The energy sector is off to a lower start, pressured by weakness in the underlying commodities and major equity futures which are modestly lower as traders are cautious following Fed Chairman Powell’s hawkish tone last week.
WTI and Brent crude oil futures are adding to last week’s sharp losses as concerns over “higher-for-longer” interest rates and a higher dollar outweighs increasing geopolitical tensions in the Middle East. Over the weekend, the White House national security adviser said the U.S. intends to launch more strikes at Iran-backed groups in the Middle East. This comes as the U.S and Britain targeted Tehran-aligned factions in Iraq, Syria and Yemen over the past three days. The U.S Central Command also said they conducted strikes in self-defense against seven Houthi anti-ship missiles preparing to launch against vessels in the Red Sea. Elsewhere, two Ukrainian attack drones struck the largest oil refinery in southern Russia on Saturday which is the latest in a series of long-range attacks on Russian oil facilities.
Natural gas futures are lower as forecasts Sunday afternoon have everywhere West of the Rockies ex-TX, CO and NM experiencing above-normal temperatures.
California experienced what the National Weather Service called one of the “most ...
California experienced what the National Weather Service called one of the “most dramatic weather days in recent memory” as heavy rains and winds lashed areas not accustomed to wet weather. Downtown Los Angeles is expected to receive over six inches of rain through Tuesday, which is nearly half its average annual rainfall. Officials said all that rain could bring potentially life-threatening flooding and mudslides to the region today. As of Monday morning, more than 900,000 residents had lost power, with the number expected to increase as rain and winds continue.
SCOTUS to decide if Trump can appear on 2024 ballots: The Supreme Court—which includes...
SCOTUS to decide if Trump can appear on 2024 ballots: The Supreme Court—which includes three justices appointed by Trump—will listen to arguments on Thursday over whether the former president can be excluded from ballots due to his role in the Jan. 6, 2021, attack on the Capitol. Trump is appealing a Colorado ruling that found he violated a clause in the 14th Amendment, which says an elected official cannot return to office after engaging in an insurrection. The court’s decision will effectively decide if Trump’s pursuit to reclaim the White House can continue, as 11 other states are challenging his eligibility.
Boeing said it found mis-drilled holes on some fuselages of undelivered 737 Max planes, marking another manufacturing setback for the company.
Target pulled a product dedicated to Black History Month from its shelves after a teacher posted a TikTok showing the item misidentified W.E.B. Du Bois, Booker T. Washington, and Carter G. Woodson.
Caitlin Clark watch: Iowa’s star is just 66 points away from topping the all-time NCAA scoring list in women’s basketball after dropping 38 against Neal’s Maryland Terrapins.
Justin Bieber was the star of the show at the NHL’s All-Star Game festivities in Toronto, although Michael Bublé saying he was high on mushrooms grabbed some attention, too.
National drilling activity declined for the first time in three weeks. Oilfield services firm Baker Hughes...
National drilling activity declined for the first time in three weeks.
Oilfield services firm Baker Hughes said Friday that the combined US rig countdropped two rigs to 619 for the week. That’s down 140 rigs or 18% below the 759 rigs reported last February.
The number of rigs drilling for crude oil was unchanged at 499 for the week and is down 100 rigs from 599 a year ago. The number of rigs seeking natural gas dropped by two to 117 for the week, 41 less than the 158 counted the previous year.
Texas dropped one rig for 377 rigs at work across the state. That’s 74 rigs fewer than the 377 seen last year. New Mexico also dropped one rig for 98 rigs. All other major producing states were unchanged.
The Permian Basin again bucked the national and state trend, adding one rig for 311 rigs active in the region, still 43 less than the 354 last year.
Texas, N.M. contribute to Nov. US oil production record
Record-setting crude oil output in Texas and New Mexico helped push US...
Record-setting crude oil output in Texas and New Mexico helped push US crude production to an all-time high of 13.31 million barrels per day in November, marking a 0.6% increase from October, according to the Energy Information Administration. Gross natural gas production in the contiguous US also rose to a record 118.1 Bcf/d in November, driven by gains in Pennsylvania and Texas, the EIA reported.
