Oilfield Servicers bullish about N. American business
Oilfield services majors Schlumberger, Halliburton and Baker...
Oilfield services majors Schlumberger,Halliburton and Baker Hughes expect to benefit from an up-to-25% projected jump in spending by North American drillers in 2022, which should allow more room to increase services pricing. "Tight oil supply and demand growth beyond the pre-pandemic peak are projected to result in a substantial step-up in capital spending," Schlumberger CEO Olivier Le Peuch said.
US was world's top LNG exporter for 2nd straight month
The US exported 8.04 million short tons of liquefied natural gas in January, surpassing...
The US exported 8.04 million short tons of liquefied natural gas in January, surpassing Qatar as the world's top LNG exporter for the second consecutive month. Shipping data from Refinitiv show that Europe, which is battling an energy crisis, remained the largest buyer of US LNG last month, receiving about 66% of the exported volumes.
S&P 500, Dow and Nasdaq book 4th straight day of gains with tech shares in focus
U.S. stocks ended Wednesday near session highs, building on recent gains for equities as investors look...
U.S. stocks ended Wednesday near session highs, building on recent gains for equities as investors look to a big slate of earnings on deck from the communications and technology sectors.
The Dow Jones Industrial Average DJIA, +0.63% rose 224.09 points, or 0.6%, ending at 35,629.33.
The S&P 500 indexSPX, +0.94% gained 0.9%, or 42.84 points, to finish at 4,589.38, buoyed by gains in the communication services sector SP500.50, +3.09%XLC, +2.00%, which rose 3.1%, powered by Google parent Alphabet Inc.
The Nasdaq Composite IndexCOMP, 0.50% finished up 0.5% at 14,417.55, after touching an intraday high at 14,504.82.
Permian Basin oil and gas deals getting bigger as market recovers from COVID-19
Three recent acquisitions of oil- and gas-producing assets in the Permian Basin moved...
Three recent acquisitions of oil- and gas-producing assets in the Permian Basin moved more than $1 billion in the last week, as the market for fossil fuels in the U.S. grows along with production in the basin – one of the nation’s most active.
Domestic oil was trading at about $88 per barrel, up from about $85 a barrel a week ago, per data from Nasdaq.
The increased value in oil was followed by growth in oil and gas rigs with the Permian Basin adding one rig in the past week for a nation-leading total of 293 rigs – an increase of 101 from a year ago, as of Friday per the latest data from Baker Hughes.
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New Mexico and Texas, which share the Permian, had 94 and 294 rigs, respectively – holding the top two rig counts in the nation, Baker Hughes reported.
Oil prices hitting $100 a barrel could bring an end to the Great Resignation
In an oil market bound by extremely tight demand and an unstable situation in Ukraine, analysts say these...
In an oil market bound by extremely tight demand and an unstable situation in Ukraine, analysts say these supply increases may not be able to stop oil prices from reaching the financially and psychologically daunting price of $100/barrel—or to stop a host of other second-order economic effects, including an end to the young work revolt behind the Great Resignation.
For the TikTok generation of 16-to-24-year-olds in the U.S.—a group that has been reluctant to re-enter the labor force—“gasoline is a disproportionate amount of spending for this group. Higher oil prices may encourage a return to the conventional jobs market.”
