EIA: Oil glut to widen in 2026 as US, OPEC boost output
Global oil markets are projected to see an oversupply of 800,000 barrels...
Global oil markets are projected to see an oversupply of 800,000 barrels per day in 2026, driven by increased output from the US, OPEC nations, Canada and Guyana, according to the Energy Information Administration. While demand from India and China is expected to rise, slower US output growth and declining consumption in OECD countries will contribute to the glut.
Formentera Joins EOG in Wildcatting South Texas' Oily Pearsall Pay
Over a decade ago, the Pearsall Shale, underlying the...
Over a decade ago, the Pearsall Shale, underlying the Eagle Ford in south-central Texas, was rumored to be a burgeoning oil play. Today, the verdict on its potential remains inconclusive. According to Bryan Sheffield, managing partner at Formentera Partners, while initial tests from the early 2010s demonstrated the ability of wildcatters to extract liquids from horizontal wells within the Pearsall, the estimated ultimate recoveries (EURs) were not economically viable. The early extraction efforts used the best fracturing techniques available at the time, which typically involved laterals of a mile or less.
This is further supported by actions from major industry players like EOG Resources, who are actively leasing in the area, indicating a renewed interest in the region's potential.
Israel and Hamas reportedly agreed in principle to ceasefire and hostage deal
According to CBS News, both sides agreed to a ...
According to CBS News, both sides agreed to a draft deal that could be finalized by the end of the week. The Israeli government would still need to vote to approve it, though parties have already “begun drafting public statements of success and hopes are high on all sides,” CBS reported. The deal would reportedly initiate a 42-day ceasefire, during which Hamas would release dozens of hostages and Israel would release Palestinians from its prisons. Biden administration officials helped negotiate the deal, though it would be left to the Trump White House to oversee its implementation.
Hegseth grilled over excessive drinking, sexual assault allegations. At...
Hegseth grilled over excessive drinking, sexual assault allegations. At a Senate confirmation hearing yesterday, the Fox News host, who is President-elect Trump’s pick to lead the Department of Defense, faced questions about his checkered past and qualifications for the top military role. Hegseth continued to deny allegations of misconduct while deflecting inquiries about reports of infidelity and drinking on the job. Another point of contention was his views on women in the military—the TV personality and former national guardsman has said women should not serve in combat roles. To be confirmed, Hegseth likely needs 50 of the 53 Senate Republicans to back him in a vote expected as early as next week.
Meta revealed it’s cutting 5% of its workforce, or about 3,600 employees, targeting its lowest-performing workers to kick off what CEO Mark Zuckerberg said will “be an intense year.”
Daniel Pinto, COO of JPMorgan and Jamie Dimon’s right-hand man, announced his retirement, adding further intrigue to Wall Street’s biggest succession drama.
DirecTV launched a sports streaming service with content from the NFL and other big leagues for $70 a month.
Special Counsel Jack Smith argued in a final report released yesterday that Donald Trump would have been convicted of election interference if the case had gone to trial.
Dow ends higher, Nasdaq falls for 5th straight day ahead of CPI inflation report
U.S. stocks finished mostly higher in a choppy session...
U.S. stocks finished mostly higher in a choppy session on Tuesday ahead of the release of a critical inflation report that could decide how much further the Federal Reserve will cut interest rates in 2025.
The Nasdaq Composite fell 0.2% to end near 19,044, according to preliminary data from FactSet. The tech-heavy index slid for a fifth straight session. The S&P 500 was up 0.1% to finish around 5,842, while the Dow Jones Industrial Average popped over 200 points, or 0.5%, ending near 42,518.
The wholesale inflation data did offer investors some relief from a string of elevated inflation in the final months of 2024, but markets will wait for further confirmation from the CPI report due out Wednesday morning to see if the Fed is succeeding in bringing inflation close to its 2% target.
Investors are also awaiting quarterly earnings from some of the biggest banks and financial firms this week, with JPMorgan Chase, Wells Fargo, Citigroup and BlackRock set to report results on Wednesday.
