Monday 16/09/19 índice económico de New York

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U.S. Stocks Retreat as Oil Prices Surge

Haven assets like gold and the Japanese yen gain

By Caitlin Ostroff, Steven Russolillo and Jessica Menton
Updated Sept. 16, 2019 4:35 pm ET
The Dow Jones Industrial Average snapped an eight-session winning streak and haven assets rallied after a weekend attack on Saudi Arabian oil facilities sent crude prices surging.

The blue-chip index shed 142.70 points, or 0.5%, to 27076.82. The S&P 500 lost 9.43 points, or 0.3%, to 2997.96, as nine of the 11 sectors in the index tumbled. The energy sector was among the only gainers, up 3.3%. The Nasdaq Composite dropped 23.17 points, or 0.3%, to 8153.54.

Oil Prices Jump
Benchmark U.S. and international oil futures soared,after weekend attacks disrupted production in SaudiArabia.
Price per barrel
Source: FactSet

Brent crude
West Texas intermediate
June 17
July 15
Aug. 12
Sept. 9
50
55
60
65
$70

Attacks on Saudi oil production facilities Saturday knocked out 5.7 million barrels of daily production, pushing U.S. oil futures up 15% to $62.90 a barrel—their largest one-day rise since January 2009. The last time U.S. crude futures gained at least 10% in a day while all three major U.S. indexes slumped was in the depths of the financial crisis on Feb. 19, 2009, according to Dow Jones Market Data.

Brent crude, the global oil benchmark, rose 15% to settle at $69.02 a barrel, its biggest percentage gain on record based on data going back to 1988, according to DJMD. It had earlier jumped to nearly $72 a barrel, but retraced some of those gains after initial concerns over oil output ebbed on Saudi vows to restart production.

President Trump said Sunday that he authorized the release of oil, if needed, from the Strategic Petroleum Reserve to help offset cost increases. The U.S. holds about 600 million barrels of emergency crude products, said Oswald Clint, a senior analyst for Sanford C. Bernstein & Co.

U.S. energy companies saw benefits from the supply disruption, with Devon Energy, Marathon Oil and Hess up at least 11% a piece. Meanwhile, shares of airlines slumped as investors fretted over the potential impact of higher fuel prices on profits. Shares of American Airlines and United Airlines shed 7.3% and 2.8%, respectively.

Gold added 0.8% to settle at $1503.10 a troy ounce, and the Japanese yen rose 0.1% against the U.S. dollar.

The initial spike in oil prices came amid uncertainty of how severely Saudi facilities had been hit. A strike to the oil field would be the shock scenario, impeding production significantly, while damage to the processing plant would be easier offset, said Norbert Rucker, head of commodities research at Swiss bank Julius Baer.

“The market reaction right now really points to a benign scenario,” he said.

Kerry Craig, a global market strategist at J.P. Morgan Asset Management, said oil producers could dip into stockpiles, which would help stabilize prices. “The bigger issue is what premium markets will build in to reflect the risk of further attacks,” he said.

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CHG %CHG
DJIA 27076.82 -142.70 -0.52
S&P 500 2997.96 -9.43 -0.31
Nasdaq Composite 8153.54 -23.17 -0.28
Japan: Nikkei 225 21988.29 228.68 1.05
UK: FTSE 100 7321.41 -46.05 -0.63
Crude Oil Futures 62.06 -0.84 -1.34
Gold Futures 1506.60 -4.90 -0.32
Yen 108.10 -0.04 -0.03
Euro 1.1002