SECTOR COMMENTARY
SECTOR COMMENTARY
Power shares stay beneath stress this morning from the load of 7-week lows for oil costs and pure gasoline futures which can be modestly increased however nonetheless plumbing close to 4-year lows. Commodity weak point has been the first driver of power equities stretching again to final week.
Information circulate continues to focus on earnings, with Kinder Morgan reporting a 26% rise in quarterly revenue on Wednesday, benefiting from increased gasoline takeaway from the Permian Basin via its Gulf Coast Categorical pipeline. Moreover, Scotiabank and Credit score Suisse adjusted a number of particular person inventory suggestions throughout their built-in and E&P protection.
Oil costs fell on Thursday on concern that the unfold of a respiratory virus from China may decrease gas demand if it stunts financial development in an echo of the SARS epidemic almost 20 years in the past. Brent crude futures had been down round 1.4%, at $62.33 a barrel not too long ago, having earlier touched their lowest since December 4. They misplaced 2.1% within the earlier session. Merchants will likely be waiting for the weekly stock report out later this morning which…