DIRS.INFO The most relevant business & tech news

☆ Oil prices steady on shrinking U.S. crude inventories
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: +1 min

Oil prices stabilized on Wednesday on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East. U.S. crude oil and fuel stocks fell last week, market sources said on Tuesday, citing American Petroleum Institute figures. Crude stocks dipped by 573,000 barrels in the week ended Oct. 25, the sources said on condition of anonymity. Gasoline inventories lost 282,000 barrels, and distillate stocks fell by 1.46 million barrels, the sources said. On Monday, prices lost about 6% after Israel's retaliatory strike on Iran over the weekend missed Tehran's oil infrastructure.

Persons: Benjamin Netanyahu Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, U.S, Israeli Locations: Midland , Texas, Lebanon, Iran

☆ Oil sell-off fuels stock gains — plus, AMD earnings loom and CrowdStrike counters Delta lawsuit
▼ + stars: | 2024-10-28 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. We would be surprised if CEO Lisa Su provided 2025 AI chip sales guidance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Lisa Su, Raymond James, George Kurtz, Delta, Stanley Black, Decker, Hubbell, Jim Cramer's, Jim Organizations: CNBC, ., West Texas, AMD, Intel, Air Lines, Microsoft, Atlanta, Ford Motor, Cadence Design Systems, Corp, PayPal, Pfizer, Royal Caribbean Cruises, Jim Cramer's Charitable Locations: Israel, Corning

☆ Oil slips more than 4% after Iran downplays Israeli strikes
▼ + stars: | 2024-10-28 | by ( ) www.cnbc.com time to read: +2 min

A pump jack operates in an oil field in Midland, Texas U.S. August 22, 2018. Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said. In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December.

Persons: Brent, WTI, Saul Kavonic, Tim Evans Organizations: Midland , Texas U.S, U.S . West Texas, Evans Energy, Organization of, Petroleum Locations: Midland , Texas, Iran, U.S, Tehran, OPEC

☆ Oil heads for weekly gain as Middle East tensions keep traders on edge
▼ + stars: | 2024-10-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday and are on track for a weekly gain of more than 1%, as tensions in the world's top oil-producing region, the Middle East, and a restart in Gaza ceasefire talks in the coming days kept traders on edge. Both benchmarks settled down 58 cents a barrel in the previous session after prices fluctuated against expectations of heightened or reduced tensions in the Middle East. Oil traders are waiting for Israel's response to a missile attack by Iran on Oct. 1 that may involve hitting Tehran's oil infrastructure and disrupt supplies, although reports said Israel would strike Iranian military, not nuclear or oil, targets. U.S. and Israeli officials are set to restart talks for a ceasefire and the release of hostages in Gaza in the coming days. Ceasefire talks have a small net negative impact on oil prices, Sycamore said, adding the focus is more on the conflict in Lebanon and Israel's potential response to Iran.

Persons: Tony Sycamore, Israel, Antony Blinken, Sycamore Organizations: Brent, West Texas, NPC, East ., U.S Locations: Gaza, East, Iran, United States, Lebanon, France, China

☆ Oil prices edge higher, on track for 3% weekly gain
▼ + stars: | 2024-10-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged higher on Thursday, recouping some of the more than 1% losses from the previous session after U.S. crude inventories rose much more than estimated. Brent was on track for a 3.2% gain in the week, while WTI was set to rise 2.9%. Last week oil fell more than 7% on worries about Chinese demand and easing concerns about potential disruptions of Middle East oil supplies. Smaller-than-expected rate cuts will temper the reduction in borrowing costs, which in turn could affect economic activity and oil demand. Meanwhile, Israeli strikes pounded Beirut's southern suburbs on Wednesday and Hezbollah said it fired precision guided missiles for the first time at Israeli targets, keeping markets nervous about supply.

Persons: recouping, Brent, WTI Organizations: Brightoil Petroleum, Holdings, Brent, U.S, West Texas, U.S . Energy, Administration, Reserve Locations: Waidiao, Zhoushan, Zhejiang Province, China, Israel, East, U.S, Washington, Iran

☆ Oil falls more than 1% on higher US crude stocks as market watches Middle East
▼ + stars: | 2024-10-23 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures dropped $1.08, or 1.42%, to close at $74.96 a barrel. U.S. West Texas Intermediate crude futures shed 97 cents, or 1.35%, to settle at $70.77 a barrel. "The large crude oil inventory build this week is offsetting the drop last week. Also pressuring oil prices, the dollar index rose on Wednesday to its highest since late July. The impact of the crude stocks build on prices was countered somewhat by persistent concerns over potential oil supply risk from conflict in the Middle East.

Persons: paring, Andrew Lipow, Antony Blinken's, Blinken, Yeap Jun Rong Organizations: Brent, . West Texas, Energy Information Administration, Lipow Oil Associates, ING Locations: East, Israel, Gaza, Lebanon, Middle, U.S, Milton, Lebanese

☆ Oil prices trim Middle East war risk-gains, China demand remains a worry
▼ + stars: | 2024-10-22 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Tuesday, paring the previous day's nearly 2% rise as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East, and as slow demand in China, the world's top oil importer, continued to weigh on the market. Oil prices fell on Tuesday, paring the previous day's nearly 2% rise as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East, and as slow demand in China, the world's top oil importer, continued to weigh on the market. "Crude oil prices have been fluctuating in response to mixed news from the Middle East, as the situation alternates between escalation and de-escalation," Satoru Yoshida, a commodity analyst with Rakuten Securities. U.S. Secretary of State Antony Blinken headed to the Middle East on Monday seeking to revive talks to end the Gaza war and defuse the spillover conflict in Lebanon. China's oil-demand growth is expected to remain weak in 2025 despite recent stimulus measures from Beijing as the world's No.

Persons: paring, Brent, WTI, recouping, Satoru Yoshida, Antony Blinken Organizations: Brent, . West Texas, Rakuten Securities, International Energy Agency Locations: China, Iran, Gaza, Lebanon, Beijing, Saudi Aramco

☆ 2 of the world's biggest oil producers are looking for new ways to power their economies
▼ + stars: | 2024-10-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions. Oil prices have been depressed this year because China — the world's largest oil importer — is in a prolonged economic downturn. Last year, they each accounted for 11% of the world's oil supply. This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output. Advertisement"But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.

Persons: —, Abishur Prakash, Prakash, Anton Siluanov, Matthew Huber, we're, Huber Organizations: Service, —, Financial Times, International Energy Agency, Brent, US West Texas, Syracuse University, Saudi, Trump, OPEC Locations: Saudi Arabia, Russia, China, Toronto, Israel, Iran, Europe, OPEC

☆ Oil prices steady after 7% weekly drop
▼ + stars: | 2024-10-21 | by ( ) www.cnbc.com time to read: +1 min

Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world's top oil importer, and an easing of concerns about potential supply disruptions in the Middle East. Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world's top oil importer, and an easing of concerns about potential supply disruptions in the Middle East. That marked the contracts' biggest weekly declines since Sept. 2, on slowing economic growth in China and falling risk premiums in the Middle East. China on Monday morning cut benchmark lending rates as anticipated, part of a broader package of stimulus measures to revive the economy. Data on Friday had shown that China's economy grew at the slowest pace since early 2023 in the third quarter, fueling growing concerns about oil demand.

Persons: Brent, WTI, Joe Biden, Baker Hughes Organizations: Brent, . West Texas Locations: China, East, Israel, Iran, Beirut

☆ Here are the 5 things that could move the stock market in the week ahead
▼ + stars: | 2024-10-20 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Earnings drove the stock market higher — can they do it again in the week ahead? But he acknowledged that timing is key because our portfolio discipline mandates that we consider lightening up our stock exposure in an overbought market. In fact, AMD was our worst-performing stock for the entire week, losing more than 7% following the prior week's 1.8% slide. Energy was the worst sector of the week for the market as oil prices sank. In the week ahead, housing numbers are the main draw on the economic front.

Persons: Jim Cramer, ASML, Morgan Stanley, WTI, industrials, We're, Sartorius, Danaher, we're, Stanley Black, Lockheed Martin, Philip Morris, Clark, Baker Hughes, Lam, DOV, CARR, Davidson, Northrop, Edwards Lifesciences, Jim Cramer's, Jim, Stocks, Tuesday's, Spencer Platt Organizations: Dow, Nasdaq, Netflix, Modelo, Corona, Constellation Brands, Taiwan Semiconductor Manufacturing Company, Nvidia, AMD, Broadcom, Club, Abbott Laboratories, Energy, Texas, Honeywell, Danaher, Federal Reserve, Treasury, SAP, Logitech, Verizon, General Motors, GE Aerospace, GE, Lockheed, Quest Diagnostics, Norfolk Southern, Polaris, Seagate Technology, Texas Instruments, Canadian National Railway Company, Boeing, GE Vernova, Fisher, Boston, General Dynamics, Hilton, Lam Research, Business Machines, IBM, Newmont, Viking Therapeutics, Vista Energy, Mattel, O'Reilly Automotive, Whirlpool, American Airlines, United Parcel Service, Southwest Airlines, Tractor Supply Company, Carrier Global, Dow Chemical, DOW, Harley, Union Pacific, Valero Energy, Hasbro, Northrop Grumman, Ryder, Boyd Gaming, Western, Boston Beer Company, York Community Bancorp, Colgate, Palmolive, Newell Brands, Jim Cramer's Charitable, CNBC, NEW, Traders, New York Stock Exchange, Getty Locations: BlackRock, CrowdStrike, U.S, Dover, Freeport, McMoRan, Kimberly, Norfolk, Las, ORLY, VALE, New York City

☆ S&P 500 eyes another record close — plus, our 2 health-care stocks that defied the group
▼ + stars: | 2024-10-18 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Markets: The S & P 500 is on pace for another record close and its sixth straight positive week. Financials also continued their strong run this week thanks to strong earnings from banks such as Club holding Morgan Stanley and other financial services companies. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, hasn't, Financials, Morgan Stanley, Danaher, we'll, Jim Cramer's, Jim Organizations: CNBC, ., ASML Holdings, Taiwan Semiconductor Manufacturing Company, Nvidia, bellwether, Abbott Laboratories, UBS, Mizuho, . Energy, Texas, OPEC, International Energy Agency, Coterra Energy, Dow Jones, Dover, Honeywell, Jim Cramer's Charitable

☆ Oil edges up, but on track for biggest weekly loss in over a month
▼ + stars: | 2024-10-18 | by ( ) www.cnbc.com time to read: +2 min

Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand. Both contracts settled higher on Thursday for the first time in five sessions after data from the Energy Information Administration showed that U.S. crude oil, gasoline and distillate inventories fell last week. "Speculative positioning across the ICE Brent complex strengthened from historically low levels, on heightened geopolitical risk of a potential Israeli strike on Iran's oil infrastructure," Citi analysts said in a note. Citi expects global oil demand to slow to 900,000 bpd in 2025 from 1 million bpd this year on an economic slowdown and as more electric vehicles hit the road. The "potential impact of China's emerging economic stimulus plans on oil demand is uncertain, and more robust support may only result in a limited boost," it added.

Persons: Brent, WTI Organizations: Brent, West Texas, Energy, Administration, of, Petroleum, International Energy Agency, ICE, Citi Locations: San Joaquin Valley, McKittrick , California, OPEC, Israel, Iran

☆ Oil inches up after surprise drop in U.S. crude stockpiles
▼ + stars: | 2024-10-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week. It's coming, we know that but we don't know when," Sycamore said, adding that both factors bring upside risks for crude oil. In the U.S., crude oil and fuel stocks fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, against expectations of a build-up in crude stockpiles. Crude stocks fell by 1.58 million barrels in the week ended Oct. 11, the sources said on condition of anonymity. Gasoline inventories fell by 5.93 million barrels, and distillate stocks fell by 2.67 million barrels, they said.

Persons: Tony Sycamore, Sycamore Organizations: Brent, U.S, West Texas, Organization of, Petroleum, International Energy Agency, China NPC, IG, Investors, American Petroleum Institute, Reuters, Energy Information Administration, U.S . Department of Energy, European Central Bank Locations: Almetyevsk, Tatarstan, Russia, Israel, Iran, China, Sydney, Beijing, U.S

☆ Oil steadies after sharp falls as Middle East uncertainty persists
▼ + stars: | 2024-10-16 | by ( ) www.cnbc.com time to read: +1 min

Oil rose in early Asian trade on Wednesday on continued uncertainty over conflict in the Middle East, after falling as much as $5 this week to the lowest levels since early October on demand concerns. Brent crude oil futures rose 24 cents, or 0.3%, to $74.49 a barrel by 0054 GMT. U.S. West Texas Intermediate crude futures dropped 27 cents, or 0.4%, to $70.85 per barrel. On the oil demand side, both the Organization of the Petroleum Exporting Countries and the International Energy Agency this week cut their forecasts for global oil demand growth in 2024, with China accounting for the bulk of the downgrades. Analysts polled by Reuters expected crude stockpiles rose by about 1.8 million barrels in the week to Oct. 11.

Persons: Brent Organizations: . West Texas, U.S, Organization of, Petroleum, International Energy Agency, Reuters Locations: Israel, Iran, Beirut, China

☆ U.S. crude prices fall more than 4% as Israel is not expected to strike Iran’s oil industry
▼ + stars: | 2024-10-15 | by ( Spencer Kimball | ) www.nbcnews.com time to read: +3 min

Year to date, U.S. crude oil has fallen more than 1%. But Croft warned of a spiral of escalation that could ultimately lead to an oil disruption. Israel could be holding the oil card in reserve until they see how Iran responds to their strike, she said. OPEC also has millions of barrels per day in spare capacity that could jump into the breach if there is a supply disruption. “They will want to see that there is a physical supply disruption before they really jump in front of this.”

Persons: Israel, Helima Croft, CNBC’s, Brent, Croft, ” Croft, “, ” Organizations: Biden, NBC News, RBC Capital Markets, West Texas Intermediate, Natural Gas, Israel, Global, International Energy Agency, IEA, OPEC Locations: Israel, Iran, Americas, U.S, Saudi Arabia

☆ Don't own the AI chip leaders? Jim Cramer says this might be your chance to act
▼ + stars: | 2024-10-15 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "This is a very cheap stock versus Nvidia" Jim Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Stocks, Jim, Johnson, Goldman Sachs, Jim Cramer's Organizations: CNBC, Nvidia, Devices, Bloomberg, AMD, Texas, Coterra Energy, Analysts, YouTube, Federal, Dow, Johnson, Bank of America, Walgreens Locations: Persian, Israel, U.S

☆ Oil prices drop $2 on demand concerns, Israel comments
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: 1 min

Oil prices slid $2 in early Asian trade on Tuesday as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike Iranian military and not nuclear or oil targets. Brent crude futures were down $2.11, or 2.7%, at $75.35 per barrel, while U.S. West Texas Intermediate crude futures fell $2.07, or 2.8%, to $73.76 per barrel as of 0045 GMT. Both benchmarks had settled about 2% lower on Monday. Israeli Prime Minister Benjamin Netanyahu told the U.S. that Israel is willing to strike Iranian military targets and not nuclear or oil ones, the report said.

Persons: Benjamin Netanyahu, Israel Organizations: Brent, U.S, West Texas Locations: Israel

☆ For God, for country, for rain
▼ + stars: | 2024-10-14 | by ( Jessica Lucas | ) www.businessinsider.com time to read: +24 min

It's 9:30 a.m., and Augustus Doricko, the mulleted 24-year-old founder of the cloud-seeding company Rainmaker, is clutching a coffee. There's a long way to go before cloud seeding becomes a viable option for solving one of humanity's many self-made crises. El Segundo, population 17,272, has long been a bastion of American engineering, home to aerospace and defense giants like Boeing and Raytheon. Jett Lara for BIThe burning happens every Friday around 8 p.m. at a bonfire on El Segundo Beach. One of Doricko's goals is to build a church in El Segundo to "share the grace of God with other people."

Persons: Augustus Doricko, Bruno Mars, Doricko, Jessica, I'd, Jesus, He'd, that's, Rainmaker, Lauren Sánchez, Jett Lara, Billy Ray Cyrus, God, Augustus Doricko Doricko's, Cameron Schiller, Augustus, Schiller, El, That's, it's, El Segundo, Elon Musk, Isaiah Taylor, Doricko's, Taylor, Rob Coutts, —, Jesus of Nazareth, Zer, he'd, Jason Flynt, Flynt, Terra, Michael Gibson, Sarah Tessendorf's, messaged Gibson, Michael, Gibson, Thiel, Peter Thiel, I'm, Katja Friedrich, Friedrich, Friedrich isn't, Jonathan Jennings, Kaitlyn Suski, dumbbells, Jackson Schultz, Elijah, birdsong, Schultz, We're, coffees, Mankind Organizations: MGM, Association, Aspen Ideas, Global Initiative, BI, El, Boeing, Raytheon, Space Industries, Chevrolet, Stamford Yacht Club, New Zealand, University of California, BI Doricko, drillers, Terra Seco, Thiel Foundation, Terra, tech's, Weather Locations: Vegas, Tennessee, El Segundo, Los Angeles, America, Silicon, Santa Clarita, Rainmaker, Beijing, Colorado, California, Smoky, El Segundo Beach, North Carolina, Texas, Stamford , Connecticut, New, Costa, Berkeley, Christianity, Fort Worth , Texas, Terra Seco, drawdowns, Lake Mead, Las Vegas, Phoenix, Juul, Fresno, San Jose, Dubai, UAE, Midwest, West Texas, New Mexico , Arizona , Nevada, Amsterdam, Milan

☆ Oil prices fall by more than $1 on deflation worries in China
▼ + stars: | 2024-10-14 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell by more than $1 a barrel, losing over 1.5% in early trading on Monday, after disappointing Chinese inflation data and a lack of clarity on Beijing's economic stimulus plans stoked fears about demand. In the U.S. market, energy firms last week added oil and natural gas rigs for the first time in four weeks, according to a closely followed report by energy services firm Baker Hughes. The oil and gas rig count, an early indicator of future output, rose by one to 586 in the week to Oct. 11. The impact of Hurricane Milton boosted short-term demand in the U.S. as evacuations supported gasoline consumption, but weak demand dominated the fundamentals outlook. Oil major BP posted a $600 million drop in its third-quarter profit on Friday because of weak refining margins amid a slowdown in global oil use.

Persons: Tony Sycamore, Baker Hughes, Hurricane Milton Organizations: Brent, U.S . West Texas, National Bureau of Statistics, China Ministry of Finance Locations: U.S, China, Beijing, East, Florida, The U.S, Iran, Israel, Hurricane

☆ Oil eases though investors wary over potential Mideast supply disruption
▼ + stars: | 2024-10-11 | by ( ) www.cnbc.com time to read: +2 min

Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. Brent crude oil futures fell 39 cents, or 0.5%, to $79.01 a barrel by 0152 GMT. "Oil prices are likely to hover around the current 200-day average levels, with the primary concern being whether Israel will retaliate against Iranian oil facilities," he said. Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week.

Persons: Hurricane Milton, Hiroyuki Kikukawa, Brent, WTI, Yoav Gallant Organizations: . West Texas, NS, Nissan Securities, Israeli, Hezbollah, Reuters, National Oil Corporation Locations: Norway, Brent, United States, Hurricane, Florida, Israel, Iran, Lebanon, Hamas, Gaza, Yemen, Beirut, Gulf, Washington

☆ Oil prices rise on Israel-Iran conflict fears and U.S. storm
▼ + stars: | 2024-10-10 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Thursday on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barreled into Florida. The world's largest oil producer and consumer has been hit by a second major storm, Hurricane Milton, which made landfall on Florida's west coast, spawning tornadoes and threatening surges of seawater. The storm has already driven up demand for gasoline in the state, with about a quarter of fuel stations selling out of supplies, which has helped support crude prices. Further underpinning prices, investors remained wary of a potential escalation in tensions between Israel and Iran, with Israeli Defense Minister Yoav Gallant promising an Israeli strike against Iran would be "lethal, precise and surprising". Even with threats to the oil-producing Middle Eastern region top of mind, weak demand continues to underpin the fundamental outlook.

Persons: Iran, Hurricane Milton, Yoav Gallant, Joe Biden, Benjamin Netanyahu, Israel's Organizations: Brent, U.S . West Texas, Israeli, U.S . Energy, Administration, Reuters, American Petroleum Institute Locations: Israel, Florida, U.S, Hurricane, Florida's, Iran, China, North America

☆ Oil prices steady after sliding on potential Israel-Hezbollah ceasefire
▼ + stars: | 2024-10-09 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied in Asian trading on Wednesday, as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. Brent crude futures rose 11 cents, or 0.14%, to $77.29 a barrel by 02:23 GMT. Prices had plunged more than 4% in the previous session on a possible Hezbollah-Israel ceasefire, but markets remain wary of a potential Israeli attack on Iran's oil infrastructure. Hezbollah officials on Tuesday appeared to back off from a truce in Gaza as a condition for a ceasefire in Lebanon. The U.S. EIA on Tuesday downgraded its 2024 forecast for global oil demand growth by 20,000 barrels per day (bpd), to 103.1 million bpd, because of weaker industrial production and manufacturing growth in the U.S. and China.

Persons: Hezbollah's, Naim Qassem, Hurricane Milton, Tony Sycamore Organizations: Brent, . West Texas, Macquarie, Reuters, American Petroleum Institute, U.S, EIA, IG . Florida Locations: Israel, Iran, Gaza, Lebanon, U.S, China, Hurricane, Coast, Tampa

☆ CNBC Daily Open: Opportunity in October’s choppiness for stocks
▼ + stars: | 2024-10-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

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. Both West Texas Intermediate and Brent futures retreated 4.63% during U.S. trading hours Tuesday, halting the red-hot rally oil prices have experienced the past week. The central bank's likely to make another half-point cut in November, Paul Bloxham, HSBC's chief economist for Australia and New Zealand, told CNBC. On the back of such turbulence, CNBC Pro asks two strategists whether now's the time to invest in China.

Persons: It's, Paul Bloxham, HSBC's Organizations: Central, CNBC, Technology, Nasdaq, Google, U.S . Department of Justice, U.S, The New York Times, West Texas Intermediate, Brent, Reserve Bank of New, CSI, CNBC Pro Locations: New York, United States, Jerusalem, Israel, Zealand, Reserve Bank of New Zealand, Australia, New Zealand, China

☆ Oil edges lower after rallying to highest in over a month on Middle East war risk
▼ + stars: | 2024-10-08 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack (L) operates as another (R) stands idle in the Inglewood Oil Field on January 28, 2022 in Los Angeles, California. Oil prices edged lower in early Asian trading hours on Tuesday as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war. Israel has sworn to retaliate and is weighing its options, with Iran's oil facilities considered a possible target. However, some analysts believe that an attack on Iranian oil infrastructure is unlikely and have warned that oil prices could face considerable downward pressure if Israel focuses on any other target. U.S. crude oil inventories are expected to rise by 1.9 million barrels in the week ended Oct. 4, according to a preliminary Reuters poll.

Persons: Israel, Hurricane Milton Organizations: Inglewood Oil Field, . West Texas, Organization of Petroleum, ANZ Bank, American Petroleum Institute, Energy, Administration Locations: Inglewood, Los Angeles , California, Middle, Iran, Haifa, Israel, Lebanon, Gaza, Hurricane, Florida, U.S . Gulf of Mexico, .

☆ Why oil and gas markets are dreading the risk of supply disruption in the Strait of Hormuz
▼ + stars: | 2024-10-08 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

In 2022, oil flow in the Strait of Hormuz averaged 21 million barrels per day, according to the U.S. Energy Information Administration (EIA). Saul Kavonic, senior research analyst at MST Financial, said supply disruptions along the Strait of Hormuz could send oil prices significantly higher. Oil prices traded more than 3% on Monday, extending gains even after notching their sharpest weekly gain since early 2023 last week. "But seeing where the oil price sits right now the market doesn't seem to hold much probability for such a development at all," he added. "A significant disruption to these flows would be enough to push oil prices to new record highs, surpassing the record high of close to $150/bbl in 2008," he added.

Persons: Alan Gelder, Wood Mackenzie, CNBC's, Iraq —, Gelder, Saul Kavonic, Kavonic, Bjarne Schieldrop, SEB, Brent, Schieldrop, Warren Patterson, Patterson Organizations: Nurphoto, U.S . Energy Information Administration, Energy, Brent, U.S, West Texas, ING, bbl, United Arab Emirates, Space Shuttle Columbia Locations: Persian, Bushehr, Iran, Hormuz, Oman, Strait, Israel, Saudi Arabia, Kuwait, Iraq, UAE, Gulf, Muscat

Search resuls for: "West Texas"

25 mentions found