Midterm Results (or lack there of) pressures oil price
Posted: Wed Nov 09, 2022 10:17 am
Oil prices slide $2 on China demand worries, U.S. midterm elections. Reuters.
Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections. Brent futures for January delivery fell $2.56 to $95.36 a barrel, a 2.6% loss. U.S. crude fell $2.88, or 3.14%, to $88.91 per barrel. "The market is entering today with a certain degree of skepticism surrounding the election... It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. U.S. stocks also gyrated as market participants bided their time waiting to see whether Capitol Hill is in for a power shift, with Republican gains expected in the midterm elections. On Monday, both benchmarks hit their highest since August on reports that leaders in China were weighing an exit from the country's strict COVID-19 restrictions.
What’s next for climate politics? 7 results offer clues. E&E News.
Republicans were favored to win the House in Tuesday’s elections — but early results signaled a drastic underperformance. House control was still undetermined as of 5 a.m., and any Republican majority would be slim. Democrats also flipped a Senate seat, giving them a greater chance of retaining the upper chamber. Even in the oil patch, Democrats showed strength. Key races in New Mexico, Colorado, Pennsylvania and Texas saw Republicans fizzle against both moderate and progressive opponents. Democrats were poised to sweep all of the Keystone State’s competitive races after Biden and Trump both campaigned heavily there. “Definitely not a Republican wave, that’s for darn sure,” Republican Sen. Lindsey Graham of South Carolina said on NBC News. He said Republicans would be forced to find some common ground with Biden. “Maybe we can do something with energy,” said Graham, who has flirted with climate legislation in the past.
Meet the Republicans who could lead key House environmental committees. Washington Post.
After polls closed Tuesday evening, the battle for control of Congress remains undecided. Many races are still too close to call, as Democrats dashed Republicans’ hopes for a red wave. But while the Senate is up for grabs, Republicans are still poised to win the House. And already, key GOP lawmakers are teasing their plans if they’re in the majority, vowing to intensify oversight of the Biden administration’s climate agenda and pledging to push legislation that would increase the burning of fossil fuels, a primary driver of global warming. Westerman, 54, could reclaim the gavel of the House Natural Resources Committee from Rep. Raúl M. Grijalva (D-Ariz.), who has led the panel since 2019. Oversight plans: In a recent interview with The Climate 202, Westerman said he would seek to conduct oversight of the Interior Department's efforts to craft a new five-year plan for offshore oil and gas leasing in federal waters.
Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections. Brent futures for January delivery fell $2.56 to $95.36 a barrel, a 2.6% loss. U.S. crude fell $2.88, or 3.14%, to $88.91 per barrel. "The market is entering today with a certain degree of skepticism surrounding the election... It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. U.S. stocks also gyrated as market participants bided their time waiting to see whether Capitol Hill is in for a power shift, with Republican gains expected in the midterm elections. On Monday, both benchmarks hit their highest since August on reports that leaders in China were weighing an exit from the country's strict COVID-19 restrictions.
What’s next for climate politics? 7 results offer clues. E&E News.
Republicans were favored to win the House in Tuesday’s elections — but early results signaled a drastic underperformance. House control was still undetermined as of 5 a.m., and any Republican majority would be slim. Democrats also flipped a Senate seat, giving them a greater chance of retaining the upper chamber. Even in the oil patch, Democrats showed strength. Key races in New Mexico, Colorado, Pennsylvania and Texas saw Republicans fizzle against both moderate and progressive opponents. Democrats were poised to sweep all of the Keystone State’s competitive races after Biden and Trump both campaigned heavily there. “Definitely not a Republican wave, that’s for darn sure,” Republican Sen. Lindsey Graham of South Carolina said on NBC News. He said Republicans would be forced to find some common ground with Biden. “Maybe we can do something with energy,” said Graham, who has flirted with climate legislation in the past.
Meet the Republicans who could lead key House environmental committees. Washington Post.
After polls closed Tuesday evening, the battle for control of Congress remains undecided. Many races are still too close to call, as Democrats dashed Republicans’ hopes for a red wave. But while the Senate is up for grabs, Republicans are still poised to win the House. And already, key GOP lawmakers are teasing their plans if they’re in the majority, vowing to intensify oversight of the Biden administration’s climate agenda and pledging to push legislation that would increase the burning of fossil fuels, a primary driver of global warming. Westerman, 54, could reclaim the gavel of the House Natural Resources Committee from Rep. Raúl M. Grijalva (D-Ariz.), who has led the panel since 2019. Oversight plans: In a recent interview with The Climate 202, Westerman said he would seek to conduct oversight of the Interior Department's efforts to craft a new five-year plan for offshore oil and gas leasing in federal waters.