Stocks hit session highs and the dollar fell off its highs after Egypt’s Vice-President announced that President Mubarak “waives right to Presidency” and is stepping down. Markets in the U.S. and Europe broadly turned positive, after being mixed to negative for most of the day.
Shares of Kinder Morgan rose 3.5 percent above their initial public offering price on Friday as investors showed their appetite for the U.S. pipeline company’s cash flow and yields.
U.S. crude futures rose above $87.40 a barrel as after President Hosni Mubarak said he would transfer powers to his vice president but would not immediately step down as demanded by protesters.
The natural gas market was caught in a technical “grand slam” and prices could go lower, according to energy analyst Mike Fitzpatrick, who is editor of the Energy Overview newsletter.
Colin Bradbury, regional chief strategist at Daiwa Capital Markets, is bullish on China’s oil and gas sector. He explains why to CNBC’s Oriel Morrison. He also analyzes the country’s latest buying spree in the energy space.
Egyptian President Hosni Mubarak’s vow to serve out his term has created a new level of uncertainty in an already tense situation.
Cramer explains what happened to the markets today after news from Egypt.
Insight on what to expect from emerging markets tomorrow, with David Riedel, Riedel Research.
CNBC’s Melissa Lee and the Fast Money traders discuss the day’s top trades and the stocks they’ll be watching tomorrow.
Escalating pirate attacks in vital shipping lanes have raised fears that insurance costs could rise and vessels could be diverted, adding to demand for bunker fuel at a time of rising oil prices. Questions and answers about the rising risks global trade faces from seaborne gangs.
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