Oil prices hold at 2-week low on lower oil demand growth forecasts
Oil prices held near a two-week low on Wednesday after...
Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle Eastconflicts will disrupt supply.
Earlier this week, crude prices fell in response to a weaker demand outlook and a media reportthat Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4.0 million barrels per day (bpd) of oil in 2023, U.S. Energy Information Administration (EIA) data showed.
Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.
As of October 16, 2024, the closing prices for oil and natural gas are:
West Texas Intermediate (WTI) Crude Oil: $70.39 per barrel
Dow closes at record high as U.S. stocks rebound from tech pullback
Major U.S. stock indexes bounced back from a selloff...
Major U.S. stock indexes bounced back from a selloff in the prior session to finish higher on Wednesday, buoyed by strong corporate-earnings results from names like Morgan Stanley and United Airlines.
The Dow Jones Industrial Average finished up by 337.28 points, or 0.8%, at a record high of 43,077.70, based on preliminary data. It surpassed its previous record close of 43,065.22 reached on Monday.
The S&P 500 closed up by 27.21 points, or 0.5%, at 5,842.47.
The Nasdaq Composite ended up by 51.49 points, or 0.3%, at 18,367.08.
"Banks as a whole seem to be trading pretty well based on positive quarterly earnings, and that signifies the interest-rate environment and lending environment are starting to stabilize and look more attractive for banks,'' said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management.
"When looking at the whole economic landscape, banks should be able to operate in more attractive lending opportunities,'' Jacobs said via phone.
Meanwhile, Treasury yields finished broadly lower as oil futures dropped again on uncertain future demand. Two-, 10-, and 30-year yields closed at their lowest levels in almost two weeks.
Exxon Seeks Buyers for Portion of Assets in North Dakota's Bakken Shale
Top U.S. oil producer ...
Top U.S. oil producer Exxon Mobil Corp. told Reuters on Oct. 15 that it plans to sell a portion of its assets in North Dakota's Bakken Shale formation.
Following a wave of megamergers in U.S. shale patches, oil producers are reviewing their portfolios to decide which assets remain core to their strategy and which to divest.
"ExxonMobil is exploring market interest for select assets in the Bakken Shale Play, which includes approximately 137 operated wells and 676 non-operated and royalty wells across 49,000 net acres in North Dakota", a company spokesperson said in response to Reuters questions.
Midcon, Rockies Drilling Activity Keeps Declining in 3QâKC Fed
According to the third-quarter Kansas City Fed Energy Survey, E&Ps in the Midcon and Rockies need...
According to the third-quarter Kansas City Fed Energy Survey, E&Ps in the Midcon and Rockies need to see a healthy increase in oil and natural gas prices to substantially increase drilling activity.
The Kansas City Fed said in a third-quarter energy survey that drilling and business activity continued to decline for producers in the Tenth District, which includes Kansas, Colorado, Nebraska, Oklahoma, Wyoming, the northern half of New Mexico, and the western third of Missouri.
It was the seventh consecutive quarterly decline in Tenth District drilling and business activity.
Post Oak Backs Third E&P: Tiburon Captures Liquids-rich Utica Deal
Post Oak Energy Capital is continuing to roll out new portfolio companies...
Post Oak Energy Capital is continuing to roll out new portfolio companies across the Lower 48âincluding the Permian Basin and Haynesville Shaleâwith its latest move on Oct. 15 backing Utica liquids player Tiburon Oil & Gas Partners.
Since September, Post Oak Energy Capital has backed new portfolio companies in the Permian Basin and Haynesville Shale and made an equity commitment to Utica Shale E&P Tiburon Oil & Gas Partners.
Tiburon closed on an initial acquisition of leasehold in the liquids-rich portion of the Utica Shale in Ohio in conjunction with the equity backing by Post Oak, along with commitments from Tiburonâs management team and other investors.
Post Oak has recently backed several teams, most recently committing equity behind Delaware Basin-focused Ichthys Energy Partners. Ichthys has not yet made an acquisition. In September, Post Oak also backed Quantent Energy Partners LLC, which completed an initial acquisition of natural gas assets in the Haynesville Shale.
