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Oil Jumps on Bullish U.S. Gasoline Draw, OPEC Speculation

09 Mar. 2016

Oil prices surged as much as 4 percent on Wednesday, with Brent back above $40 a barrel, after a big draw in U.S. gasoline convinced the market that energy demand was improving despite U.S. crude stockpiles at record highs.

Crude oil prices also rose on speculation that top producers might agree soon to an output freeze. Brent futures LCOc1 were up $1.30, or 3.2 percent, at $40.95 a barrel by 12:03 p.m. EST. U.S. crude futures CLc1 rose $1.50, or 4 percent, to $38.

The U.S. Energy Information Administration said crude stockpiles USOILC=ECI rose 3.9 million barrels to nearly 522 million barrels, as predicted by analysts in a Reuters poll.

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Chevron Plans to Slash Budget to Save Cash for Dividend

08 Mar. 2016

Oil and gas major Chevron Corp will slash its capital budget by as much as 36 percent in 2017 and 2018, a cash-saving bid to preserve its 90-year-old dividend as it copes with crude prices CLc1 near 10-year lows.

The outlook on Tuesday highlights the unease permeating the energy industry as executives try to contend with what many are forecasting to be crude prices below $50 per barrel through at the end of the decade.

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Stocks Turn Higher, Shaking off Early Losses

07 Mar. 2016

U.S. stocks are aiming for a fifth daily gain Monday as energy companies jumped along with the price of crude oil and natural gas. Banks and technology companies are down, however. Chip maker Micron Technology sank 2%.

The Dow Jones industrial average was up 51 points, or 0.3%, to 17,057 as of 12:28 p.m Eastern time. The S&P 500 index edged up two points, or 0.1%, to 2,002. The Nasdaq composite climbed three points, or less than 0.1%, to 4,720.

The six biggest gainers in the S&P 500 were drillers and other energy-related companies. Murphy Oil rose $3.47, or nearly 15%, to $27.17.

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How Much Retirement Income Do You Really Need?

03 Mar. 2016

The GAO, which reviewed 59 studies and reports on retirement income and interviewed retirement services firms and financial planners as part of the study, found that recommended target income replacement rates typically ranged from 70 to 85 percent of your pay just before retirement.

But those figures are only general targets -- they don't take into account your individual circumstances and goals, which can greatly affect how much income a given retiree needs.

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Top Fed Official Sees Downside Risk to U.S. Economy

01 Mar. 2016

The Federal Reserve's leaders predicted in December that they would raise rates about four times this year. But the Fed is now thinking twice after stocks and oil prices were rocked by volatility in January and February.

Translation: don't expect a rate hike in March -- the likely starting point if the Fed were to raise rates four times in 2016. In fairness, Fed officials are allowed to change their mind: leaders have been clear that they are not on a preset course.

Read full article from CNN Money

 

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