Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus variant at bay, prompting travelers to reconsider their plans. Jet fuel demand—the biggest laggard in the oil complex—had been forecast to post the strongest growth of 550,000 barrels per day to 5.9 million bpd…
Global Jet Fuel Demand Under Pressure From Omicron, Border Curbs
November 30, 2021
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Equities, Oil Prices, US Treasury Yields All Drop on COVID-19 Variant Fears
November 27, 2021
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WASHINGTON/LONDON—Shares tumbled on Wall Street on Friday as they reopened after Thanksgiving, while European stocks saw their biggest sell-off in 17 months and oil prices plunged by $10 per barrel as fears over a new coronavirus variant sent investors scurrying to safe-haven assets. The World Health Organization (WHO) on Friday designated a new COVID-19 variant…
Dow Jones Drops 900 Points on Opening Bell as New COVID-19 Variant Roils Markets
November 26, 2021
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The Dow Jones fell over 900 points just after opening bell on Nov. 26, with other major Wall Street stock indexes—and risk assets more generally—also seeing sell-offs as news of a new COVID-19 variant spreading in South Africa seems to have sparked a broader risk-off sentiment among investors. By 10:30 a.m. New York time, the…
Oil Prices Drop to 2-month Lows as New COVID-19 Variant Puts Markets on Edge
November 26, 2021
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Oil prices plunged more than 5 percent in early trading on Nov. 26, hitting a two-month low as the emergence of a new COVID-19 variant spooked investors, driving down risk assets like stocks and pushing up havens like gold and bonds. Brent crude, the global benchmark, fell 5.8 percent to $77.49 a barrel by 6:43 am…
Risk Assets Sink as New COVID-19 Variant Fears Spark Rush to Safe Havens
November 26, 2021
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Overnight headlines about the emergence of a new COVID-19 variant in South Africa seem to have spooked investors, with a risk-off pulse sending global shares and U.S. stock futures tumbling, and safe-havens like U.S. Treasurys and gold benefiting from the outflows. Asia stocks outside Japan slid over 2 percent, Europe and U.S. stock futures are…
US to Sell 32 Million bbls From 4 Sites as Part of Strategic Sale
November 25, 2021
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The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices. International oil prices have held above $80 a barrel even after U.S. President Joe…
Oil Weakens, Focus on OPEC+ Response to US–Led Crude Release
November 25, 2021
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MELBOURNE/SINGAPORE—Oil prices edged down on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. Brent crude futures slipped 7 cents to $82.18 a barrel at 0726 GMT, after losing 6 cents…
Global Stocks Mixed After Fed Says Ready to Act on Inflation
November 25, 2021
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BEIJING—Global stock markets mostly rose Thursday after Federal Reserve officials indicated they were ready to hike interest rates sooner than expected if needed to cool U.S. inflation. London, Tokyo, Frankfurt, and Hong Kong markets advanced, while Shanghai declined. Wall Street futures were higher. U.S. markets were closed for the Thanksgiving holiday. They reopen Friday for…
Biden Tapping Oil Reserves May Trigger OPEC War, Fail to Help Consumers: Strategists
President Joe Biden announced on Tuesday that he will be releasing 50 million barrels from the nation’s Strategic Petroleum Reserves (SPR) as part of coordination with several other advanced economies, including China, the United Kingdom, and India. The objective is to ease soaring energy prices by injecting more supply into global oil and gas markets….
Tech Weakness Keeps Wall Street Under Pressure
November 23, 2021
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Wall Street’s main indexes slipped on Tuesday, with the Nasdaq lagging the most as rising Treasury yields weighed on major technology stocks, while gains in banking and energy stocks helped limit broader market losses. The S&P 500 energy index jumped 2.7 percent as oil prices rose after a move by the United States and other…
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