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Oil prices gain $1 on strong U.S. economic growth
  + stars: | 2024-01-25 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +2 min
Oil prices gained steam Thursday on stronger than expected U.S. economic growth, stimulus in China and falling domestic crude stockpiles. The U.S. economy grew 3.3% in the fourth quarter of 2023, soundly beating the Wall Street consensus estimate of 2%. Commercial crude oil stockpiles in the U.S. declined by 9.2 million barrels during the week ended Jan. 19, according to the Energy Information Agency. The stockpile decline is due to U.S. production taking a hit from a winter storm earlier this month, according to John Evans with PVM Oil Associates. U.S. production declined by 1 million barrels per day to 12.3 million bpd last week, according to estimates from the EIA.
Persons: Brent, John Evans, Ida, Ryan Grabinski, Grabinski, Evans Organizations: West Texas Intermediate, Energy Information Agency, PVM Oil Associates, Strategas Securities, Wednesday, CNBC PRO Locations: China, U.S, North Dakota, North America, Aden, Yemen, Iran, Iraq
The year-end rally we've been enjoying could get another lift as companies scoop up shares of their own stock. Those gains are driven mainly by falling Treasury yields, as well as third-quarter results that have come in largely better than anticipated. But some market observers expect equities could get another boost from the number of companies exiting the "buyback blackout" window. This period spans several weeks around quarterly results when companies are restricted from repurchasing shares. As of the survey's close last Tuesday, that would mean the S & P 500 would reach 4,945, or an all-time high.
Persons: we've, Strategas, Ryan Grabinski, Jill Carey, Grabinski, — CNBC's Michael Bloom Organizations: Bank, Investor
Earnings calls discuss 'reshoring'A number of banks noted mentions of the domestic manufacturing trend in U.S. earnings calls for the most recent quarter. And we have never … got the target right," McRaith told an audience at a supply chain conference organized by software company o9 Solutions in April. Bill McRaith Former chief supply chain officer, PVHMcRaith, a former chief supply chain officer at Tommy Hilfiger-owner PVH , said the apparel industry both over-orders and under-orders stock by about 20% to 25%. If we build an economy based on electrification and batteries, it's going to be really important to control our own supply chain. "If we build an economy based on electrification and batteries, it's going to be really important to control our own supply chain," he told CNBC's "Street Signs Asia" in April.
Persons: Luke Sharrett, Savita Subramanian, Ryan Grabinski, they're, Bill McRaith, McRaith, PVH, Tommy Hilfiger, we've, Shein, Jade Gao, it's, Keith Phillips, Joe Biden, CNBC's, Elon Musk, Phillips Organizations: European Union, Bloomberg, Getty, Bank of America, UBS, Securities, o9 Solutions, CNBC, AFP, U.S ., Reshoring, EV, U.S, EVs Locations: China, Ukraine, U.S, Europe, Brazil, Guangzhou, U.S . U.S, Corpus Christi , Texas, Tennessee, United States
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