The energy sector is set off to a higher start, supported by strength in the crude complex, while futures tied to the major equity indices are flat as investors wait for the consumer price index report due tomorrow.
WTI and Brent crude oil futures are recovering some of this week’s losses on rising geopolitical tensions in the Middle East, the shutdown of a top Libyan oilfield, and a weaker dollar. Houthis today said they targeted a U.S. ship supporting Israel, while Iraqi Prime Minister Mohammed Shia al-Sundai said his nation wants a quick and orderly negotiated exit of U.S.-led military forces from its soil, stating their presence is destabilizing. Last night’s API data points to a large draw in crude inventories. The report also shows builds in gasoline and distillate inventories that exceed analyst estimates. Expectations for record-high output in 2024 and worries about weak economic growth are limiting gains.
Many cities and some states are considering or have passed restrictions for natural gas hookups in new...
Many cities and some states are considering or have passed restrictions for natural gas hookups in new construction to curb emissions, but many such actions were met with legal challenges in 2023 and the situation prompts a closer look at building electrification rules under the federal Energy Policy and Conservation Act, asserts Amy Turner of Columbia University. This piece explores the natural gas ban landscape in 2023, as well as some disputes to watch in 2024. READ MORE
The US natural gas industry faces a challenging outlook for 2024 as a warm winter and high storage levels...
The US natural gas industry faces a challenging outlook for 2024 as a warm winter and high storage levels have pushed prices below $3 per million British thermal units, with sub-$2 prices possible unless the surplus inventory is reduced. Nevertheless, US gas drillers are keeping production high in anticipation of the upcoming surge in demand from new liquefied natural gas terminals.
Industry leaders battle declining appeal of oil, gas jobs
US shale tycoon Harold Hamm has recently donated $50 million to establish the Hamm Institute for American...
US shale tycoon Harold Hamm has recently donated $50 million to establish the Hamm Institute for American Energy at Oklahoma State University as part of efforts to counter younger generations' dwindling interest in oil and natural gas careers, while oil giants including ExxonMobil, Chevron and Shell have launched similar initiatives. Undergraduate enrollment in petroleum engineering courses has dropped from 7,046 in 2019 to 3,911 in 2023, heightening concerns about skills shortages in the industry.
The SEC’s X account got hacked. Everyone is waiting for the SEC’s ...
The SEC’s X account got hacked. Everyone is waiting for the SEC’s decision, expected today, about whether it will allow spot bitcoin ETFs that would make buying the cryptocurrency easier and more accessible. But it seems someone wasn’t willing to wait it out: After the SEC’s account posted to X yesterday that the ETFs had been approved, Chair Gary Gensler said on his own account that there had been no approval and the agency’s account was “compromised.” The false post briefly caused a spike in bitcoin prices.
Boeing’s CEO said the company must acknowledge its mistake as it deals with the terrifying Alaska Airlines incident that led to the grounding of its 737 Max 9 planes.
It was a rough one for layoff announcements: BlackRock cut 600 employees, or 3% of its staff, in the face of changes to the industry, Twitch will cut 500 employees, 35% of its workforce, and Rent the Runway let go of 10% of its corporate staff, about 37 people.
Ecuador’s president declared an “internal armed conflict” after gunmen stormed a live TV broadcast and notorious gang leaders escaped from prison.
NASA delayed its plans to put astronauts on the moon until 2026, saying it needed more time to work out technical and safety challenges.
