Benchmark U.S. crude oil for July delivery rose 60 cents to $78.50 per barrel Wednesday. Brent crude for August delivery rose 68 cents to $82.60 per barrel.
Wholesale gasoline for July delivery fell 2 cents to $2.39 a gallon. July heating oilrose 2 cents to $2.44 a gallon. July natural gasfell 8 cents to $3.05 per 1,000 cubic feet.
S&P 500, Nasdaq set new closing highs while Dow drops following Fed announcement
U.S. stocks closed mostly higher on Wednesday, helped by a softer-than-expected...
U.S. stocks closed mostly higher on Wednesday, helped by a softer-than-expected consumer-price index reading and signs that Federal Reserve officials could start to cut interest rates this year.
However, the Dow Jones Industrial Average lagged, finishing lower for the third time in the past four sessions after policymakers penciled in just one quarter-point rate cut for 2024. That's down from three rate cuts in March.
The Dowfinished down by 35.21 points, or less than 0.1%, at 38,712.21 after toggling between slight gains and losses toward the end of Wednesday's session.
The S&P 500 closed up by 45.71 points, or 0.9%, at 5,421.03 for its 28th record close of the year, based on preliminary data.
The Nasdaq Composite closed at 17,608.44, up 264.89 points, or 1.5%, for its 16th record close of 2024.
Cape of Good Hope oil trade surges amid Red Sea crisis
The Red Sea shipping crisis, caused by Houthi rebel attacks on cargo...
The Red Sea shipping crisis, caused by Houthi rebel attacks on cargo ships and tankers, has pushed the volume of crude oil and oil products passing around the longer Cape of Good Hope Route to 8.7 million barrels per day in the first five months of 2024, up nearly 50% from the 2023 average, according to the Energy Information Administration. US trade via the Cape of Good Hope increased by over 600,000.
Generative AI offers wealth of opportunities for O&G
The oil and natural gas industry, traditionally reliant on conventional...
The oil and natural gas industry, traditionally reliant on conventional AI for tasks like identifying deposits, is now embracing generative AI to increase operational efficiency and safety and reduce costs and emissions. Additionally, generative AI's ability to analyze diverse data sets, make predictions, and provide context can streamline the training of new employees and aid on-the-ground decision-making by filling workers' knowledge gaps, according to experts.
Matador Resources Buys EnCap E&P Ameredev II for $1.9B
Matador Resources is expanding...
Matador Resources is expanding its Delaware Basin footprint with a $1.9 billion acquisition.
The company announced on June 12 that Dallas-based Matador will acquire a subsidiary of Ameredev II Parent LLC and certain oil and gas properties in West Texas and New Mexico.
The deal with Ameredev II, a portfolio company of private equity firm EnCap Investments LP, includes producing assets and undeveloped acreage in Lea County, New Mexico, and Loving and Winkler counties, Texas.
