week for central bank meetings, Australia’s central bank raised its key rate by a bigger-than-expected 25 basis points on Tuesday, lifting the Aussie dollar as much…
Gold Falls to 2.5 Month Trough, Fed Rate Hike in Focus
Gold prices fell on Tuesday to their lowest level since mid-February as investors braced for more aggressive rate hikes from the U.S. central bank that have boosted the dollar and Treasury yields and lifted the opportunity cost of holding gold. Spot gold fell 0.3 percent to $1,857.48 per ounce by 09:42 GMT. Prices fell to…
BOJ Says Fuel, Food-Driven Gains to Keep Propping up Japan Inflation
TOKYO—Japan’s consumer inflation will continue to face upward pressure later this year from rising electricity bills and food prices, as the recent surge in commodity prices hits the economy with a lag, the central bank said on Monday. As Japanese utilities set electricity bills based on the average import cost several months before, the upward…
Asian Shares Mixed as Australia Hikes Interest Rate
Asian shares were mixed Tuesday after Australia’s central bank raised a key interest rate for the first time since 2010. Trading was light with markets in mainland China, Japan, and some other countries closed for holidays. Australia’s central bank lifted its benchmark interest rate to 0.35 percent from 0.1 percent. Investors also are expecting another…
US Gas Prices Up Again Due to Low Supply, High Crude Oil Costs
May 2, 2022
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Business & Economycommoditieseconomyenergy costshigh gas pricesinflationMarketsoil pricesUncategorizedUS
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Gasoline prices rose again across the United States, mainly due to the rising cost of crude oil, AAA announced on May 2. The national average for a gallon of gas on May 2 was $4.19, a weekly increase of 7 cents per gallon from April 29 and a year-over-year increase of $1.29 per gallon, AAA reported….
US Natural Gas Production Declines as Europe Searches for New Suppliers
May 2, 2022
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Business & EconomycommoditieseconomyEuropegas productiongas shortageMarketsoil and gas pipelineRussian Oil TradeUSUS NewsWorld
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Natural gas production in the United States is declining even as several countries, especially in Europe, are looking for alternative sources while they attempt to cut back dependence on Russian gas supplies. The two areas that contribute the most to U.S. natural gas output, West Texas and the Appalachian region, are seeing slowing growth. Growth…
Oil Slips on China Growth Worries, EU Weighs Russian Crude Ban
LONDON—Oil prices fell on Monday as concerns about weak economic growth in China, the world’s top oil importer, outweighed fears of potential supply stress from a potential European Union ban on Russian crude. Brent crude futures fell 71 cents, or 0.6 percent, to $106.43 a barrel at 0801 GMT, while U.S. West Texas Intermediate (WTI)…
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