Asia's deepest oil-and-gas well begins drilling in China
The Yuejin 3-3 well, designed to be Asia's deepest oil-and-gas well, started drilling on Monday...
The Yuejin 3-3 well, designed to be Asia's deepest oil-and-gas well, started drilling on Monday in northwest China's Xinjiang Uygur Autonomous Region. Located in Taklamakan Desert, the well is under an ultra-deep drilling project launched by China's Sinopec. It's scheduled to be drilled to the designed depth of 9,472 meters (31,076 feet) within 170 days.
U.S. natural gas slides on record production, outlook for milder weather
U.S. natural gas futures fell nearly 4% Monday on record production...
U.S. natural gas futures fell nearly 4% Monday on record production and forecasts for milder weather next week than previously expected.
Front-month Nymex natural gas futures (NG1:COM) for June delivery settled -3.8% at $2.318/MMBtu, after closing Friday at its highest level since mid-March; U.S. gas is still down 48% for the full year.
Average gas production in the Lower 48 states rose to a record 101.3B cf/day in April, up from the prior all-time high of 100.5B cf/day in March, according to data provider Refinitiv.
With the weather expected to turn seasonally warmer next week after cooler than normal weather during May 1-5, Refinitiv forecast U.S. gas demand including exports would decline from 95.6B cf/day this week to 91B cf/day next week.
U.S. stocks finish lower after JPMorgan takeover of First Republic Bank
U.S. stocks finished the first day of May lower, giving up earlier...
U.S. stocks finished the first day of May lower, giving up earlier gains, as investors monitored the health of regional banks and kept the Federal Reserve’s rate decision on Wednesday in focus.The Dow Jones Industrial Average DJIA, -0.14% shed about 46 points, or 0.1%, ending near 34,051, according to preliminary FactSet figures. The S&P 500 index SPX, -0.04% was fractionally lower near 4,167, while the Nasdaq Composite Index COMP, -0.11% ended off 0.1%. The big focus on Monday was the failure of First Republic Bank, FRC, -43.30% which was seized by regulators, marking the third major regional bank to collapse since mid-March. Most of First Republic’s assets were auctioned off to JP Morgan Chase & Co. JPM, +2.14% early Monday. Looking ahead, the Fed is expected to raise its policy rate by another 25 basis points on Wednesday, perhaps for the last time in this tightening cycle.
Fed’s anticipated quarter-point rate hike could be last of tightening cycle
The Federal Reserve is expected to raise its benchmark interest rate by another quarter of a...
The Federal Reserve is expected to raise its benchmark interest rate by another quarter of a percentage point on Wednesday, in what could very well be the last rate hike of this cycle, economists said.
The 25-basis-point move would push the Fed’s benchmark interest rate to a range of 5% to 5.25%. That is seen by many as high enough to slow the economy and cool inflation.
“I think they will have done enough to quell the monster of inflation,” said Eugenio Alemán, chief economist at Raymond James.
