BEIJING—Global stock markets and Wall Street futures fell Friday ahead of a U.S. job market update amid unease about possible further interest rate hikes. Markets in London, Shanghai, Frankfurt, and Tokyo declined. Oil prices were lower. Wall Street’s benchmark S&P 500 index fell Thursday by its biggest one-day margin this year after Federal Reserve Chair…
Global Stocks, Wall Street Futures Sink Ahead of US Jobs Update
March 10, 2023
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Refiner Citgo Petroleum Posts Record $2.8 Billion Profit for 2022
March 9, 2023
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HOUSTON—Refiner Citgo Petroleum Corp. on Thursday reported a record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins, and refining output that exceeded its plants’ listed capacity. Rebounding from a loss of $160 million in 2021 and two straight years of losses, the results for last year also exceeded the…
Kremlin Doubts Nord Stream Attacks Could Have Happened Without State Support
March 9, 2023
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MOSCOW—The Kremlin said on Thursday it doubted the attacks on the Nord Stream pipelines last September could have been carried out without state support. Kremlin spokesman Dmitry Peskov’s comments came after the New York Times this week reported that U.S. officials were looking into whether a pro-Ukrainian non-government group was responsible for the blasts. “As…
Oil Slips for 3rd Day as Recession Fears Mount
March 9, 2023
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LONDON—Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand. U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected…
Global Stocks Lower After Wall Street Steadies Amid Rate Fears
March 9, 2023
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BEIJING—Major global stock markets were mostly lower Thursday amid worries about more U.S. interest rate hikes. London, Shanghai, and Frankfurt declined. Tokyo advanced. Oil prices were lower. Wall Street futures were lower following Federal Reserve chair Jerome Powell’s warning that rate hikes might speed up because upward pressure on prices is stronger than expected. Investors…
Delays to Queensland Power Station’s Repair Risk Inflating Electricity Prices
A major coal-fired power station in Queensland has experienced a delay in repair, which is likely to stretch electricity supplies and prices in the state at a time when an energy crisis is sweeping Australia. On March 8, Queensland-owned CS Energy announced an extension to the return to service dates of two generation units at…
Major Australian Energy Retailer Launches Electric Car Subscriptions
A major Australian energy company has launched a range of month-to-month electric vehicle (EV) subscriptions in a bid to boost the EV adoption rate in the country. On March 8, Origin Energy announced that it will now offer a number of EV subscription services to customers in Australia, following similar moves by other energy companies…
‘The End of Oil in America’: Biden May Reject Alaska Oil Project
March 8, 2023
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Alaska’s Republican governor Mike Dunleavy is not expecting the Biden administration to approve the Willow project—an oil and gas plan proposed by crude oil producer ConocoPhillips. “We’re preparing for them to deny this,” Gov. Dunleavy said on Fox News. “And it’s sad to say that, but their idea of a compromise, apparently, is to allow only…
Oil Steadies After Rate Hike Concerns Spur Sell-Off
March 8, 2023
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LONDON—Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures climbed 11 cents, or 0.1 percent, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents,…
Global Stocks Fall Amid Fears About Faster Rate Hikes
March 8, 2023
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TOKYO—Global shares were mostly lower Wednesday as investors fretted that the Federal Reserve might raise interest rates faster if the pressure stays high on inflation. France’s CAC 40 shed 0.2 percent to 7,325.65 in early trading. Britain’s FTSE 100 dipped 0.3 percent to 7,898.54. Germany’s DAX inched down less than 0.1 percent to 15,555.97. U.S….
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