Oil prices settle higher after Trump moves to end Venezuela crude deal
Oil futures settled higher on Thursday, finding support...
Oil futures settled higher on Thursday, finding support a day after President Donald Trump said he was revoking a license issued by the Biden administration that had allowed Chevron Corp. to produce oil in Venezuela.
Prices remained lower week to date, however, with U.S. tariffs on Canada and Mexico expected to come into effect next week, potentially hurting the outlook for the economy and for energy demand.
West Texas Intermediate crude for April delivery rose $1.73, or 2.5%, to settle at $70.35 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, climbed $1.51, or 2.1%, to $74.04 a barrel on ICE Futures Europe. The more actively traded May contract gained $1.50, or 2.1%, to $73.57 a barrel.
March gasolinetacked on nearly 2.5% to $2 a gallon, while March heating oiladded2.2% to $2.40 a gallon.
Natural gasfor April delivery settled at $3.93 per million British thermal units, down 0.6%.
Nasdaq logs worst day in a month, S&P 500 turns negative for 2025 as stocks fall
U.S. stocks lost their grip on earlier gains to end sharply...
U.S. stocks lost their grip on earlier gains to end sharply lower Thursday, with the Nasdaq Composite posting its worst day in about a month and the S&P 500 turning negative for the year.
The market's jitters came ahead of a closely followed inflation update on Friday, and as concerns have risen over President Trump's threats of fresh trade tariffs to start next week against Canada, Mexico and China.
The Dow Jones Industrial Average shed 193.62 points, or 0.5%, ending at 43,239.50.
The S&P 500 shed 94.49 points, or 1.6%, closing at 5,861.57 and turning negative for the year.
The Nasdaq Composite plunged 2.8%, finishing at 18,544.42. That was its biggest one-day percentage decline since it tumbled 3.1% on Jan. 27, according to Dow Jones Market Data.
Investors have been nervous not only about the potential impact that tariffs could have on inflation, but also on U.S. economic growth.
LNG demand to keep growing, but new supply uncertain
Liquefied natural gas project...
Liquefied natural gas project delays make an LNG supply glut highly unlikely in the coming years, while Asian nations' rising energy needs and shift from coal will continue to drive strong demand growth over the next 10 years, according to Woodside Energy CEO and Managing Director Meg O'Neill. This view aligns with Shell's latest annual forecast, which projects a roughly 60% increase in global LNG demand by 2040 and over 187 million short tons of new supply by 2030.
Ring Energy Bolts On Lime Rock's Central Basin Assets for $100MM
Ring Energy Inc. is bolting on Lime Rock Resources IV LP’s Central...
Ring Energy Inc. is bolting on Lime Rock Resources IV LP’s Central Basin Platform assets for $100 million, the E&P announced Feb. 26.
The majority of the assets are located in Andrews County, Texas, next to Ring’s core Shafter Lake operations in the Permian Basin. The remainder exposes Ring to new active plays, the company said in the deal’s announcement.
Approximately 17,700 net acres, 100% HBP, are contiguous to Ring’s existing footprint and had a low-decline net production average of 2,300 boe/d at more than 80% oil for the third quarter of 2024 from about 101 gross wells.
Ukraine’s Zelensky expected to come to US to sign minerals deal
Ukrainian President Volodymyr Zelensky is said to be planning to come...
Ukrainian President Volodymyr Zelensky is said to be planning to come to Washington, DC, tomorrow to sign an agreement that gives the US access to his country’s mineral resources, after both countries agreed to a framework. But major issues surrounding Ukraine’s security remain undecided. Drafts of the agreement viewed by news outlets did not provide an explicit security guarantee from the US, stating only that the US “supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace.”
