Well productivity gains a priority for US shale drillers
US shale producers such as Pioneer Natural Resources and Devon Energy are addressing the well productivity...
US shale producers such as Pioneer Natural Resources and Devon Energy are addressing the well productivity challenge with plans to drill longer laterals, increase contiguous acreage positions, optimize well spacing and focus on stacked developments. "Importantly, this resource capture allows us to sustain a high-margin production from these assets for many years to come and does not require us to accelerate drilling activity across other parts of the portfolio to maintain our overall production capacity," said Devon CEO Rick Muncrief.
The latest terrible news for the stock market: The economy is booming again. For the...
The latest terrible news for the stock market: The economy is booming again. For the average person, this resilient economy is a double-edged sword. The start of 2023 will seem great — household finances and the labor market will be strong. But a swift kick from interest rates could lead to some serious pain down the line. Here’s what to expect.
U.S. oil prices settle higher on hopes China will relax COVID curbs
U.S. oil futures settled higher Tuesday, finding support as signs...
U.S. oil futures settled higher Tuesday, finding support as signs China might loosen COVID-19 restrictions helped ease worries about energy demand.
Speculation that major oil producers may agree to cut production at a meeting on Sunday also contributed to the day’s gains for the U.S. crude benchmark, analysts said.
West Texas Intermediate crude for January delivery CL.1 rose 96 cents, or 1.2%, to settle at $78.20 a barrel on the New York Mercantile Exchange. On Monday, prices based on the front-month contracts touched their lowest intraday level since December, but finished higher.
January Brent crude BRNF23 the global benchmark, declined by 16 cents, or 0.2%, to settle at $83.03 a barrel on ICE Futures Europe. February Brent BRN00 the most actively traded contract, rose 36 cents, or 0.4%, to $84.25 a barrel.
December gasoline RBZ22 rose nearly 0.1% to $2.3321 a gallon, while December heating oil gained 2.5% to $3.2959 a gallon.
January natural gasNGF23 rose 0.5% to $7.235 per million British thermal units.
The American Petroleum Institute (API) reported a draw of 7.85 million barrels on Tuesday, after...
The American Petroleum Institute (API) reported a draw of 7.85 million barrels on Tuesday, after dropping 4.2 million barrels in the week prior. Analysis anticipated a 2.487 million barrel draw.
U.S. crude inventories may have grown by roughly 13 million barrels so far this year, according to API data, but crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 16 times that figure so far this year— by 204 million barrels.
Distillate stocks also saw a build this week, of 4.01 million barrels, compared to last week’s 1.1-million-barrel increase.
Cushing inventories fell 150,000 barrels in the week to November 25, compared to last week’s reported decrease of 1.4 million barrels.
U.S. stocks close mostly lower as investors await Fed chief Powell's speech
U.S. stocks ended mostly lower Tuesday, with the S&P 500 and Nasdaq Composite booking a third straight...
U.S. stocks ended mostly lower Tuesday, with the S&P 500 and Nasdaq Composite booking a third straight day of losses as investors assessed downbeat data on U.S. consumer confidence and China's step toward potentially easing its strict COVID policy. The Dow Jones Industrial Average DJIA, +0.01% closed about flat, while the S&P 500 SPX, -0.16% slipped 0.2% and the technology-heavy Nasdaq COMP, -0.59% dropped 0.6%, according to preliminary data from FactSet. The Conference Board said Tuesday that its U.S. consumer confidence index fell in November to a four-month low amid concerns over a slowing economy and high inflation.
