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☆ Morgan Stanley says the catch-up trade in energy can continue and names its top picks to play
▼ + stars: | 2024-03-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil stocks are finally playing catch up as the energy sector has become one of the best performing sectors of the market this year, according to Morgan Stanley. "An improving macro backdrop has started a catch-up trade for Energy," analyst Devin McDermott told clients in a research note Thursday. The sector lagged the broader market last year as crude sagged, but is now following oil prices higher. The sector is outperforming the broader market with energy up 12.5% year to date while the S & P 500 is up 10.1%. Morgan Stanley upgraded the entire sector to overweight early this week.

Persons: Morgan Stanley, Devin McDermott, McDermott Organizations: Energy, Brent, Morgan, ConocoPhillips, Occidental Locations: Diamondback, Devon, Brent

☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

☆ JPMorgan says oil could rise to nearly $100 a barrel on Russia's 'surprising' actions ahead of U.S. election
▼ + stars: | 2024-03-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The price of global benchmark Brent crude oil could surge to $100 a barrel ahead of the U.S. election as Russia slashes its output, according to JPMorgan. "The shift in Russia's oil strategy is surprising," Natasha Kaneva, head of global commodities strategy at JPMorgan, told clients in a note Wednesday. Russia's cuts could push Brent to $90 in April and nearly $100 by September, which would put pressure on the Biden administration in the runup to the November presidential elections, Kaneva wrote. The White House could, however, tap the strategic petroleum reserve with space to release up to 60 million barrels, Kaneva wrote. Demand destruction, in turn, would result in lower crude prices, according to the analyst.

Persons: Natasha Kaneva, Brent, Biden, Kaneva Organizations: Brent, JPMorgan, Reuters Locations: Russia, Saudi Arabia, Moscow, OPEC, U.S

☆ Oil prices extend upward momentum on expectations of tighter supply
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries. Crude oil gained on supply side issues and continued Middle East tensions, according to a note from ANZ analysts. Russia told its oil companies to reduce output to meet an Organization of Petroleum Exporting Countries, or OPEC, target of 9 million barrels per day (bpd). At the same time, Ukrainian attacks on Russian oil refineries have continued. Russia's Kuibyshev refinery had to shut half of its capacity after a fire broke out there on Saturday morning.

Persons: Kuibyshev, Walt Chancellor, Benjamin Netanyahu, Israel's Organizations: ANZ, Petroleum, Macquarie, United Nations Security, Hamas Locations: Brent, Russia, Israel, Red, Gaza, Rafah, U.S

☆ Republican lawmakers say green transition 'cheerleader' IEA has strayed from mandate
▼ + stars: | 2024-03-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Nick Oxford | ReutersSenior U.S. lawmakers believe the International Energy Agency has "strayed from its core mission" of safeguarding energy security and has emerged as a "cheerleader" for the green transition. "We would argue that in recent years the IEA has been undermining energy security by discouraging sufficient investment in energy supplies — specifically, oil, natural gas, and coal. Consequently, the IEA must conduct its energy security mission in an objective manner. "It should disturb you that biased parties are exploiting the IEA's forecasts and other products to advocate for policies that undermine energy security." The IEA on Thursday confirmed receipt of the letter to CNBC and stressed that its mandate remains maintaining energy security and accelerating clean energy transitions.

Persons: Nick Oxford, Republican Sen, John Barrasso, Cathy McMorris Rodgers, Fatih Birol Organizations: Midland , Texas U.S, Reuters Senior U.S, International Energy Agency, Republican, U.S ., Energy, Natural Resources, U.S . House, Commerce, IEA, U.S, CNBC, U.S . Congress, Organization of, Petroleum, OPEC, Congress Locations: Midland , Texas, Wyoming, Saudi Arabia

☆ Surging gas prices just hit a significant milestone
▼ + stars: | 2024-03-18 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The recent jump in gas prices is already causing headaches on the inflation front. The last time gas prices were up on a year-over-year basis was late December 2023, according to AAA. Gas prices surge in MichiganAnd the concerns about Russia’s energy facilities is on top of the Houthi attacks on vessels in the Red Sea. “People have this visceral reaction to higher gas prices and they look to fix blame,” said Kloza. Unless there’s a major hurricane that strikes US Gulf Coast refineries, Kloza does not expect gas prices to hit $4 a gallon this year.

Persons: It’s, ”, Andy Lipow, Tom Kloza, Vladimir Putin, Kloza, “ It’s, we’ve, ” Kloza, Biden Organizations: New, New York CNN, White House, Federal Reserve, Gas, “, Lipow Oil Associates, AAA, Oil Price Information Service, CNN, White, Drivers Locations: New York, Russia, Ukraine, Michigan, Red, OPEC, Saudi Arabia, United States, Kloza

☆ Crude oil showing signs of a breakout as it tops $80. What traders say happens next
▼ + stars: | 2024-03-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

U.S. crude oil futures might be showing signs of a break out after topping $80 this week, though some analysts caution against reading too much into the move. The move higher came after the International Energy Agency forecast a crude supply deficit this year and Ukraine attacked several oil refineries in Russia. U.S. crude performed the same pattern this week, wiping out and closing above last week's intraday high of $80.67. U.S. crude has also held above its 200-day moving average of $78.13 a barrel almost all month, he said. As the market enters a supply deficit this year, Riyadh could start rolling barrels back on the market, Melek said.

Persons: Matt Maley, Miller, Tom Fitzpatrick, R.J, O'Brien, WTI, Brent, Fitzpatrick, Maley, Malley, Bart Melek, Melek, We're, Carter Worth, It's, it's, Worth Organizations: West Texas Intermediate, International Energy Agency, SPDR, Energy, TD Securities, U.S, Worth Locations: Ukraine, Russia, Saudi Arabia, Saudi, Riyadh, U.S, United States

☆ Ron Insana: A market shake-up could be around the corner as inflation remains sticky
▼ + stars: | 2024-03-15 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

Here's a question on the minds of investors amid recent hotter-than-anticipated inflation readings and this powerful rally: Are we due for a stock market scare? However, as of late, there have been some early warning signs that the declines in inflation may be slowing. Other areas have also sent up some flags that could adversely affect stocks and bonds in the short run. However, it is unwise to ignore what market signals are suggesting, at least in the short run. But in the short run, we should remain on heightened alert for changes in this year's outlook.

Persons: It's, I'm, John Maynard Keynes, Ron Insana Organizations: Federal Reserve, New York Federal Reserve, West Texas, Atlanta Federal, CNBC, Financial Partners Locations: York

☆ Oil dips on profit taking after price crosses $85
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: +2 min

Brent crude oil futures for May fell 41 cents, or 0.5%, to $85.01 a barrel at 1234 GMT, after crossing $85 a barrel for the first time since November on Thursday. The International Energy Agency on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping. World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. Also supporting oil prices, Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday, causing a fire at Rosneft's biggest refinery in one of the most serious attacks against Russia's energy sector in recent months. Lower interest rates cut consumer borrowing costs, which can boost economic growth and demand for oil.

Organizations: Brent, . West Texas, International Energy Agency, Rosneft's, Energy Information Administration, Federal Reserve Locations: Ukraine, United States

☆ U.S. crude rises above $80 as oil supply deficit forecast for 2024
▼ + stars: | 2024-03-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, CaliforniaThe West Texas Intermediate contract for April rose 86 cents, or 1.08%, to $80.58 a barrel. Crude oil futures rose on Thursday, adding to the previous session's gains as the International Energy Agency now forecasts a supply deficit for 2024. The move came after the IEA forecast a slight supply deficit for the year rather than a surplus, as the organization assumes OPEC+ will keep its production cuts in place through 2024. Oil prices rose more than 2% Wednesday after Ukrainian drone attacks this week on Russian oil refineries. U.S. crude has gained 12% in 2024, while the global benchmark has gained 9.8%.

Persons: Brent Organizations: U.S, Los Angeles , California The West Texas Intermediate, International Energy Agency, IEA Locations: Los Angeles, Los Angeles , California, OPEC

☆ Oil prices up on strong U.S. demand, Fed signals in focus
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Wednesday on expectations of strong global demand, including in the world's top consumer the United States, and as even somewhat sticky U.S. inflation did not dent expectations the Fed might start cutting rates soon. The Organization of the Petroleum Exporting Countries, or OPEC, stuck to its forecast of a strong oil demand growth globally of 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025 and raised its economic growth forecast for this year. In another indication of healthy demand, U.S. crude oil inventories and fuel inventories fell last week, according to market sources citing American Petroleum Institute figures. Lower rates support oil demand. Oil prices were under pressure in the previous session after the U.S. Energy Information Administration raised domestic oil output forecast but declines were limited on expectations that OPEC+ output cuts will still slow global oil growth and on the recent wave of drone attacks on Russia, including refineries.

Persons: Brent Organizations: West Texas, of, Petroleum, American Petroleum Institute, Reserve, U.S . Energy, Administration Locations: Taft, Kern County , California, United States, Russia

☆ Oil strategist says the market could be caught off guard by a crude spike this summer
▼ + stars: | 2024-03-13 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Investors could be caught off guard by the strength of an oil price rally this summer, according to Morgan Stanley 's Martijn Rats. Brent futures have largely been trading in a narrow $75 to $85 interval since the start of the year. "There is a view in the market that the non-OPEC producers can meet all of the demand growth this year and therefore there isn't much incremental room for OPEC oil and that means you rely on continued OPEC cuts," Rats said. "Now, they are doing that, but people think that that dynamic for now puts a little bit of a cap on the price. I think the summer could be tighter than people expect but this is the dynamic that currently exists."

Persons: Morgan Stanley, We've Organizations: Federal Reserve, Brent, U.S, West Texas Locations: London

☆ Dichotomy between OPEC, IEA outlooks has left the market 'quite befuddled,' energy analyst says
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDichotomy between OPEC, IEA outlooks has left the market 'quite befuddled,' energy analyst saysVandana Hari, founder of energy firm Vandana Insights, says OPEC has a more optimistic outlook on oil demand than the market consensus.

Persons: Vandana Hari Locations: OPEC

☆ OPEC likely to extend cuts throughout rest of year: Strategist
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC is 'pretty likely' to extend oil production cuts throughout the rest of the year: StrategistVikas Dwivedi, global oil and gas strategist at Macquarie Group, says that's because "without the cuts, OPEC gets in a bit of a jam."

Persons: Vikas Dwivedi Organizations: OPEC, Macquarie Group

☆ Gas prices have surged to four-month highs. Don’t panic
▼ + stars: | 2024-03-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

A gas price spike might be the last thing President Joe Biden needs to convince skeptical voters about his economic agenda. But experts say there is no reason to panic about gas prices, at least not yet. Gas prices always rise at this time of the year. Of course, there’s always the potential for unexpected events that could spike gas prices. If anything, De Haan said the earlier-than-expected jump in gas prices this year could cause prices to peak sooner than usual.

Persons: it’s, That’s, Joe Biden, Bespoke’s Paul Hickey, ” Hickey, “, ”, Patrick De Haan, Andy Lipow, Lipow, there’s, GasBuddy’s De Haan, De Haan Organizations: New, New York CNN, AAA, Federal, Investment, CNN, Whiting, BP Locations: New York, Indiana —, Michigan, Illinois, OPEC, Saudi Arabia, Russia, Saudi Aramco, Ukraine

☆ Oil prices fall on China demand worries
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

A view of oil wells at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices extended last week's losses on Monday on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline. "Worries over weak demand in China outweighed the extension of supply cuts by OPEC+," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, adding that mixed signs from U.S. jobs data prompted some traders to adjust positions. China last week set an economic growth target for 2024 of around 5%, which many analysts called ambitious without much more stimulus. Tension is also escalating in Russia and its neighbors, raising fear about a potential escalation in conflict outside of Ukraine, NS Trading's Kikukawa said.

Persons: Brent, Hiroyuki Kikukawa, Ismail Haniyeh, Kikukawa, Vladimir Putin Organizations: U.S, West Texas, NS, Nissan Securities, Organization of, Petroleum, Federal Reserve Locations: Jebel Dukhan, Bahrain, China, East, Russia, Hamas, Israel, OPEC, Gaza, Ukraine, France

☆ Oil extends last week's losses ahead of key inflation, crude data
▼ + stars: | 2024-03-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Working oil pumpjacks on the outskirts of Maricopa in Kern County, California, on September 21, 2023. Oil prices ticked lower on Monday, extending losses from last week as traders wait for a new round of inflation data. Most investors are expecting the Fed to cut rates in June. Lower rates typically stimulate economic growth, which fuels crude demand. OPEC and the IEA will also release their monthly oil market reports on Tuesday and Thursday this week.

Persons: Brent Organizations: The West Texas Intermediate, International Energy Agency, Traders, Federal Reserve Locations: Maricopa, Kern County , California, China

☆ Oil fell slightly as China growth worries clash with output cuts
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell slightly on Wednesday as concerns about demand growth in China, the world's biggest crude importer, clashed with signs of supply tightness amid output cuts by major producers. Oil prices fell slightly on Wednesday as concerns about demand growth in China, the world's biggest crude importer, clashed with signs of supply tightness amid output cuts by major producers. The 'risk off' nature of recent trading was underscored by the fall in Treasury yields, which also pressured oil prices. "Crude oil futures edged lower amid the risk-off tone across markets. If the EIA reports a crude storage build, it will be the sixth straight week of rising oil stocks in the country.

Persons: Daniel Hynes Organizations: Brent, U.S, West Texas, Treasury, of, Petroleum, ANZ, American Petroleum Institute, U.S . Energy, Administration Locations: China, OPEC, Yemen, Saudi Arabia, Asia

☆ Oil extends fall as China's pledge to transform economy fails to impress
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: +2 min

Working pumpjacks are seen at the Montebello Oil Field in Montebello, California, on Sept. 18, 2023. Oil prices fell for a second day on Tuesday as pledges by China, the world's biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while U.S. West Texas Intermediate (WTI) fell 11 cents, to $78.63. The physical oil market has started to tighten, rising spot prices show, according to a note from ANZ analysts, owing in part to supply disruptions. U.S. crude oil inventories are expected to have increased last week, according to a preliminary Reuters poll on Monday, while distillates and gasoline stockpiles were forecast lower.

Persons: Brent, WTI Organizations: Montebello Oil, U.S, West Texas, National People's, of, Petroleum, ANZ, Reuters Locations: Montebello, Montebello , California, China, Israel, Gaza, OPEC

☆ Oil prices fall as market shrugs off China growth pledge, OPEC+ production cuts
▼ + stars: | 2024-03-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. Crude oil futures fell for a second consecutive day Tuesday as China's pledge to boost economic growth and OPEC+ production cuts failed to lift prices. The West Texas Intermediate contract for April dropped 72 cents, or 0.91%, to $78.02 a barrel. May Brent futures shed 57 cents, or 0.69%, to $82.83 a barrel. The Beijing government on Tuesday set an economic growth target of about 5% for 2024 and announced the issuance of $138.9 billion in "ultra-long" special Treasury bonds to fund major projects.

Persons: Brent Organizations: West Texas Intermediate Locations: Mangystau, Kazakhstan, Beijing

☆ Premarket stocks: Why it’s not all doom and gloom for commercial real estate
▼ + stars: | 2024-03-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. I take that as a signal of a potential turn in the CMBS market in terms of the market sentiment. It’s not just all gloom and doom in the CRE market. Richmond Federal Reserve President Tom Barkin echoed the idea that the central bank may not cut interest rates this year. OPEC+, a coalition of the world’s top oil producing countries, had announced voluntary oil cuts of 2.2 million barrels per day in November.

Persons: Tracy Chen, Chen, that’s, Bell, Banks aren’t, CMBS, We’ve, they’ve, —, Jerome Powell, Torsten Slok, “, Tom Barkin, ” Barkin, “ I’m, Eva Rothenberg, Brent, Goldman Sachs Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, Brandywine, Intercontinental Exchange and Bank of America, outperformance, Fed, New York Community Bank, York Community Bank, Federal, Apollo Global Management, Richmond Federal, CNBC, OPEC, AAA Locations: New York, Japan, Switzerland, Germany, New, New York City, Richmond, OPEC, Saudi Arabia, Russia, Iraq, United States

☆ Oil prices slip after OPEC+ extends voluntary oil output cuts until mid-year
▼ + stars: | 2024-03-04 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

Oil prices edged lower Monday after oil cartel OPEC+ agreed to extend voluntary output reductions until the second quarter, in an effort to support the short-term stability of crude markets. Global benchmark Brent slipped 0.05% to $83.52 a barrel Monday, while U.S. West Texas Intermediate futures traded down 0.19% at $79.82 per barrel. OPEC+ announced on Sunday that the 2.2 million barrels per day of voluntary output cuts that were planned for the first quarter of this year will continue into the next quarter. OPEC+ kingpin and de facto leader Saudi Arabia said it will prolong its voluntary cut of 1 million barrels per day until the end of the second quarter, state-owned Saudi Press Agency said Sunday. Riyadh's crude production will stand at approximately 9 million barrels per day until the end of June.

Persons: Brent Organizations: OPEC, Global, U.S, West Texas Intermediate, Saudi Press Agency Locations: OPEC, Saudi Arabia

☆ CNBC Daily Open: U.S. manufacturing drag continues
▼ + stars: | 2024-03-04 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Workers assemble printed circuit boards at the Intervala manufacturing facility in Mount Pleasant, Pennsylvania, US, on Tuesday, Jan. 30, 2024. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] The 'Fantastic Four'Hedge fund manager Dan Niles prefers the so-called "Fantastic Four" stocks, thanks to their earnings potential in 2024. "Those names are being driven by earnings," Niles told CNBC last week.

Persons: Dan Niles, Niles Organizations: US, Bureau, CNBC, Nasdaq, OPEC, U.S . Department of, Treasury, Nvidia, Meta, Microsoft Locations: Mount Pleasant , Pennsylvania, China, Beijing, Saudi Arabia, Russia

☆ European markets set for mixed open at the start of the new trading week
▼ + stars: | 2024-03-04 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are expected to start the new trading week in mixed territory Monday. Last week, regional markets ended the week higher as investors assessed fresh inflation data out of the euro zone that showed the headline consumer price index fell to 2.6% in February, from January's 2.8%. Economists polled by Reuters had forecast a headline reading of 2.5%. In Asia-Pacific markets Monday, Japan's Nikkei 225 crossed the 40,000 mark, gaining 0.46% and setting a record high after the S&P500 and the Nasdaq Composite hit fresh all-time highs on Friday. U.S. stock futures were little changed Sunday night after the tech-heavy Nasdaq Composite posted a record-high Friday, breaking its 2021 record, as stocks attempt to continue their weeks-long rally.

Organizations: Reuters, Nikkei, Nasdaq, West Texas Locations: January's, Asia, Pacific, Saudi Arabia, Russia

☆ CNBC Daily Open: U.S. manufacturing struggles to recover
▼ + stars: | 2024-03-04 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Workers assemble printed circuit boards at the Intervala manufacturing facility in Mount Pleasant, Pennsylvania, US, on Tuesday, Jan. 30, 2024. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The CSI 300 was lower as investors focused on China's annual meetings and Hong Kong's Hang Seng index also fell. "Those names are being driven by earnings," Niles told CNBC last week.

Persons: Hong, Dow, Energy's, Jorge Leon, Jeremy Hunt, Dan Niles, Niles Organizations: US, Bureau, CNBC, Nikkei, CSI, Nasdaq, Budget, Conservative, Labour, Nvidia, Meta, Microsoft Locations: Mount Pleasant , Pennsylvania, U.S, China, Beijing, Angola

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