Stock Futures Fall, Oil Tops $80

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Brent crude oil futures hit their highest level in three years

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Third-quarter earnings season begins this week, and investors are waiting for insight into the impact of stick-than-expected inflation due to supply-chain disruptions, labor shortages and rising energy prices. Some are concerned that higher costs of products and energy could reduce demand, while winter could increase the chances of COVID-19 infections and hospitalizations. There is no big earning on Monday.

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“If it wasn’t for the huge amount of savings people are sitting through the pandemic, I would be more worried,” said Mike Bell, global market strategist at JPMorgan Asset Management. “The obvious risk to that is a cold. I don’t think anyone knows if this will lead to another spurt in cases and hospitalizations.”

Brent crude, a global gauge of oil prices, rose 2.2% to $84.21 a barrel, near its highest level in three years. Natural gas futures at Henry Hub in Louisiana were up 3.2% at $5.74 per million British thermal unit. Low stocks around the world are driving up natural gas prices, leading to a race to get supplies before winter.

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Shares of energy companies rose in premarket trading. Shares of Occidental Petroleum were up 2.9% and Marathon Oil was up 3.1%.

US bond markets remained closed for a federal holiday.

Bitcoin surges in recent gains, up 1.9% from Sunday’s 5 p.m. ET level $56,487.43. Speculation is mounting that the Securities and Exchange Commission will approve a bitcoin futures exchange-traded fund in the coming weeks, which could increase the number of firms exposed to the cryptocurrency.

Overseas, the pan-continental stokes Europe 600 ticked down 0.3%, with losses due to the travel and leisure sector. The UK’s FTSE 100 rose 0.2% on gains in energy and mining companies.

Stocks in Asia were mixed, as Hong Kong’s Hang Seng rose 1.9% and Japan’s Nikkei 225 index rose 1.6%, while China’s benchmark Shanghai Composite was flat after adding 0.6% during the session.

Write to Caitlin Ostroff at [email protected]

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