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The U.S. October NFIB Small Business Confidence Index will be released in ten minutes.November 11th - The S&P 500 rose 0.6% in the 40 days since the US government shutdown began on October 1st, before rebounding more sharply after Mondays announcement that the shutdown would end within days. Now, based on historical experience, the benchmark index is poised for a holiday season rally. Data compiled by Sam Stovall, chief market strategist at CFRA, shows that the S&P 500 rose an average of 2.3% in the month following the end of the previous 15 shutdowns. This magnitude of gain would place the benchmark US stock index just below 7,000 points by mid-December. Strategists believe the stock market will gain further from current levels as federal workers return to work and regular economic data reporting resumes. He suggests investors consider a trade: go long on AI-using stocks while shorting a basket of stocks that do not use AI.On November 11, Ukraine claimed responsibility for a second attack this month on a key Rosneft refinery in Russias Volga region, as military authorities in Kyiv continue their strategy of targeting Moscows refining industry to cut its energy revenues. Regional Governor Roman Busargin stated that an unnamed industrial facility in the Saratov Zavotskoy district was damaged in a nighttime drone attack, but he did not provide further details. The Saratov refinery is located in the same area. The refinery, capable of processing approximately 140,000 barrels of crude oil per day, is a key supplier of gasoline and diesel fuel to one of the most densely populated regions in western Russia. It has been a target of numerous Ukrainian drone attacks this year, most recently on November 3. In recent months, Ukraine has intensified its attacks on Russian oil infrastructure—from refineries to crude oil pipelines and offshore terminals—in an effort to reduce Moscows energy revenues.Sources say Switzerland is close to reaching a tariff agreement with the United States, with tariffs set at 15%. The agreement could be reached as early as Thursday or Friday.Indias Trade Minister: India is diversifying its seafood exports to Russia and the European Union as part of efforts to protect exporters.

Oil Prices Rise As U.S. Gasoline Supplies Decline; Economic Concerns Loom

Haiden Holmes

Jan 06, 2023 11:40

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Oil prices increased over 1% on Thursday following the greatest two-day decline for the first two trading days of the year in three decades, with U.S. data indicating lower fuel inventories providing support and economic concerns limiting gains.


Concerns of a global recession precipitated huge declines over the previous two trading days, especially in the aftermath of negative short-term economic data in the world's two largest oil consumers, the United States and China.


According to data issued by the U.S. Energy Information Administration on Thursday, distillate inventories declined more than anticipated when a winter storm struck the United States at the end of December.


Last week, the Energy Information Administration reported a fall in gasoline stocks of 346,000 barrels, whereas a Reuters survey had projected a decrease of 486,000 barrels.


According to EIA data, distillate stockpiles, which comprise diesel and heating oil, declined by 1,4 million barrels during the previous week, contrary to the predicted decrease of 396,000 barrels.


John Kilduff, a New York-based partner of Again Capital LLC, stated, "The consequences of the hurricane during that time period are clear here."


Futures for Brent crude closed at $78.69 a barrel, up 85 cents, or 1.1%. The price per barrel of West Texas Intermediate crude oil in the United States climbed by 83 cents, or 1.2%, to $73.67.


According to data from Refinitiv Eikon, Tuesday and Wednesday's cumulative losses of more than 9 percent were the greatest two-day losses at the start of the year since 1991.


The largest U.S. pipeline operator, Colonial Pipeline, published a statement earlier in the session suggesting that its Line 3 had been shut down for unscheduled maintenance, with a resume date of January 7 predicted for the products line.


Tamas Varga, an oil dealer at PVM, linked the early-session price surge to the pipeline interruption and remarked, "The market is unquestionably in a bear market."


The contracts for the two proximate benchmarks traded at a discount to the following month, a phenomenon known as contango.


On Wednesday, statistics indicating a steeper decrease in U.S. manufacturing in December weighed on prices, along with fears of economic disruption as COVID-19 makes its way through China, where travel and activity restrictions have been substantially lifted.

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