The pound gets a relief rally on the government's U-turn. The currency ...
The pound gets a relief rally on the government's U-turn. The currency hit a record low against the dollar last week, but it didn't hang around down there. That's thanks to the UK government rowing back on a planned tax cut, which gave the pound a new lease on life Monday.
On Sunday, Prime Minister Liz Truss insisted the controversial plan to cut the 45% tax rate would go ahead — that's a tax only paid by people earning more than £150,000 a year. No more than 24-hours later, the government had changed its tune. The UK's Chancellor of the Exchequer, Kwasi Kwarteng, confirmed the plan was being scrapped, just 10 days after it was first announced.
U.S. nat gas tumbles to 12-week low on high storage, mild weather outlook
U.S. natural gas futures (NG1:COM)...
U.S. natural gas futures (NG1:COM) slid to their lowest since mid-July, with the November contract closing -4.4% to $6.47/MMBtu, on high U.S. storage levels and an outlook for mild temperatures that likely would keep demand in check.
Much of the U.S. will be "comfortable" this week with highs in the 60s-80s, with some colder exceptions, NatGasWeather.com said in a report that points to "light national demand," adding that U.S. storage levels are expected to remain high.
Europe's energy problems surely remain worrisome, but the need for U.S. liquefied natural gas seems lower than previously thought, Mizuho's Robert Yawger said: "There was a perception earlier in the crisis that every spare molecule of U.S. natural gas would have to be shipped to the eurozone as LNG to save the day and keep the lights on in the continent this winter, [but] that may no longer be the case."
Benchmark U.S. crude oil for November delivery rose $4.14 to $83.63 a barrel Monday. Brent crude for December delivery rose $3.72 to $88.86 a barrel.
Wholesale gasoline for November delivery rose 14 cents to $2.51 a gallon. November heating oil rose 15 cents to $3.37 a gallon. November natural gas fell 30 cents to $6.47 per 1,000 cubic feet.
Dow closes up over 750 points as stocks bounce back from 2022 lows
The Dow booked its best day since February on Monday, after stocks...
The Dow booked its best day since February on Monday, after stocks booked a brutal month of September, as expectations for a potential pause in rate hikes from the Federal Reserve after December gathered steam. The Dow Jones Industrial Average DJIA, +2.66% rose about 765 points, or 2.7%, ending near 29,490, which was its best daily percentage gain since February 25, according to Dow Jones Market Data. The S&P 500 index SPX, +2.59% gained 2.6%. The Nasdaq Composite Index COMP, 2.27% advanced 2.3%. Stocks kicked off October on a high note, after booking their worse first 9 months of a year in two years. The rally came as the surging dollar DXY, -0.41% against a basket of rival currencies took a breather and the benchmark 10-year Treasury rate retreated from its recent high of 4%, near 3.7% on Monday. Fed-funds futures traders on Monday also were pricing in a less dramatic rise in the central bank's policy rate in early 2023, according to the CME FedWatch Tool.
SilverBow to Acquire $87 Million Bolt-on in Eagle Ford’s Karnes Trough
SilverBow Resources Inc. agreed to an Eagle Ford Shale bolt-on...
SilverBow Resources Inc. agreed to an Eagle Ford Shale bolt-on acquisition in the Karnes trough for $87 million on Oct. 3 marking SilverBow’s first transaction since adopting a poison pill last month.
On Sept. 20, SilverBow said it adopted a poison pill provision in response to “significant accumulations” of its stock. Activist investor Kimmeridge Energy later disclosed in a regulatory filing that it had spent more than $100 million to acquire 14.7% of SilverBow’s shares, signaling a potential takeover stance toward the small-cap Eagle Ford operator.
In combination with its existing position, SilverBow expects the acquisition to create a consolidated 13,000 net acre block in the Karnes trough with 100 high rate-of-return drilling locations. The combined position will also lead to optimized development by allowing for 70,000 additional lateral ft to be drilled with 12 fewer wells, according to the company release.
