US petroleum demand strengthened in Oct., API says
US petroleum consumption rose by 1.9% month over month to 20.3 million barrels per day in October, driven...
US petroleum consumption rose by 1.9% month over month to 20.3 million barrels per day in October, driven by increases in deliveries of distillates and refinery and petrochemical liquid feedstocks, according to the American Petroleum Institute's latest monthly statistical report. Domestic crude oil production climbed by 1.4% to 12.1 million bpd, while petroleum exports averaged 10.1 million bpd last month, the second highest in monthly data going back to 1947, the report shows.
The energy sector is off to a lower start, pressured by weakness in the crude complex. U.S stocks are expected to open slightly higher ahead of minutes from the Federal Reserve’s November policy meeting.
WTI and Brent crude oil futures are down this morning as the Group of Seven Nations considers a price cap on Russian oil and on demand concerns amid growing COVID-19 cases in China. According to European officials, the group is looking to cap Russian oil at a range of $65-70/bbl. A U.S Treasury official said the price cap will most likely be adjusted a few times a year. As of late Tuesday, China ramped up their COVID-19 containment measures in an effort to control the outbreaks. Today’s losses have been limited by a fall in U.S crude inventories which were down by 4.8 million barrels last week.
Natural gas futures are sharply higher after ending mostly unchanged yesterday amid worries of a possible rail strike and delays in the restart of the Freeport LNG export plant which outweighed forecasts for milder weather than previously expected.
Hamm completes return of Continental Resources to private ownership
Billionaire Harold Hamm’s takeover of Continental...
Billionaire Harold Hamm’s takeover of Continental Resources, Inc. and return to private ownership is for all practical purposes complete.
The Oklahoma City company he founded in the 1960s announced Tuesday it was initiating the final steps in closing its previously announced merger with Omega Acquisition, Inc. Omega is the company created by Hamm and his family to launch the takeover that was started last June.
The announcement stated that shares of Continental common stock are expected to cease trading on the New York Stock Exchange prior to the market open on Wednesday, Nov. 23, and will no longer be listed for trading on the exchange.
A professional baker compares pumpkin pies from four grocery stores. Molly Allen knows...
A professional baker compares pumpkin pies from four grocery stores. Molly Allen knows how to make a solid pumpkin pie — but sometimes grabbing one from a local store is the best option. So she compared pies from Safeway, Costco, Kroger, and Walmart. Safeway's was her favorite, because of its well-balanced taste and good structure. Read all her reviews here.
US Mortgage Rates Plunge for a Second Week, Hit Two-Month Low
US mortgage rates retreated sharply for a second week, hitting a two-month low and providing a bit of...
US mortgage rates retreated sharply for a second week, hitting a two-month low and providing a bit of traction for the beleaguered housing market.
The contract rate on a 30-year fixed mortgage decreased 23 basis points to 6.67% in the week ended Nov. 18, according to Mortgage Bankers Association data released Wednesday.
