Barclays raised its 2022 oil price forecasts on Tuesday as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year. The bank raised its 2022 average price forecast by $3 to $80 and $77 per barrel for Brent and West Texas Intermediate (WTI) respectively. Oil prices fell on…
Barclays Raises 2022 Oil Price View on Faster Inventory Drawdown
November 25, 2021
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Oil Futures Rise After Release of Strategic Petroleum Reserve by the Biden Administration
Crude oil futures rose after the Biden administration announced the release of 50 million barrels of oil from the nation’s Strategic Oil Reserve on November 23, enough for approximately 3 days of demand. Oil stocks saw a broad rally today after an initial loss. West Texas Intermediate crude for January delivery (CL00, CLF22), the U.S. benchmark, jumped $1.75,…
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…
Futures Dip as Rising Yields Dent Tech Shares
November 23, 2021
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U.S. stock index futures fell on Tuesday as rising Treasury yields weighed on major technology stocks, while bank shares extended gains as investors priced in an early policy tightening by the Federal Reserve. Bank stocks rose in premarket trade, tracking gains in yields after Jerome Powell’s reappointment as Fed Chair raised market expectations for an…
Dollar Steadies Near 16-Month High; New Zealand Dollar Weakens
November 23, 2021
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LONDON—The dollar index held near 16-month highs on Tuesday after Federal Reserve Chair Jerome Powell was picked for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022. Currency markets have been mostly driven in recent months by market perceptions of the different paces at which global central banks reduce pandemic-era…
Asian Stocks Mixed After Late Slump on Wall Street
November 23, 2021
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Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower. Tokyo was closed Tuesday for a holiday. Hong Kong and Seoul declined while Shanghai advanced. Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm…
Shares Shrivel After Powell’s Renomination; Turkish Lira Crashes
November 23, 2021
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LONDON—Stock markets fell sharply and the dollar held on to recent gains on Tuesday as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term. After Wall Street turned lower on Monday, Asian shares dropped and European stocks opened in the red. Futures on Wall…
US Bank Stocks Rise as Industry Welcomes Powell Renomination
November 22, 2021
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NEW YORK—U.S. bank stocks rose on Monday as senior bankers and industry figures welcomed Federal Reserve Chair Jerome Powell’s nomination by President Joe Biden for a second four-year term. Biden, in a statement emailed to reporters, paid tribute to the “decisive action” which the Fed had taken in response to the COVID-19 pandemic. And senior…
S&P 500, Nasdaq Hit Record Highs After Powell Nomination
November 22, 2021
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The S&P 500 and the Nasdaq hit record highs on Monday after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the bank for a second term, keeping the status quo as the central bank plans to wind down pandemic-era stimulus. The Dow Jones Industrial Average rose 29.43 points, or 0.08 percent, at…
Oil Prices Under Pressure From Both Supply and Demand Factors
November 22, 2021
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LONDON—Oil prices rose on Monday but remained under pressure from rising COVID-19 cases in Europe, raising concerns about both oversupply and weak demand. Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest since Oct. 1. By 1007 GMT, Brent was up 31…
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