Empire boosts North Dakota assets with acquisition closing
Tulsa’s Empire Petroleum, an oil and gas company with current producing assets in...
Tulsa’s Empire Petroleum, an oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico, announced that it has closed the acquisition of nearly 2,500 acres in oil and natural gas assets in northern and western North Dakota.
The operated and non-operated assets are in the Landa Madison and Landa West Madison Units in Bottineau County, North Dakota and the Birdbear Area in Golden Valley and Billings County, North Dakota.
Energy stocks have opened higher, supported by rising oil and natural gas prices, strong broader index futures, and continued expectations of improving fundamentals, cash flow generation and operational efficiencies across the sector. Earnings across the sector continue to pour in, while a handful of analyst rating changes will steer some trading in integrated and E&Ps.
Oil prices rose on Thursday amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market. Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation". Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals.
Natural gas futures are higher by 5 cents, trading right around $7.00. Weekly inventory data due out later this morning expects a build of 31 bcf against the 5-year average of +42 bcf.
Crude oil prices were mixed in Wednesday’s trading as benchmark US prices managed a slight increase...
Crude oil prices were mixed in Wednesday’s trading as benchmark US prices managed a slight increase while European prices fell.
US prices initially responded with an increase after the U.S. Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the week to April 15.
West Texas Intermediate crude for May delivery went up 19 cents to close at $102.75 a barrel in trading on the New York Mercantile Exchange.
Global benchmark Brent crude for June delivery slipped 45 cents to finish at $106.80 a barrel on ICE Futures Europe.
May natural gas dropped 24 cents and closed at $6.95 per 1,000 cubic feet.
MarketWatch: Dow ends higher for second day; Nasdaq drops 1.2% as Netflix slides
Major U.S. stock indexes finished mostly lower on Wednesday, with the Nasdaq Composite...
Major U.S. stock indexes finished mostly lower on Wednesday, with the Nasdaq Composite pulled down by tumbling shares of Netflix NFLX, -35.12% a day after the streaming service reported a net loss of 200,000 paid subscribers in the first quarter. The Dow Jones Industrial Average DJIA, +0.71% gained about 250 points, or 0.7%, ending the second day in a row higher near 35,160. The S&P 500 index SPX, -0.06% shed 0.1%, while the Nasdaq COMP, -1.22% closed 1.2% lower. Investors remain focused on quarterly earnings season, looking for hints as to how big companies and consumers have been managing inflation at a 40-year high. San Francisco Federal Reserve president Mary Daly said Wednesday the central bank should act quickly to move its policy rate to neutral levels, or 2.5% according to most forecasts. The Fed's Beige Book report also showed expectations for inflation to continue running hot in the coming months.
U.S. existing-home sales fall for a second straight month as mortgage rates rise
Existing-home sales decreased 2.7% between February and March, dropping to a seasonally-adjusted, annual...
Existing-home sales decreased 2.7% between February and March, dropping to a seasonally-adjusted, annual rate of 5.77 million, the National Association of Realtors said Wednesday. Compared to a year ago, sales were down 4.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.75 million.
