E15 gasoline to be sold year-round in 8 Midwest states
The Environmental Protection Agency is preserving a Biden-era rule to...
The Environmental Protection Agency is preserving a Biden-era rule to make gasoline with 15% ethanol content available year-round in eight Midwest states starting April 28, fulfilling requests from state governors and the biofuel industry. The American Petroleum Institute, a supporter of expanded E15 sales, called for a nationwide policy to prevent potential supply issues and regulatory inconsistencies.
Oil prices settle at lowest level of the year as tariff threat hurts demand outlook
Oil futures settled Tuesday at their lowest level of the year, with the...
Oil futures settled Tuesday at their lowest level of the year, with the economy and energy demand expected to take a hit from proposed U.S. tariffs on Canada and Mexico that may come into effect next week.
West Texas Intermediate crude for April delivery fell $1.77, or 1.5%, to settle at $68.93 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, lost $1.76, or 2.4%, at $73.02 a barrel on ICE Futures Europe. Based on the front-month contracts, Brent and WTI prices ended at their lowest since December, according to Dow Jones Market Data.
March gasoline shed 2.2% to $1.97 a gallon, while March heating oil lost 1.9% to $2.39 a gallon.
Natural gas for March delivery settled at $4.17 per million British thermal units, up 4.2%.
S&P 500 and Nasdaq fall for 4th straight day after weak consumer-confidence data
U.S. stocks finished mostly lower on Tuesday as investors...
U.S. stocks finished mostly lower on Tuesday as investors weighed another disappointing reading on the U.S. consumer and President Trump's assertion that 25% tariffs against Canada and Mexico will still be implemented next month.
The S&P 500 was off 28 points, or 0.5%, to end at 5,955.25.
The Nasdaq Composite tumbled 260.54 points, or 1.4%, to finish at 19,026.39.
The S&P 500 and the Nasdaqfell for the fourth trading day in a row. Both indexes suffered their largest four-day percentage declines since Sept. 6, according to Dow Jones Market Data.
The Dow Jones Industrial Average rose 159.95 points, or 0.4%, ending at 43,621.16. It was the best day for the blue-chip index since Feb. 13, according to Dow Jones Market Data.
U.S. consumer confidence dropped to an eight-month low of 98.3 in February on concerns about the outlook for the broader economy, the privately run Conference Board said Tuesday. Economists polled by the Wall Street Journal had forecast the index to register 102.4, compared with a revised 105.3 in the prior month.
Coterra Energy to Restart Marcellus Basin Operations Amid Rising NatGas Prices
After suspending operations last August due to low ...
After suspending operations last August due to low natural gas prices, Coterra Energy announced plans to restart drilling and completions in the Marcellus Basin this spring. The company has allocated $250 million in capital for the region in 2025, with the possibility of increasing the budget by $50 million if prices remain strong. Coterra plans to operate one rig and half a completion crew, targeting 10-15 new wells this year. Executives cite improved cost structures and a more efficient drilling strategy, which includes a 60% increase in lateral length and a reduction in drilling costs to $800 per lateral foot, as key factors in their renewed activity.
The company is also ramping up overall capital spending, forecasting a 2025 budget of $2.1-$2.4 billion, up from $1.8 billion in 2024. The Permian Basin remains the primary focus, receiving $1.57 billion, while the Anadarko Basin will see $230 million in investment. Fourth-quarter results showed production of 682,000 boe/d with net income of $297 million, down from $416 million in late 2023 due to lower commodity prices. Looking ahead, Coterra expects production to grow to 710,000-770,000 boe/d in 2025. Shares of Coterra (CTRA) have risen 13% over the past six months, bringing the company’s market capitalization to over $20 billion, reflecting investor optimism about its long-term strategy.
Oil prices end higher as U.S. imposes more sanctions on Iran
Oil futures finished higher on Monday, with prices finding...
Oil futures finished higher on Monday, with prices finding support after a nearly 3% decline Friday, as the U.S. imposed fresh sanctions on Iran, impacting its crude sector.
Traders also weighed prospects for talks aimed at ending Russia’s war against Ukraine and reports that Iraq will resume oil exports from its Kurdish region.
West Texas Intermediate crude for April delivery climbed 30 cents, or 0.4%, to settle at $70.70 a barrel on the New York Mercantile Exchange after losing 2.9% on Friday.
April Brent crude the global benchmark, edged up 35 cents, or 0.5%, to $74.78 a barrel on ICE Futures Europe.
March gasoline lost 0.8% to $2.01 a gallon, while March heating oil tacked on 0.1% to $2.44 a gallon.
Natural gas for March delivery settled at $3.99 per million British thermal units, down 5.7%, easing back after last week’s nearly 14% climb.
