Approval given to Continental’s enhanced oil recovery project in North Dakota
Continental Resources won approval this week from North Dakota regulators for a proposed 3-mile pipeline...
Continental Resources won approval this week from North Dakota regulators for a proposed 3-mile pipeline to conduct an enhanced oil recovery project. Work on the line will begin immediately and take about a month to complete.
Considered to be one of the most active oil and gas operators in the Williston Basin of North Dakota, the Oklahoma City-based company was awarded a permit by the public service commission to build the 3-mile line to carry natural gas from the WBI pipeline to its well pad in the northwestern part of the state.
The company highlighted the new process of injecting natural gas into the ground to extend the production life of a well as a way to keep producers drilling for the foreseeable future.
Benchmark U.S. crude oil for August delivery fell 52 cents to $95.78. a barrel Thursday....
Benchmark U.S. crude oil for August delivery fell 52 cents to $95.78. a barrel Thursday. Brent crude for September delivery fell 47 cents to $99.10 a barrel.
Wholesale gasoline for August delivery fell 4 cents to $3.19 a gallon. August heating oil fell 2 cents to $3.65 a gallon. August natural gas fell 9 cents to $6.60 per 1,000 cubic feet.
MarketWatch: Dow finishes down over 100 points on rate-hike fears, weak bank earnings
Stocks fell Thursday but finished well off session lows as investors weighed the size and scope...
Stocks fell Thursday but finished well off session lows as investors weighed the size and scope of expected rate hikes and assessed downbeat earnings from JPMorgan Chase & Co. and Wells Fargo. The Dow Jones Industrial Average fell around 143 points, or 0.5%, to finish near 30,630, according to preliminary figures, while the S&P 500 SPX, -0.30% shed 0.3% to close near 3,790 and the Nasdaq Composite COMP, +0.03% eked out a gain of less than 0.1% to end near 11,251. Stocks had fallen sharply in early trade, but losses were trimmed after Federal Reserve Gov. Christopher Waller said he still favored a 75 basis point rate hike when policymakers meet later this month versus a 100 basis point move that investors had started to price in after Wednesday's hotter-than-expected consumer-price index reading. Waller left the door open to a larger hike, however, depending on how strong retail sales and housing data are ahead of the Fed meeting.
Pickering Energy Partners to Deploy $300 Million in Permian Basin
Pickering Energy Partners on July 13 formed a “strategic partnership” to acquire...
Pickering Energy Partners on July 13 formed a “strategic partnership” to acquire and develop oil and gas assets, the Houston-based investment firm said.
The partnership, with a large, unnamed institutional investor, will target $300 million of capital deployment alongside “premier operators” in the Permian Basin, according to a company release.
“We are in an environment where oil and gas is strategic again, where energy security and trustworthy barrels are rising as a priority for companies and consumers. We are excited to invest across the Permian and play our part in bringing U.S. production to the marketplace,” commented Dan Pickering, chief investment officer and the firm’s founder.
Economists polled by The Wall Street Journal had estimated new claims would inch down to 234,000 from last week’s estimate of 235,000.
This is the highest level of claims since early November 2021.
Key details: The number of people already collecting jobless benefits fell by 41,000 to 1.33 million. These so-called continuing claims are now back to pre-crisis levels.
Big picture: Claims have been creeping higher but the labor market remains quite tight. The Federal Reserve’s Beige Book reported that some firms were reluctant to lay off workers, worried that it will remain hard to find and retain staff.
