Stock market today, June 23, 2014: U.S. stock markets dipped on Monday as corporate mergers continued to make headlines and the United States saw home sales rise for a second consecutive month. Last month, sales of previously owned homes increased by 4.9%, the fastest one-month gain since August 2011.
The price of West Texas Intermediate crude oil was up 0.83% to $107.26 a barrel. The yield on the 10-year Treasury note remained in Friday's range of 2.61%.
And here are the top stories from the stock market today:
Money Morning Global Energy Strategist Dr. Kent Moors appeared on CNBC's "Closing Bell" on Fridayto discuss what geopolitical conflict in Iraq will do to crude oil prices and the effect on gas this week.
On Friday, Islamic State of Iraq and Greater Syria (ISIS) insurgents attacked Baji, an area about 200 miles north of Baghdad. Baji houses the largest refinery in Iraq, which accounts for almost a third of the country's refining capacity. Although the Iraqi government said it held Baji against the attack, ISIS has control of areas just outside the refinery.
Watch the video to see where Moors thinks "exceptionally unstable" crude oil prices will go from here, and whether gas prices will hit $4 per gallon this week...
Everyone wants to know why the price at the pump just keeps going higher.
The last time I discussed this issue was in late April. Since then, pump prices in the United States have jumped more than 12%.
Five years ago, the global oil market hit "panic" prices that ultimately exceeded $147 a barrel,
There were two reasons for this...
Crude oil prices are hovering near 52-week highs this morning (Wednesday), following news that Sunni militant fighters have attacked Iraq's main oil refinery in the city of Baiji.
Importantly, today's attack does not impact export production or export routes, but that doesn't mean that the mounting crisis won't have a major impact on crude oil prices today.
Here’s where oil prices are headed as this crisis continues to unfold...
Crude oil prices spiked $2.13 to $106.53 Thursday morning, putting the commodity at levels not seen since September 2013.
Brent crude, meanwhile, rose as much as 2.2% to $112.34
Here's the major news moving these prices higher today – and for continuing weeks...
Let's face it: Iran isn't at the top of anyone's list when considering all the profit opportunities out there in the world. At least, not yet...
You see, Iran is changing - and quickly.
Its new political regime at least appears to be increasingly open to the West.
Its old-style buyback contracts with international oil companies have long been considered high-risk with little or no flexibility; they essentially allowed Iran to own the oil company assets and allow the company a stream of profit.
But the isolated nation recently announced the introduction of a new generation of oil contract, one that promises to be considerably friendlier to foreign partners.
In December 2013, I let our readers in on a way to invest directly in a new oil and gas drilling venture.
In the time since, I've been spending a great deal of time at the drilling site in South Texas, keeping an eye on the progress.
Over the past week, oil and gas stocks have been quite volatile. But that's not bad news - not by a long shot.
In fact, this is always the time when energy investors should be on the hunt for bargains.
And there's one approach that works especially well in this situation...
The oil price spread between West Texas Intermediate and Brent is tightening again.
As of this morning, this spread stood at 7.2% of the WTI rate (the more accurate way to register its impact in the U.S. market).
And as this oil price spread continues to narrow, it promises to create some direct consequences for energy investors.
Here's what's behind it, and what investors need to know moving forward...
The price of gasoline in the U.S. is on the rise again.
Futures prices for RBOB ("Reformulated Blendstock for Oxygenate Blending"), the NYMEX futures contract for gasoline, are up over 11% for the year, and a full 6.6% of that increase has come in the past month.
In fact, gas is up 2.4% over the past week alone. Today, the average retail price is 4 cents higher per gallon than a year ago.
And you can bet that as we move into the "official" start of the summer driving season, the worst is yet to come. Prices will be headed even higher.
So with all the hoopla surrounding our newfound oil wealth and our legitimate move to become energy self-sufficient in as little as a decade, why are gas prices still climbing?
Since the early 1970s, most major oil deals have been transacted in "petrodollars."
But that system has become increasingly challenged in recent years.
The conflict in Ukraine right now has only served to exacerbate things.
As America leads the charge to impose Western sanctions on Russia, it's a plan that's not only backfiring, but leading to opportunities for those who understand the consequences...
The Eagle Ford shale formation in Southern Texas is experiencing an unprecedented oil boom. With a daily output of more than 1.36 million barrels, it's the largest oil formation in the U.S.
It's helping make the U.S. the world's top oil producer and making oil companies even richer in the process.
Marina and I returned home from Houston late Wednesday night. After trips to London and Mexico City, we were tired to say the least... but also very excited.
That's because our latest trip allowed us to spend several days visiting the initial drilling sites for Money Map Project #1 in South and East Texas.
To continue reading, please click here...
Chevron (NYSE: CVX), the nation's second-largest oil company and the world's fourth-largest energy producer by market value, cut expectations for its 2017 production by 6.1% at its annual security analyst meeting today (Tuesday), citing a drop in LNG prices and an increase in oil prices.
Over the last several months, the petrochemical company, along with industry competitors, has been shelling out huge amounts of cash to raise natural gas and oil production.
To continue reading, please click here...
Today (Monday), U.S. oil futures hit a five-month high on fallout from the Ukraine conflict, further supported by inclement weather across the United States.
On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude for delivery in April rose to a session high of $104.65 a barrel, the highest since Sept. 23.
To continue reading, please click here...
