U.S. first-time weekly jobless claims rise less than forecast
The numbers: Initial jobless benefit claims rose 14,000 to 262,000 in the week ended...
The numbers: Initial jobless benefit claims rose 14,000 to 262,000 in the week ended Aug. 6, the Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would rise 4,000 from last week’s initial estimate of 260,000.
Key details: The four-week average of claims rose 4,500 to 252,000.
The number of people already collecting jobless benefits rose by 8,000 to 1.43 million.
Big picture: Although moving in fits and starts, claims have been slowly trending higher, consistent with some softening in demand for workers. The Federal Reserve wants to cool the labor market in order to get the inflation rate under control.
Oklahoma City’s Ascent Resources Utica Holdings, LLC says it’s accelerating its drilling activity n the Utica play following the results of its second-quarter earnings.
The company reported $285 million in net income, adjusted net income of $277 million and adjusted EBITDAX of $477 million. It also incurred $272 million of total capital expenditures including $236 million for well costs and $12 million for capitalized interest.
Ascent generated $160 million of adjusted free cash flow during the quarter despite a realized hedge loss of nearly $604 million.
Benchmark U.S. crude oil for September delivery rose $1.43 to $91.93...
Benchmark U.S. crude oil for September delivery rose $1.43 to $91.93 a barrel Wednesday. Brent crude for October delivery rose $1.09 to $97.40 a barrel.
Wholesale gasoline for September delivery rose 11 cents to $3.07 a gallon. September heating oil rose 8 cents to $3.41 a gallon.
Meanwhile, September natural gas rose 37 cents to $8.20 per 1,000 cubic feet.
MarketWatch: The Dow closes 535 points higher as stocks take inflation news in best light
After four days in the red, U.S. stocks closed on Wednesday at their highest levels since early...
After four days in the red, U.S. stocks closed on Wednesday at their highest levels since early May following a July inflation report that came in slightly cooler than expected, sparking a sharp rally in both stocks and bonds. The S&P 500 SPX, +2.13% gained 87.75 points, or 2.1%, to close at 4,210.24, marking the first time the U.S. equity benchmark closed above 4,200 since May 4. The Dow Jones Industrial Average gained 535.43 points, or 1.6%, to finish at 33,309.32. The Nasdaq Composite COMP, +2.89% advanced 360.88 points, or 2.9%, to 12,854.80, exiting bear-market territory after 107 trading sessions. The Dow also exited correction territory. A bear market is typically seen as a drop of 20% or more from a recent high, while a correction is defined as a drop of 10% or more from a recent high.
US refining, pipeline firms issue upbeat demand forecasts
US refiners and pipeline companies remain bullish on energy consumption in the second half of the year,...
US refiners and pipeline companies remain bullish on energy consumption in the second half of the year, despite analysts and industry watchers warning about the prospect of a recession-linked demand contraction. Refiners are expected to benefit from inventory replenishment and strong export demand from Latin America, while midstream companies are seeing increased pipeline and terminal volumes as the oil production recovery continues.
