Energy stocks end lower in about-face as OPEC may seek to boost production
Oil and gas stocks (NYSEARCA:...
Oil and gas stocks (NYSEARCA:XLE), leading the S&P sector leaderboard for most of Tuesday's trading, erased gains along with a rally in crude oil following reports that OPEC members could pump more crude and exempt Russia from oil production targets.
Such an exemption potentially could pave the way for Saudi Arabia, the United Arab Emirates and other OPEC producers to pump more crude, The Wall Street Journal reported.
MarketWatch: Dow ends down over 200 points on Tuesday, but ekes out gain for May
Stocks ended lower Tuesday, capping a volatile May that saw the S&P 500 flirt with a bear market...
Stocks ended lower Tuesday, capping a volatile May that saw the S&P 500 flirt with a bear market but end the month virtually unchanged. The Dow Jones Industrial Average DJIA, -0.67% fell around 221 points, or 0.7%, to close near 32,992, while the S&P 500 SPX, -0.63% shed 26 points, or 0.6%, to finish near 4,132. The Nasdaq Composite COMP, -0.41% fell around 50 points, or 0.4%, to end near 12,081. Stocks fell sharply in May, with the S&P 500 on May 19 briefly trading below the 20% pullback threshold that would mark a bear market before recovering. Stocks then bounced sharply last week. The Dow eked out a 0.04% monthly gain, while the S&P 500 finished with a gain of 0.01%. The Nasdaq dropped 2.1%. Fears that rising inflation pressures would begin to undercut corporate profit margins and worries that aggressive Fed tightening could spark a recession were among the factors cited for market volatility.
Oil turns negative as OPEC eyes Russia's suspension from output deal
Oil prices turned negative on Tuesday after a report that some producers...
Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.
Brent crude futures for August, the most actively traded contract, settled down $2, or 1.7%, at $115.60 a barrel, after rising to $120.80 earlier in the day. The front-month contract for July, which expired on Tuesday, closed up $1.17, or 1%, at $122.84.
U.S. West Texas Intermediate (WTI) crude settled at $114.67 a barrel, down 40 cents or 0.4% from Friday's close. Earlier in the session, it had touched $119.98, its highest since March 9. There was no settlement on Monday's U.S. Memorial Day holiday.
US Oil Output Rises 3% to Highest Since November: EIA
U.S. crude oil production rose in March by more than 3% to the highest since November, according to a...
U.S. crude oil production rose in March by more than 3% to the highest since November, according to a monthly report from the U.S. Energy Information Administration (EIA) on May 31.
Oil production rose to nearly 11.7 million bbl/d in March from 11.3 million bpd the month prior, the report showed.
Demand for U.S. crude and petroleum products rose in March to 20.5 million bbl/d, its highest since December, the EIA said.
Demand for motor gasoline rose to 8.9 million bbl/d, the highest since December, the EIA said.
According to Offshore Energy, ConocoPhillips has delineated its Slagugle oil discovery located in the Norwegian Sea, constraining the recoverable hydrocarbon volume of the main segment. The 6507/5-11 appraisal well – on oil discovery 6507/5-10 S (Slagugle) – was drilled in PL891 in the Norwegian Sea, about 22 km northeast of the Heidrun field and 0.75 km south-southeast of the discovery well. ConocoPhillips is the operator of the license with an 80 percent interest and Pandion Energy is its partner with the remaining 20 percent.
The Petroleum Safety Authority Norway has given ConocoPhillips consent for exploration drilling in block 6306/3 in the Norwegian Sea.
