EIA sees shale oil, gas output hitting new records in March
The Energy Information Administration expects crude oil production from the seven largest US shale formations...
The Energy Information Administration expects crude oil production from the seven largest US shale formations to grow by around 75,000 barrels per day to an all-time high of 9.36 million bpd in March, with nearly half of that growth coming from the Permian Basin, where output is seen hitting a record 5.68 million bpd. Meanwhile, natural gas volume gains in Appalachia, the Permian and the Haynesville Shale will push total gas production from shale regions to a record 96.6 Bcf/d in March, a monthly increase of around 0.4 Bcf/d, the EIA forecast.
Chevron to drill new US Gulf wildcat amid growth plans
Chevron is doubling down on the US Gulf of Mexico, with...
Chevron is doubling down on the US Gulf of Mexico, with plans to spud a new exploration well east of its Ballymore discovery in the first half of the year. The company plans to boost production in the region to more than 300,000 barrels of oil equivalent per day by 2026 and has allocated more than one-fifth of its $11.5 billion upstream budget for 2023 to US Gulf projects.
Freeport LNG to Achieve Partial Restart in February
Freeport LNG Development will achieve a partial restart of its operations in February, but incremental...
Freeport LNG Development will achieve a partial restart of its operations in February, but incremental LNG export cargos during the month will be minimal, according to Rystad Energy vice president Emily McClain.
“We expect the plant will bring all three trains online in March, with a full ramp up by early April,”McClain announced Feb. 14 in the consultancy’s weekly North America gas and LNG market update.
Stock-index futures extended losses and Treasury yields built on a rise Thursday after Cleveland Federal...
Stock-index futures extended losses and Treasury yields built on a rise Thursday after Cleveland Federal Reserve Bank President Loretta Mester said she had seen a “compelling” case for a half-point rate hike at its Jan. 31-Feb. 1 meeting, when policy makers lifted the fed-funds rate by a quarter of a percentage point. That came as stocks were sliding and yields had reversed a decline following a raft of economic data, including a hotter-than-expected January producer price index reading. Futures on the Dow Jones Industrial Average YM00, -0.83% were down 293 points, or 0.9%, while S&P 500 futures ES00, -1.16% dropped 1.2% and Nasdaq-100 futures NQ00, -1.49% shed 1.5%. The yield on the 2-year Treasury note TMUBMUSD02Y, 4.648% rose 3 basis points to 4.632%, while the 10-year Treasury yield TMUBMUSD10Y, 3.841% ws up 2 basis points at 3.831%.
U.S. housing starts fell 4.5% in January to lowest level since mid-2020
The numbers: Construction on new U.S. homes fell a seasonally adjusted 4.5% in January...
The numbers: Construction on new U.S. homes fell a seasonally adjusted 4.5% in January to 1.31 million, the Commerce Department said Thursday. The drop in construction on homes follows the decline in December when housing starts also fell by 3.4%
The drop was larger than what Wall Street expected. Economists polled by the Wall Street Journal expected housing starts to drop to a 1.35 million rate from December’s initial estimate of 1.38 million.
Construction is at the lowest level since June 2020,during the depths of the coronavirus pandemic. The annual rate of total housing starts fell from 27.3% in the previous year.
