Indicative of what is happening to the crude oil supply in the U.S., the amount in storage at...
Indicative of what is happening to the crude oil supply in the U.S., the amount in storage at the Cushing hub in Oklahoma fell again in the past week.
The U.S. Energy Information Administration reported 23.8 million barrels of oil are on hand at the northern Oklahoma hub. That’s a decline of 2+ million barrels of oil over a week.
At the start of the year, Cushing had storage of 34.8 million barrels of oil.
A year ago, the hub had storage of 48.0 million barrels of oil.
PDC Energy acquiring Great Western Petroleum - Denver-based DJ Basin operator
PDC Energy announced it has entered into a definitive purchase agreement with Great...
PDC Energy announced it has entered into a definitive purchase agreement with Great Western Petroleum, LLC and certain sellers under which PDC will acquire Great Western in a transaction valued at approximately $1.3 billion, including net debt of approximately $500 million. Great Western is a Denver-based DJ Basin operator owned by affiliates of EIG, TPG Energy Solutions, L.P. and The Broe Group. Under the terms of the agreement, the Acquisition will be financed through the issuance of approximately 4.0 million shares of common stock to existing Great Western shareholders and approximately $543 million of cash, subject to customary post-closing adjustments. The transaction is expected to close in the second quarter of 2022 and is expected to be financed with cash on hand and borrowings under the Company’s credit facility. PDC does not expect its pro forma leverage ratio to exceed 1.0x upon closing.
The energy sector is set for a mixed start, supported by strength in the underlying commodities while...
The energy sector is set for a mixed start, supported by strength in the underlying commodities while pressured by weakness in the major equity futures which dropped as investors assessed the fallout from a new set of sanctions imposed by the Western countries on Russia over its invasions of Ukraine. The worsening geopolitical crisis has added to investor concerns, including soaring inflation and the Federal Reserve's plans to tackle it, with all the major indexes tracking their second straight month of losses.
WTI and Brent crude oil futures are up in early trading amid growing tensions in Eastern Europe as Western allies imposed more sanctions on Russia and blocked some Russian banks from the SWIFT international payment system, which could cause severe disruption to its oil exports. Traders said the Russian oil buyers had struggled to find vessels in the Baltic Sea for cargo loading after March 10, while they also reported that freight costs for Russian oil delivery had spiked five-fold in the Black Sea within a week. Western powers could intervene in energy markets as they are considering releasing 70mln bbls from energy stockpiles through the IEA.
Central Bank of Russia says stock market to be shut on Monday - Ruble plunges
The Central Bank of Russia said the stock market will be closed on Monday, and that...
The Central Bank of Russia said the stock market will be closed on Monday, and that it will announce whether it will reopen on Tuesday. The pain will be intense when stock trading resumes -- shares of Russian companies with secondary listings in London plunged, with Fix Group FIXP, -78.31% dropping 76% and Magnitogorsk Iron & Steel Works MMK, -68.08% falling 68%.
Meanwhile, the Russian central bank more than doubled interest rates to 20% on Monday, as the ruble plunged following further moves by Western powers to the country over the invasion of Ukraine.
