U.S. stocks finish higher as Dow books longest winning streak since March 2021
U.S. stock indexes ended higher on Tuesday with...
U.S. stock indexes ended higher on Tuesdaywith the Dow Jones Industrial Averagesettling at the highest level in 15 months after quarterly results from Bank of America Corp. and Morgan Stanley bolstered bank stocks, while shares of Microsoft Corp. spiked to its record high, buoying the technology sector. The Dow industrials advanced 366 points, or 1.1%, to end at 34,951, its highest closing level since April 21, 2022. The S&P 500 was up 0.7%, while the Nasdaq Composite jumped 0.8%. Bank of America Corp.’s second-quarter earnings beat Wall Street expectations, sending the megabank’s stock up by more than 4.4% on Tuesday, while Morgan Stanley’s shares rallied 6.5% after its quarterly profit dropped but beat analyst expectations.
Heat wave in U.S. strains power grid: "People weren't ready for this heat"
Millions of Americans are under heat advisories...
Millions of Americansare under heat advisories as a relentless heatwave sweeps across the United States. Sweltering temperatures have settled over at least 14 states, straining the power gridin some parts of the country. The prolonged heat increases the risk of transformer failures.
California is urging residents to conserve air conditioning usage and set thermostats to 78 degrees Fahrenheit to prevent potential blackouts. In one example of the extreme heat, the state's Death Valley is seeing temperatures above 110 — at night. Las Vegashas also endured scorching temperatures of 110 degrees or higher for over a week.
In Arizona, the power grid is managing to meet demand, despite residents in the Phoenix area setting a new record for electricity consumption. The city is expected to break a heat record Tuesday — experiencing 19 consecutive days of temperatures at or above 110 degrees.
The Ukraine war has reshaped Asia's crude trade dynamics, resulting in Taiwan replacing India as one of the top three customers for North American light sweet crude.S&P Global Commodity Insights data reveal that the market share of US crude oil in Asia hit a record 7% in the second quarter, driven by double- and even triple-digit growth in imports from China, South Korea and Taiwan.
The energy sector is off to a mixed start, supported by mild strength in the crude complex but pressured by weakness in the major equity futures which slipped as investors digested a slew of earnings from the banks and soft retail sales data.
WTI and Brent crude oil futures inched back higher this morning, as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% yesterday following sluggish GDP data from China and news of a partial restart in some Libyan oilfields. Market participants are now awaiting the first of the inventory reads which they expected to show U.S. crude oil stockpiles and product inventories fell last week.
Natural gas futures surged higher this morning on updated forecasts calling for hotter weather in key consuming regions during late July.
Berry Corp. Inks Deal to Acquire Private California E&P
California-focused oil producer Berry Corp. is...
California-focused oil producer Berry Corp. is expanding its position through M&A.
Dallas-based Berry Corp. agreed to acquire Macpherson Energy Corp., a privately held operator in Kern County, California, for $70 million in cash, the companies announced July 17.
Scooping up Macpherson Energy will add about 2,400 boe/d (100% oil) of crude production in 2024, Berry said.
Under the terms of the agreement, Berry will pay $50 million at closing—which is expected to occur in the third quarter.
The company expects to pay the remaining $20 million by July 2024 based on its current projects for the pro forma company and Brent crude pricing of $75/bbl.
