Texas gas heat content dropped below US average in 2023
In 2023, Texas delivered...
In 2023, Texas delivered some of the least energy-dense dry natural gas in the US, with an average heat content of 1,018 British thermal units per cubic foot, below the 1,036 Btu/cf national average, according to the Energy Information Administration. The decline is attributed to the increased extraction of natural gas liquids like ethane and propane during processing, driven by rising petrochemical demand.
Hezbollah walkie-talkies explode on second day of deadly attacks. In...
Hezbollah walkie-talkies explode on second day of deadly attacks. In a second wave of attacks widely believed to be carried out by Israel that ratcheted up regional tension, walkie-talkies used by the paramilitary group in Lebanon detonated just one day after pagers used by the group exploded. Though the attacks appeared to target Hezbollah, bystanders were also harmed. According to Lebanon’s health ministry, at least 20 people were killed and 450 were injured yesterday, and 12 were killed Tuesday, including two children, while thousands were injured. Hezbollah has vowed to retaliate against Israel. Israel has not commented directly but said a “new era” of war was beginning.
The owner of the ship that crashed into Baltimore’s Francis Scott Key Bridge in March just got hit with a $100 million lawsuit in which the government claims it cut corners on repairs before the accident.
The Teamsters union won’t be endorsing a presidential candidate for the first time in decades after its internal polling showed most of its members support Donald Trump.
Nippon Steel will get an extra three months to convince the US to allow its controversial acquisition of US Steel, a delay that will push the politically tinged decision until after the presidential election.
Sean Combs will have to stay in jail after a second judge denied the music mogul’s bid to be released on bail pending his sex trafficking trial.
Harvey Weinstein pleaded not guilty to additional sex crime charges in New York, where he’ll be retried after an appeals court tossed his earlier conviction.
Adrian Wojnarowski, a fan favorite ESPN basketball reporter, is retiring from the network to become the general manager of the men’s basketball program at his alma mater, St. Bonaventure.
Oil prices close slightly lower after Fed cuts interest rates
Oil prices closed slightly lower Wednesday, snapping a two-day winning...
Oil prices closed slightly lower Wednesday, snapping a two-day winning streak even after the Federal Reserve cut interest rates for the first time in years.
“A 50 basis point cut is slightly supportive of the oil market since it translates into a weaker dollar and stronger prices for dollar denominated commodities,” said Andy Lipow, president of Lipow Oil Associates.
Here are Wednesday’s closing energy prices:
West Texas Intermediate October contract: $70.91 per barrel, down 28 cents, or 0.39%. Year to date, U.S. crude oil has fallen about 1%.
Brent November contract: $73.65 per barrel, down 5 cents, or 0.07%. Year to date, the global benchmark has declined about 4%.
RBOB Gasoline October contract: $2.01 per gallon, up 0.44%.Year to date, gasoline has shed more than 4%.
Natural Gas October contract: $2.284 per thousand cubic feet, down nearly 1.72%. Year to date, gas has pulled back about 9%.
The oil market has been rattled this month by worries about a growing imbalance between supply and demand. U.S. crude and global benchmark Brent have fallen about 13% in the third quarter.
U.S. stocks end volatile session lower after Fed cuts rates by a half-point
U.S. stocks finished lower after choppy trading, following...
U.S. stocks finished lower after choppy trading, following the Federal Reserve's decision to lower its benchmark interest rate by half a percentage point, an aggressive start to a monetary-easing cycle in the world’s largest economy.
According to FactSet data, the Dow Jones Industrial Average was off 103.08 points, or 0.3%, to end at 41,503.10. The blue-chip index logged its worst daily point and percentage declines since Sept. 6 after reversing its nearly 400-point advance in the immediate aftermath of the Fed decision.
The S&P 500 fell 16.32 points, or 0.3%, to finish at 5,618.26, snapping a seven-day winning streak.
The Nasdaq Composite lost 54.76 points, or 0.3%, ending at 17,573.30.
In addition to the rate-cut decision, policymakers said they expect to lower interest rates multiple times by the end of 2024. According to the Fed's Summary of Economic Projections, also released Wednesday, the policy rate could fall to a range of 3.25% to 3.5% by the end of 2025.
Aramco’s New Deals With China Signal A Further Deepening Of Sino-Saudi Relations
Saudi Aramco has recently reinforced its commitment to China's long-term energy security through new...
Saudi Aramco has recently reinforced its commitment to China's long-term energy security through new agreements, highlighting the deepening relationship between Saudi Arabia and China. This partnership, which has roots in China's offer to purchase a significant stake in Aramco during its IPO planning phase, has grown beyond mere energy deals. It now encompasses broader strategic alignment, including potential currency shifts for oil transactions and nuclear technology cooperation. This growing Sino-Saudi alliance suggests that any U.S. hopes of Saudi Arabia using its relationship with China merely as leverage may be misplaced, indicating a significant shift in global geopolitical and energy dynamics.
