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U.A.E's OPEC Withdrawal Likely to Begin Lowering Oil Prices by 2027

The decision by the United Arab Emirates to withdraw from the OPEC cartel on May 1 is unlikely to offer any near-term relief from high oil prices this year, but raises over-supply risks and lower prices beginning as soon as 2027, Woods Mackenzie said on Wednesday.The UAE's move to leave OPEC comes amid its long-standing push to boost production as it chafed under OPEC quotas while spending to boost its potential output. The country is OPEC's No.3 oil producer and the world's No.7 exporter. Removing quota restrictions makes it a powerful competitor to the cartel and could begin returning the market to over-supply once a recovery from the Iran war is complete."As the nation with the second-largest liquids capacity in OPEC, the UAE's exit is momentous. However, it's not entirely surprising as political tensions between the UAE and Saudi Arabia have been building over the last few years and have intensified in recent months amid the ongoing conflict in Iran. UAE's departure from OPEC will have minimal impact on market fundamentals in 2026, even if the Strait of Hormuz reopens. Gulf countries, including the UAE, will take months to return to pre-war production volumes. Beyond this year, losing the UAE will compound OPEC's challenge to balance the market and increase the risk of oversupply weakening prices," chief analyst Simon Flowers said in a release.The analytics firm said when the UAE begins competing with OPEC, OPEC+ and other producers for market share next year "challenges OPEC's current policy of unwinding its voluntary cuts. If tensions escalate, competition between the UAE and OPEC for market share could send medium-term oil prices sharply lower".

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Sectors10d ago

US Total Crude Oil Stocks Fall in Week Ended April 24

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 13.4 million barrels in the week ended April 24 following a decrease of 2.2 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks decreased by 6.2 million-barrels after a 1.9-million-barrel increase in the previous week, more than the 190,000 barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR also fell by 7.1 million in the week after falling by 4.1 million in the previous week.Overall crude oil stocks were down 1.5% from the previous week but were still up 2.2% from a year earlier. Crude oil inventories are about 1% higher than the five-year average for this time of the year.Gasoline stocks decreased by 6.1 million barrels, more than the 2.8 million barrel decrease expected. Gasoline stocks were 2.7% lower from the previous week, and 1.4% down from a year earlier.Distillate stocks fell by 4.5 million barrels in the current week, compared with an expected decrease of 2.2 million barrels. Distillate stocks were 4.2% less than in the previous week and 3.9% lower than in the same week a year ago.Refineries operated at 89.6% of their capacity, slightly higher than the 89.1% rate in the previous week.

Sectors10d ago

US Total Weekly EIA Crude Oil Stocks Fall by 13.4 Million Barrels After Prior 2.2 Million Decrease

Sectors10d ago

Natural Gas Falls as Mild Weather Checks Demand

Natural gas traded lower early Wednesday as mild temperatures continue to check cooling demand.Gas for June delivery was last seen down $0.05 to US$2.64 per million British thermal units.The drop comes as cool forecasts keep demand for electricity to power air conditions low, checking the call on supply from generators.Long-term forecasts from the National Weather Service offer little hope for a jump in demand, with the agency's sox to 14 day forecast expecting nearly all states east of the Rocky Mountains to have cooler than seasonal weather over the period.

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Sectors10d ago

Sector Update: Energy Stocks Edge Higher Pre-Bell Wednesday

Energy stocks were edging higher pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.2%.The United States Oil Fund (USO) was up 3.4% and the United States Natural Gas Fund (UNG) was 2.4% lower.Front-month US West Texas Intermediate crude oil was 3.7% higher at $103.58 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.6% to $115.29 per barrel, and natural gas futures were down 2.5% at $2.62 per 1 million British Thermal Units.TotalEnergies (TTE) shares were up 1% after the company posted higher Q1 adjusted earnings and revenue.Phillips 66 (PSX) stock was up more than 1% after the company reported that it swung to Q1 adjusted earnings.Delek US (DK) shares were up more than 4% after the company posted a swing to Q1 adjusted earnings as net revenue increased during the period.

$DK$PSX$TTE$UNG$USO$XLE

Sectors10d ago

Sector Update: Financial Stocks Advance Premarket Wednesday

Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.5%.UBS Group (UBS) shares were up 5% after the company posted higher Q1 earnings and revenue.Banco Santander (SAN) stock was up more than 1% after the company reported higher Q1 earnings and revenue.Robinhood Markets (HOOD) shares were down more than 12% after the company reported Q1 earnings and revenue that missed analysts' expectations.

$FAS$FAZ$HOOD$SAN$UBS$XLF

Sectors10d ago

Sector Update: Health Care Stocks Mixed Pre-Bell Wednesday

Health care stocks were mixed pre-bell Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.4% lower and the iShares Biotechnology ETF (IBB) up 0.1%.Teva Pharmaceutical Industries (TEVA) shares were up more than 8% after the company posted higher Q1 non-GAAP earnings and net revenue.AstraZeneca (AZN) stock was down more than 1% even after the company reported higher Q1 core earnings and revenue.GE Healthcare Technologies (GEHC) shares were down more than 9% after the company posted a decline in Q1 adjusted earnings, and cut its 2026 adjusted EPS outlook.

$AZN$GEHC$IBB$TEVA$XLV

Sectors10d ago

Sector Update: Consumer Stocks Lean Lower Premarket Wednesday

Consumer stocks were leaning lower premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining by 0.4%.Bunge Global (BG) shares were up more than 2% after the company posted higher Q1 adjusted earnings and net sales, and raised its 2026 adjusted EPS outlook.Yum China (YUMC) stock was up more than 3% after the company reported higher Q1 adjusted earnings and revenue.Brinker International (EAT) shares were up more than 9% after the company reported higher fiscal Q3 non-GAAP net income and revenue.

$BG$EAT$XLP$XLY$YUMC

Sectors10d ago

Sector Update: Tech Stocks Rise Pre-Bell Wednesday

Technology stocks were rising pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) advancing by 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.8%.Seagate Technology Holdings (STX) stock was up more than 14% after the company posted higher fiscal Q3 non-GAAP earnings and revenue, and issued fiscal Q4 outlook above analysts' estimates.Automatic Data Processing (ADP) shares were up more than 3% after the company reported higher fiscal Q3 adjusted earnings and revenue, and raised its 2026 outlook.United Microelectronics (UMC) shares were up more than 8% after the company posted higher Q1 earnings and operating revenue.

$ADP$STX$UMC$XLK$XSD

Sectors10d ago

Gold Falls to a Month Low as Rising Energy Costs Expected to Boost Inflation

Gold traded lower for a third-straight day early Wednesday, pressured by inflation worries even as the Federal Reserve's policy committee is expected to leave rates unchanged when it ends its two-day meeting this afternoon. Gold for June delivery was last seen down $33.30 to US$4,575.10 per ounce, the lowest since March 30.With oil trading near four-year highs amid the Iran war, traders have moved away from gold as a safe haven, turning instead to the dollar and bonds to hedge against the threat rising energy prices will boost inflation and force interest rates higher."With oil-led inflation risks remaining the main driver, as rising energy prices strengthen the dollar and reinforce a higher-for-longer interest rate outlook. For now, the market's immediate focus remains on mediation efforts, with a reopening of the strait and a subsequent drop in oil prices representing the biggest short-term upside catalyst for both gold and silver," Saxo Bank noted.But higher rates are not yet on the way. The Federal Open Market Committee and the Bank of Canada will both release interest-rate decisions today and both are expected to leave rates steady.The dollar was higher early, with the ICE dollar index last seen up 0.09 points to 98.73. Treasury yields also moved up, with the U.S. two-year note last seen paying 3.879%, up 2.9 basis points, while the yield on the 10-year note was up 2.0 points to 4.373%.

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Sectors10d ago

Sector Update: Energy

Energy stocks were rising pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.3%.The United States Oil Fund (USO) was up 3.5% and the United States Natural Gas Fund (UNG) was 2.5% lower.Front-month US West Texas Intermediate crude oil was 4% higher at $103.88 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.8% to $115.44 per barrel, and natural gas futures were down 1.9% at $2.64 per 1 million British Thermal Units.TotalEnergies (TTE) shares were up more than 1% after the company posted higher Q1 adjusted earnings and revenue.

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Sectors10d ago

Sector Update: Financial

$UBS

Sectors10d ago

Sector Update: Health Care

Health care stocks were mixed pre-bell Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.6% lower and the iShares Biotechnology ETF (IBB) up 0.1%.Teva Pharmaceutical Industries (TEVA) shares were up more than 9% after the company posted higher Q1 non-GAAP earnings and net revenue.

$TEVA

Sectors10d ago

Sector Update: Consumer

$BG

Sectors10d ago

Sector Update: Tech

Technology stocks were rising pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) marginally advancing and the State Street SPDR S&P Semiconductor ETF (XSD) up 1.8%.Seagate Technology (STX) stock was up more than 15% after the company posted higher fiscal Q3 non-GAAP earnings and revenue, and issued fiscal Q4 outlook above analysts' estimates.

$STX

Sectors10d ago

Oil Prices Firm Above US$100 With No End to the Iran War in Sight

Oil prices firmed above US$100 per barrel early on Monday, rising for a fourth-straight session as hopes for a coming end to the Iran war and a reopening of the Strait of Hormuz fade, while a report showed an unexpected drop in U.S. oil inventories.West Texas Intermediate (WTI) crude oil for June delivery was last seen up US$3.35 to US$103.28 per barrel, the highest since April 7, while June Brent oil was up US$3.45 to US$114.71.WTI has climbed about 49% since the war began on Feb. 28, when Iran blocked the Strait of Hormuz, a key chokepoint for roughly 20% of global oil supply, following attacks by the United States and Israel. The United States is now blockading Iranian ports and Iran has demanded that be lifted before peace talks can resume, which the U.S. is refusing to do, continuing the largest-ever supply shock."The near closure of the Strait of Hormuz prolongs a disruption that continues to tighten global energy markets ... Traders now focus on the next steps in peace talks and today's US inventory report for further signs of how quickly US stockpiles are falling amid robust export demand," Saxo Bank wrote.In its weekly survey, the American Petroleum Institute reported U.S. oil stocks fell by 1.79-million barrels last week, while the consensus estimate expected a rise of 0.3-million barrels, according to Investing.com.The oil market is also focusing on the Tuesday decision by the United Arab Emirates to withdraw from the OPEC Cartel. The UAE is OPEC's third-largest producer and the No. 7 global oil exporter. The decision is likely to have a near-term effect, given the supply shock, but could add additional supply to the market once the conflict ends."Given the world is currently suffering from a lack of supply due to the closure of the Strait of Hormuz, the UAE's departure doesn't really matter since it is already producing at its maximum capacity. That is the maximum it can export via its pipeline (1.5-1.8 mb/d) to the Gulf of Oman given the closure of the Strait, which is why the UAE's overall output fell to 2.37 mb/d in March (vs. 3.64 mb/d in February). In the longer run, when hopefully the conflict is resolved, it may matter more as the UAE could supply the global oil market with an additional 1.0 mb/d. Moreover, OPEC/OPEC+ is losing one of its most vital members," Art Woo, a senior economist at BMO Capital Markets, wrote.

$CLM6$LCOM6$USO

Sectors10d ago

Crude Oil Prices Continue Rising as Strait of Hormuz Remains Blocked, Commerzbank Says

Crude oil prices remain on an upward trajectory as the Strait of Hormuz has not yet been opened despite a halt in hostilities, as the situation has worsened due to the U.S. naval blockade against Iran, Commerzbank said in a Tuesday note.Talks between the U.S. and Iran have also come at a standstill, with a new offer from Iran to open the strait unlikely to be considered acceptable by the U.S., the bank noted. Iran is demanding an end to the blockade and the postponement of talks on the nuclear program.Concerns are also growing about a prolonged supply shortage in the oil market. This is also evident in the widening of time spreads, or the price differences between the various contract maturities along with Brent futures curve, according to Commerzbank.The spread between the nearest-month and the next-month Brent futures contracts is once again just under US$7, while the spread between the nearest-month and the seven-month contract is more than $20. These are the highest price premiums for oil available for immediate delivery in three weeks, the bank said.

$CLX1$LCOX1$USO

Sectors10d ago

Brent Crude Up 3.15% at Near US$114.75

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Sectors10d ago

Crude Oil Prices Surge as U.S. Plans to Extend Iran Blockade, Fueling Supply Worries

Crude oil prices jumped on Wednesday, with Brent crude reaching a one-month high, amid reports that the U.S. plans to extend its blockade of Iranian ports.Brent crude at last look surged 3.2% to US$114.76/barrel and West Texas Intermediate crude climbed 3.5% to $103.40/barrel. U.S. President Donald Trump has instructed aides to prepare for an extended blockade, Reuters said in a Wednesday report, citing The Wall Street Journal.The move will prolong supply disruptions in the Middle East despite a ceasefire in the war with Iran, as talks to end the war have stalled, the report said."The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher," Reuters quoted Yang An, an analyst at Haitong Futures, as saying.Investors are also digesting market impacts of the United Arab Emirates' announcement to leave the Organization of the Petroleum Exporting Countries, according to the report. However, analysts do not see major near-term impacts so far."The United Arab Emirates' exit from OPEC+ formalises the organisations weaker cohesion, but the near-term impact is limited," Reuters quoted an ANZ Research note as saying. "The move reflects long-standing quota tensions, but prices are still being driven more by geopolitics, inventories and logistics than by institutional changes."

$CLX1$LCOX1$USO

Sectors11d ago

Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks edged higher late Tuesday afternoon, with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Philadelphia Housing Index was decreasing 1.3%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.7%.Bitcoin (BTC-USD) was falling 1.6% to $76,126, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.35%.In economic news, the Conference Board's measure of consumer confidence rose to 92.8 in April from an upwardly revised 92.2 in March, compared with the 89.0 print expected in a Bloomberg survey. The poll for preliminary results was conducted from April 1 to April 22, which included the temporary two-week ceasefire in the Iran war.In sector news, Polymarket has had talks with the Commodity Futures Trading Commission in recent weeks as it seeks regulatory approval to bring its main exchange back to the US, Bloomberg reported. Polymarket has technically banned US citizens from trading on its international platform since running afoul of regulators in 2022, and its US-based alternative has failed to fully launch, the report said.In corporate news, JPMorgan Chase (JPM) was selected as the first global banking partner of the Olympic Games, the firm and the International Olympic Committee said Tuesday. Separately, JPMorgan is joining HSBC (HSBC) in providing a $6 billion financing for potential suitors of a stake in Kuwait Petroleum's crude oil pipeline network, Reuters reported. JPMorgan and HSBC shares were little changed.First Financial (THFF) shares added 1.1% after the company posted higher Q1 net income and revenue from a year ago.Barclays (BCS) shares decreased 0.4% after Bloomberg reported the bank had reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS.Commerce Bancshares (CBSH) shares gained 1.9% after its board approved an increase of 2.5 million shares to its stock buyback program.

$BCS$CBSH$HSBC$JPM$THFF

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Sectors10d ago

Oil Prices Firm Above US$100 With No End to the Iran War in Sight

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