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...Here’s more on the oil industry’s bonanza....
...The energy sector was up 1.2 per cent during lunchtime trading, making it the best-performing sector in the S&P 500 on Monday....
...“The oil market is waiting,” said Daniel Yergin, author and vice-chair of S&P Global....
...As oil prices surged in 2022, the president blasted Exxon for making “more money than God”....
...Oil markets are set to become “extremely tight” in the second half of this year, according to hedge fund giant Citadel, as Opec+’s control of the market allows it to keep prices high....
...Traditionally, oil prices go up a lot and stock markets go down a lot. Back in the 1973-74 Middle East crisis, in association with an Opec embargo, oil rose 300 per cent. The S&P 500 index halved....
...“Shale has redrawn the map of world oil in a way most people don’t seem to understand,” said Daniel Yergin, vice-chair of S&P Global and a Pulitzer Prize-winning energy historian....
...The privately held group’s bumper payout to executives and traders was more than triple the $1.7bn handed out last year and takes total payments since 2020 to more than $9bn, capping one of the most profitable...
...Contracts tracking the benchmark S&P 500 and the tech-heavy Nasdaq Composite were up 0.3 per cent ahead of the New York trading session....
...World leaders agreed at COP28 to triple global renewable generation capacity by 2030 to 11,000GW — a tall order....
...The S&P 500 lost 1.2 per cent, reversing earlier gains and marking the worst day for the benchmark gauge since mid-February....
...Yet the crude price, now at $82, shows every sign of remaining below triple figures. Large, mature economies have not increased their oil consumption much in the past decade....
...Wall Street’s blue-chip S&P 500 stock index closed 1.2 per cent lower, its sharpest daily decline since the middle of February, while the tech-heavy Nasdaq Composite fell 1.4 per cent....
...and gas profits triple under Joe Biden even as industry decries him The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino....
...Houston expressed confidence that fossil fuel consumption would continue growing, just months after world leaders at the COP28 climate summit pledged to begin “transitioning away from fossil fuels” and triple...
...As a result, equity markets are already more jittery — not a positive for oil. Since 2000 oil prices have rarely continued rising when the S&P 500 has a sustained decline....
...Emmanuel Corral, senior analyst at S&P Global Commodity Insights, says climate worries have “spurred investments in this technology from governments, research institutions and the private sector”....
...The IMF said on Tuesday that the US economy was on track to grow 2.7 per cent in 2024 — more than triple the pace of the eurozone....
...There are still some big-ticket items outstanding from the G20’s report....
...Walmart was the second-worst performer on the benchmark S&P 500 in the afternoon in New York, falling more than 8 per cent....
...Sadly, mainFT’s Ian Johnston has delivered, with this unlisted offering from Oil Brokerage, a London-based, uh, oil brokerage....
...The benchmark S&P 500 gained 1.1 per cent, while the tech-heavy Nasdaq Composite closed 1.2 per cent higher....
...Crude oil prices, which climbed higher than $90 a barrel this month for the first time since October, have buoyed oil majors....
...S&P Global Ratings said in a report on Thursday that triple C borrowers would “contend with weak cash flow and elevated interest expenses this year”, while “defaults in 2024 [would] largely come from consumer-facing...
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