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Crude Oil Prices Surge as U.S. Statements on China Meeting Renew Focus on Supply Issues
Crude oil prices surged on Friday after U.S. President Donald Trump said he and Chinese President Xi Jinping agreed that Iran cannot have nuclear weapons, returning market focus to the ongoing closure of the Strait of Hormuz.Brent crude at last look jumped 3.1% to US$109.02/barrel and West Texas Intermediate crude gained 3.5% to $104.72/barrel. Besides the U.S.-Iran deadlock and the blocked strait, the market is also concerned about renewed military escalation, Reuters said in a Friday report, citing analysts.Though the strait is still effectively closed, Iran's Revolutionary Guard said 30 vessels had crossed it since Wednesday evening, down from the typical number of 140 vessels before the war but a substantial increase if confirmed, the report said."Oil prices swung several times yesterday but still closed near the day's high," Reuters quoted Yang An, analyst at Haitong Futures, as saying. "Ships passing through the strait eased some market concerns, but not enough to change the strong trend driven by tight supply."
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Sectors
Sector Update: Energy Stocks Rise Late Afternoon
Energy stocks advanced late Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.3%.Front-month West Texas Intermediate crude oil was rising 0.8% to $101.79 a barrel, and the global benchmark Brent crude contract was adding 0.6% to $106.30 a barrel. Henry Hub natural gas futures rose 1.6% to $2.91 per 1 million BTU.US natural gas stocks rose by 85 billion cubic feet in the week ended May 8, smaller than the 87 billion gain expected in a survey compiled by Bloomberg and following an increase of 63 billion cubic feet in the previous week.In corporate news, Infinity Natural Resources (INR) shares gained 3% after RBC Capital Markets said in a note the company is positioned to outperform peers over the next year as a "niche player" that can switch focus between oil and natural gas.Constellation Energy (CEG) and Pine Creek RNG said Thursday they have signed a long-term agreement under which Constellation will buy a minority equity interest in five Pine Creek production facilities. Constellation shares increased 0.3%.Chevron (CVX) has agreed to sell its downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, to Eneos for $2.17 billion, Eneos said. Chevron shares added 0.2%.New Fortress Energy (NFE) is seeking permission from a UK court for a restructuring plan that will convert 90% of its $6.5 billion debt into equity and transfer ownership of the company to creditors, Bloomberg reported. New Fortress shares fell 7%.
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Sectors
Sector Update: Financial Stocks Higher Late Afternoon
Financial stocks rose late Thursday afternoon trading, with the NYSE Financial Index increasing 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.The Philadelphia Housing Index rose 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.6%.Bitcoin (BTC-USD) gained 2.7% to $81,396, and the yield for 10-year US Treasuries was decreasing 2 basis points to 4.46%.In economic news, retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported Thursday, matching the consensus in a survey compiled by Bloomberg.In corporate news, Assurant (AIZ) shares climbed 3.9% after Morgan Stanley upgraded the stock to overweight from equal weight, and raised its price target to $285 from $240.Klarna (KLAR) shares surged 19% after the company posted a narrower net loss and higher revenue for Q1.Interactive Brokers (IBKR) is launching a platform that enables investors to trade contracts across all three prediction market exchanges from a single platform. The clients can access the combined liquidity of ForecastEx, CME Group (CME), and Kalshi and receive the best available net price. Interactive Brokers shares rose 3.8%.Blackstone (BX) owned data center operator AirTrunk is seeking a $2.3 billion syndicated loan to fund the development of its AirTrunk JHB2 facility in Malaysia's Johor state, Bloomberg reported. Blackstone shares added 2.5%.
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