Crude oil inventories in the United States rose by a staggering...
Crude oil inventories in the United States rose by a staggering 11.9 million barrels for the week ending November 3, according to The American Petroleum Institute (API), after a 1.347-million-barrel rise in crude inventories in the week prior, API data showed.
API data now shows a net build in crude oil inventories in the United States of 10.568 million barrels so far this year.
U.S. stocks end higher, Dow extends longest winning streak since July
U.S. stocks closed higher Tuesday, with the Dow Jones Industrial...
U.S. stocks closed higher Tuesday, with the Dow Jones Industrial Averagebooking a seventh straight day of gains as long-term Treasury yields fell. The Dow Jones Industrial AverageDJIA closed 0.2% higher, while the S&P 500SPX rose 0.3% and the Nasdaq CompositeCOMP climbed 0.9%. The Dow extended its longest winning streak since July 26. Meanwhile, the yield on the 10-year Treasury note fell 9.2 basis points on Tuesday to 4.570%, down five of the past six trading days.
Natural gas futures accelerated their slide lower, continuing to reel on reports showing record output...
Natural gas futures accelerated their slide lower, continuing to reel on reports showing record output and on forecasts for mild weather to continue through late November, keeping heating demand low and allowing utilities to keep injecting gas into storage for at least a couple more weeks. The lack of a storage report this week from the EIA has also added to the market volatility with investors having to rely mainly on weather forecasts. Data shows average gas output in the Lower 48 U.S. states rose to 107.3 bcfd so far in November from a record 104.2 bcfd in October. On a daily basis, output hit an all-time high of 108.0 bcfd on Saturday, topping the prior daily record of 107.7 bcfd just two days earlier on Nov. 2. Meteorologists projected the weather would go from warmer than normal from Nov. 6 to 11 to near normal from Nov. 11 to 14 and then back to warmer than normal from Nov. 15 to 21.
The energy sector is off to a lower start, pressured by weakness in the underlying...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and in the major equity futures which slipped this morning as investor sentiment lost momentum following six consecutive sessions of gains for the benchmark indices. Earnings season continued to wind down today for energy and there is no major economic data on tap. Results from Occidental Petroleum and Ovintiv are due out later this week.
After posting low conviction gains yesterday, WTI and Brent turned sharply lower this morning, pressured by mixed economic data out of China which offset the impact of Saudi Arabia and Russia extending output cuts.Lingering weak economic growth in Europe that is weighing on manufacturing sentiment and news that Venezuela's state-owned oil company is in talks with local and foreign oilfield firms to boost output after sanctions relief also weighed on prices. On the supply side, markets are waiting to see if Saudi Arabia and Russia are ready to rein in production voluntarily beyond the end of the year in addition to a broader deal among the OPEC+ producer group. With no government inventory expected this week due to a planned systems upgrade, traders will be paying closer attention to this afternoon’s API industry data. The EIA will resume its regular schedule on November 13.
APA Corp. Focused on Shareholder Value, Adds Sixth Permian Rig
Amid an all-stock buying bonanza spurred on by Exxon Mobil Corp. and Chevron Corp. to...
Amid an all-stock buying bonanza spurred on by Exxon Mobil Corp. and Chevron Corp. to snatch up shale and international assets, APA Corp. remains focused on creating value, adding a sixth rig in the Permian Basin.
In the third quarter of 2023, APA had an average of three rigs running in the southern Midland Basinand placed six wells on production. In the Delaware Basin, the company had an average of two rigs running and placed nine wells on production.
In November, APA added its sixth Permian Basin rig in the Delaware Basin. In early October, the company connected 12 wells and expects 18 additional wells late in the fourth quarter of 2023.
CEO and President John J. Christmann IV said the sixth rig was a spot rig that would go from one pad to another and start in the Delaware. He said the additional rig would allow APA to focus on higher quality and longer laterals.
