Fed Uncertainty and Major Layoffs Spook Wall Street
Stocks are getting pummeled today in anticipation of Fed Chair Janet Yellen's scheduled 5 o'clock speech on the economy and Fed policy re: rate hikes. (Deja vu anyone?).
Energy Market Updates
Fed Holds Interest Rates, Oil Drops after Wednesday's Gains
Oil prices continued to tumble early this week - that is until the Wednesday EIA report came out and spiked prices on Crude up 6%. The report showed that Crude stockpiles fell by 2.1mmbbls for the week ending September 11. Additionally, Distillate stocks dropped by 3mmbbl, and gasoline dropped 2.84mmb. That explains Wednesday, when we saw Crude jump up to settle at $47.15 (Tuesday's close was $44), ULSD jumped .0414 to $1.5414, and RBOB jumped .0492 to $1.3821 (it could have been worse - intraday highs were over 5 up on diesel and 6 up on gas!).
Lackluster Jobs Data Crushes Stocks, Crude
CRUDE, ULSD, and RBOB are all trending downwards today in tandem with the Stock Market, after a less-than-robust Jobs Report out this morning. The report showed that the US added 173,000 jobs in August, a relatively far cry from the 220,000 anticipated (hoped for?) by the markets and economists.
Gains After Another Black Monday - Dead Cat Bounce or Rebound?
Today we saw some reversals in the abject panic selloffs we saw Friday and especially Monday. (Click here to recap Friday)
Stocks Officially in Correction, Oil Trades Under $40
WTI crashed below the $40 level this afternoon in trading, and clung right to the $40 line at the close, settling at $40.45. (ULSD was off -.0556 to $1.4624, and RBOB dropped -.0143 to $1.5449)
Inventories & Iran Continue to Pummel Crude Prices
Oil prices are continuing their tumble - and it doesn't look likely they'll rebound in any significant way any time soon.
#TBT - Crude Prices This Year vs. Last
#TBT - It's hard to believe it but just about exactly a year ago, we were still looking at Crude oil that was dancing around the old $100 "new normal" benchmark.
Chinese Currency Devaluation Slams Stocks, Boosts Commodities
Oil Bounces Back Today, But Talking Heads Say "Not for Long"
Friday saw oil futures tumble again to multi-month lows, with Brent settling at 48.61, and WTI at 43.87 for September. (ULSD closed out at 1.5436, and RBOB at 1.6230 ) on general concerns about the oil glut and dissapointing economic data from China.
Oil Slides on Economic Data, Dragging Stocks Along for the Ride
This morning Brent Crude dropped under $50 for the first time in 6 months, and WTI fell below $45/bbl to within $2 of a 6 year low. Shortly after noon, the NYMEX showed ULSD down .0452 cents, and gas down almost 9 (-.0882).