Dow finishes 360 points lower as stocks give up strong early gains
Stocks ended sharply lower Thursday, reversing strong early gains as Treasury yields saw a renewed rise....
Stocks ended sharply lower Thursday, reversing strong early gains as Treasury yields saw a renewed rise. The Dow Jones Industrial Average DJIA, -1.05% fell around 369 points, or 1%, to finish near 34,792, according to preliminary figures, while the S&P 500 SPX, -1.48% dropped 1.5% and the Nasdaq Composite COMP, -2.07% tumbled 2.1%. The yield on the 10-year Treasury note rose around 6 basis points to 2.902%.
Oklahoma Shale Driller Chaparral Rebrands as Canvas Energy
Chaparral Energy Inc. unveiled on April 20 a corporate rebranding to Canvas...
Chaparral Energy Inc. unveiled on April 20 a corporate rebranding to Canvas Energy Inc., completing a strategic transformation that emphasizes the company’s ESG principles, according to CEO Chuck Duginski.
“While we have a long history as a trusted operator in Oklahoma, we have made tremendous progress over the last several years in completely transforming our business,” Duginski commented in a company release.
“We have clearly articulated our ESG principles and have become leaders in EH&S performance,” he continued.
EIA reports drop in crude oil inventories of 8MM BO
Crude inventories fell by 8 million barrels in the week ended April 15 to 413.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.5 million-barrel rise.
That was driven by a surge in exports, which rose to 4.3 million barrels per day in the most recent week, the most since March 2020, while imports fell to their lowest since April 2021. This is a reflection of worldwide demand for crude as Russian exports have fallen since its invasion of Ukraine in February.
Those exports offset an injection of 4.7 million barrels from U.S. strategic reserves as part of the White House’s efforts to lower fuel prices overall.
Shrinking pipeline space could weigh on Permian output
The pickup in oilfield activity indicates that Permian Basin natural gas production...
The pickup in oilfield activity indicates that Permian Basin natural gas production could climb to 17 billion cubic feet per day in late 2023, but any further growth will likely be constrained by a lack of capacity on long-haul gas pipelines, according to an analysis by S&P Global Commodity Insights. Permian gas output has averaged 13.8 Bcf/d this year through mid-April and could grow by 2 Bcf/d in 2022.
