Crude Oil Dec 31 (CLZ31.NYM)
| Pre. Settlement | N/A |
| Settlement date | 2031-11-20 |
| Open | 62.94 |
| Bid | 59.99 |
| Last price | 64.14 |
| Day's range | 62.94 - 62.94 |
| Volume | |
| Ask | 62.94 |
Yahoo Finance UKPound, gold and oil prices in focus: commodity and currency check, 11 October
Pound slips as traders ramp up bets on Bank of England interest rate cut.
- Yahoo Finance Video
September CPI dims stocks, Fed's rate cut path: Morning Brief
On today's episode of Morning Brief, Hosts Seana Smith and Brad Smith break the latest Consumer Price Index data and analyze the market open. The latest Consumer Price Index (CPI) report shows prices rose 0.2% in September, which was more than the 0.1% Bloomberg consensus estimate. Year-over-year prices rose 2.4% versus the 2.3% estimate. When stripping out the more volatile food and energy components, prices rose 0.3% month-over-month and 3.3% year-over-year, both higher than economists were expecting. US stocks (^DJI, ^IXIC, ^GSPC) opened Thursday's session lower as Wall Street digested the hotter-than-expected CPI report. The Nasdaq Composite fell by over 0.40%. Yahoo Finance Senior Reporter Alexandra Canal and Catalysts Anchor Madison Mills break down inflation's impact on shelter pricing and auto insurance costs. Yardeni Research Chief Markets Strategist Eric Wallerstein believes that following September's CPI print, the Federal Reserve doesn't have to cut rates during the rest of 2024. He explains, "Unfortunately, we're going to get some weather impacts in the jobs data in the coming months. But I think as long as inflation isn't getting towards 2% so dramatically, and there's no crisis that unfolds in the labor market, which I don't foresee, I don't think there's anything that gives the Fed reason to cut further this year," Wallerstein explains. Omair Sharif, Inflation Insights president, adds, “Admittedly, some things were hotter than expected today. But I think some of that stuff is more likely than not to just be a one-off in this particular month." He continues, “Given that hot print today, even though I do think some of this stuff will reverse course pretty quickly, I think that's if you were thinking 50 bps [cut at the Fed’s November meeting] that's pretty much been wiped out at this stage… I think the Fed still wants to progress slowly here. So I think 25 [bps cut] is the base case for November.” Marvin Loh, State Street senior global macro strategist discusses how the tech sector (XLK) will be impacted by the Federal Reserve's rate-cutting cycle. Loh believes that tech will be "one of the bigger beneficiaries" of the Fed's interest rate cuts. He notes that the sector has demonstrated strong earnings growth, and it is one of the few areas of the market that hasn't experienced significant revisions. "So that kind of stronger story is still out there. You know, quality growth generating cash and really defendable moats are kind of where you want to put some of your long-term bets," he tells Yahoo Finance. Delta Air Lines (DAL) fell short of estimates for the airline operator's third quarter, posting profits of $1.50 per share ($1.52 was expected) and revenue of $14.59 billion ($14.68 billion expected). Delta CEO Ed Bastian cited the CrowdStrike (CRWD) outage to have shaved off $0.45 from the company's adjusted earnings per share. Bloomberg Intelligence analyst George Ferguson explains, "The results are a little bit muddy from CrowdStrike, but labor costs were up 13% year-over-year. So, labor continues to be a big challenge for the airlines. And again, with this revenue, this unit revenue declining, that makes things more challenging." Ferguson highlights the struggle an airline like Delta will face as it strives to grow in the marketplace. Oil prices tick higher (CL=F, BZ=F) as Hurricane Milton made landfall in Florida and amid ongoing geopolitical tensions in the Middle East. Andy Lipow, president of Lipow Oil Associates, explains, “The oil market is pricing in a greater probability of a war between Iran and Israel that would result in a supply disruption. And I should point out that since last year, when Hamas invaded Israel, there has been no oil supply disruption. But prices recently have been rising of a fear that one might happen.” This post was written by Melanie Riehl
- Yahoo Finance Video
Oil to fall to $70 even with Hurricane Milton, expert says
Oil prices tick higher (CL=F, BZ=F) as Hurricane Milton makes landfall in Florida and amid ongoing geopolitical tensions in the Middle East. Andy Lipow, president of Lipow Oil Associates, joins Morning Brief Hosts Seana Smith and Brad Smith to discuss his outlook for the oil market. “The oil market is pricing in a greater probability of a war between Iran and Israel that would result in a supply disruption. And I should point out that since last year, when Hamas invaded Israel, there has been no oil supply disruption. But prices recently have been rising of a fear that one might happen,” Lipow tells Yahoo Finance about recent surge in oil prices. He explains, “It's difficult to predict where the oil market is going to go. On the one hand, it could spike higher if we were to see something like the Strait of Hormuz being shut. But on the other hand, there's more than adequate oil supply in the market. And you couple that with [Organization of the Petroleum Exporting Countries] OPEC deciding to restore some of its production cuts in December means that the oil market is being weighed down. I think that overall, absent hostilities in the Middle East, you will see oil trade below $70 once again in the next few weeks.” As Hurricane Milton hits Florida hits the region, which is still recovering from the devastation of Hurricane Helene, Lipow indicates there may not be a notable effect on the oil market. “The impact on the refining industry on the US Gulf Coast was minimal for Hurricane Helene. We did see some oil production shut-ins in the Gulf of Mexico that were restored very quickly. And for Hurricane Milton, what I would tell you is that the production impacts and the refining impacts were negligible.” Lipow says, “The biggest impact in the oil industry is really on the supply and distribution of gasoline and other refined products into Tampa and we'll have to wait and see whether any of those terminals along the waterfront there were damaged. But meanwhile, we already have tankers who have loaded gasoline, making their way into the Miami area. So resupply is going to happen. It's [a question of] whether the infrastructure, the power grid, and employees being available are going to be able to distribute that gasoline to the local retail service station.” He outlines, “If the terminals are okay, then you could start seeing resupply show up as early as Sunday, maybe possibly Saturday night. But you need these other steps to be put in place before the tankers can actually show up at the terminal. Assuming the terminals do have power, we'll be able to start loading gasoline actually, almost immediately because those terminals never empty their supply prior to the hurricane. You don't want those tanks being blown off their foundations. So you need refined products to stay in the tank.” To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This post was written by Naomi Buchanan.
