TH: Stock Futures Slide as Crude Oil Barely Holds $50 a Barrel
NEW YORK (TheStreet) -- Stock futures were lower as crude oil prices struggled to hold above the $50 level. The commodity saw a fresh plunge in value Thursday morning ahead of U.S. crude inventories data out mid-morning.
S&P 500 futures were down 0.24%, Dow Jones Industrial Average futures fell 0.2%, and Nasdaq futures were flat.
U.S. crude stocks rose 14.3 million barrels in the week ended Feb. 13, far higher than an expected increase of 3.2 million barrels, according to the American Petroleum Institute. If the Energy Information Administration's data out at 11 a.m. EST confirms that increase, it would be the biggest weekly addition since data became available in 1982.
West Texas Intermediate crude plummeted 3.9% to $50.09 a barrel. Oil prices are at half their mid-summer high as a drop in U.S. rig counts and a number of oilers cutting future investments isn't seen as enough to remedy global oversupply and tepid demand.
Any momentum toward a Greek debt solution was cut short Thursday after Germany rejected Greece's request for a six-month loan extension, arguing it was not a "substantial proposal for a solution." In its request, the Greek government had said it would not adhere to austerity measures outlined in the current bailout package.
Japan, the world's third-largest economy, appeared to be recovering from recession after exports surged 17% in January. That marked its biggest jump since late 2013 and helped to push the Nikkei to its highest intraday level since mid-2000.
Exxon Mobil (XOM - Get Report) was down more than 1% in premarket trading after California ordered the shutdown of its Torrance refinery following a major fire on Wednesday. The refinery could be closed for as much as six months while an investigation is ongoing.
SolarCity (SCTY) , the company chaired by Tesla's (TSLA) Elon Musk, was 5.2% lower in premarket trading after posting a quarterly loss on increased investments in installations and factories. The renewable energy company reported a loss of $3.6 million compared to a profit of $26.7 million a year earlier.
T-Mobile (TMUS) was up nearly 4% after reporting a surge in fourth-quarter revenue. The telecom earned 12 cents a share over the quarter, 7 cents better than expected.
Priceline (PCLN - Get Report) jumped more than 7% after recording a 22% increase in net income over the quarter. The online travel company said total gross bookings increased 17% to $10.7 billion.
Delphi Automotive (DLPH) jumped 1.9% premarket after German automotive parts manufacturer Mahle agreed to buy its heating and cooling business for $727 million.
