Several oil and natural gas companies, including Encino Energy Partners...
Several oil and natural gas companies, including Encino Energy Partners and Infinity Natural Resources, have received mineral rights from the Ohio Oil and Gas Land Management Commission allowing them to conduct fracking operations under state parks and wildlife areas. The decision drew widespread criticism and sparked protests over environmental conservation, transparency and the potential impact on public lands.
Drilling retreat likely in Haynesville amid price slump
The prospect of a drilling and production slowdown in the Haynesville...
The prospect of a drilling and production slowdown in the Haynesville Shale looms large as operators in the region, even the most efficient ones, start to feel the pinch of low natural gas prices. The price downturn may prompt operators, particularly privately-owned entities, to scale back drilling, potentially paving the way for a more favorable price environment next year.
U.S. crude stockpiles swelled last week, the API reported Tuesday, marking...
U.S. crude stockpiles swelled last week, the API reported Tuesday, marking the third-straight week of hefty gains, though product inventories including gasoline fell more than expected as U.S. refinery activity remains at near two-year lows.
U.S. crude inventories rose by about 8.4 million barrels for the week ended Feb. 25, compared with a build of 7.2M barrels reported by the API for the previous week. Economists were expecting an increase of about 1.5M barrels.
The API data also showed that gasoline inventories fell by about 3.3M barrels and distillate stockpiles fell by 523,000 barrels, compared with expectations for a draw of about 1.3M barrels and 2M barrels, respectively. The ongoing draw in product stockpiles has been spurred low domestic refinery activity amid maintenance and weather-related constraints.
U.S. economy's fourth-quarter growth rate lowered to 3.2%
The growth of the U.S. economy in the fourth quarter was downgraded slightly...
The growth of the U.S. economy in the fourth quarter was downgraded slightly to a 3.2% annual pace, reflecting a somewhat slower buildup of inventories or unsold goods.
The increase in gross domestic product in the fourth quarter was still quite robust and followed an even stronger 4.9% gain in the third quarter.
Nor does the economy appear to have slowed early in the new year. The latest forecasts suggest the U.S. is expanding at a 3%-plus clip in the first quarter. The economy’s top sustainable speed in the long run is generally seen at around 1.8%.
Markets: Stocks were mixed yesterday, with the S&P 500 and Nasdaq inching up and the Dow dropping ahead of the release of key inflation data later this week. Tuesday’s big winner was Viking Therapeutics, whose stock more than doubled after it reported positive results for its weight-loss drug trial in a bid to break into a sector dominated by Eli Lilly and Novo Nordisk.
Donald Trump and President Biden cruised to victory in their party’s primaries in the swing state of Michigan. As of last night, about 13% of Democratic voters had chosen “uncommitted” to protest Biden’s handling of the war in Gaza.
IPO updates: Shein is reportedly considering switching its listing from New York to London after meeting US resistance, while Swedish fintech startup Klarna is moving forward with its US IPO, valued at $20 billion.
Chevron said its $53 billion deal to buy Hess could be in jeopardy due to Exxon Mobil and China’s Cnooc challenging the acquisition.
BYD unveiled a luxury hybrid SUV that can float in the event it falls into water.
Sony laid off 900 PlayStation workers, or 8% of the division’s global workforce, after it cut the sales forecast for the PS5.
