Occidental, Devon upgraded to Overweight at Morgan Stanley
Occidental Petroleum (NYSE:...
Occidental Petroleum (NYSE:OXY) and Devon Energy (NYSE:DVN) on Monday were both upgradedto Overweight from a previous investment rating of Equal Weight by analysts at financial-services company Morgan Stanley.
They also downgraded Marathon Oil (NYSE:MRO) and EOG Resources (NYSE:EOG) to Equal Weight from a previous rating of Overweight as they provided an outlook for the energy industry in 2024.
Shohei Ohtani, one of baseball's biggest stars, will depart the Los Angeles Angels and head across town...
Shohei Ohtani, one of baseball's biggest stars, will depart the Los Angeles Angels and head across town to the Los Angeles Dodgers after signing a contract reportedly worth $700M. In total value, the 10-year deal is believed to be the biggest contract signed by any athlete in global sports history.
An investor group has reportedly launched a $5.8 billion bid to take Macy’s private.
The Texas Supreme Court temporarily blocked a ruling by a lower court that would have allowed a pregnant woman to obtain an emergency abortion. Her unborn baby has a fatal genetic condition.
The Boy and the Heron, the latest movie from Japanese anime legend Hayao Miyazaki, became the first original anime title to top the North American box office with a $12.8 million debut.
LSU quarterback Jayden Daniels won the Heisman Trophy, becoming the fifth QB in the last seven seasons to win the trophy after transferring schools.
The Lakers won the championship in the NBA’s first in-season tournament with LeBron James snagging MVP honors, adding to a pretty good sports weekend in Los Angeles.
U.S. stocks open mostly lower as investors look ahead to inflation data, Fed policy meeting
U.S. stocks opened mostly lower on Monday, after six straight weeks of gains, as investors look ahead...
U.S. stocks opened mostly lower on Monday, after six straight weeks of gains, as investors look ahead to inflation data and the Federal Reserve’s policy meeting this week. The Dow Jones Industrial AverageDJIA was up 0.2% soon after the opening bell, while the S&P 500 SPX shed 0.1% and the Nasdaq CompositeCOMP fell 0.4%, according to FactSet data, at last check. A reading on November inflation, as measured by the consumer-price index, will be released on Tuesday. The following day, the Fed will release a statement on its monetary policy, after concluding its two-day meeting. Last week, all three major U.S. stock benchmarks closed at their highest levels of the year, with the S&P 500 finishing Friday at its highest value since March 29, 2022.
Rig activity remains steady in Oklahoma and the US
Oil and gas rig activity remained steady in Oklahoma over the past week while the rig count across the...
Oil and gas rig activity remained steady in Oklahoma over the past week while the rig count across the nation gained by one to reach 626, reported Baker Hughes Co. on Friday.
Oklahoma was unchanged with a count of 38 rigs. A year ago, there were 69 oil and gas rigs active in the state.
Nationally, the count of 626 came with a loss of two oil rigs to 504and a gain of three gas rigs for a total of 119. The U.S. count is still 154 fewer than a year ago when the count was 780, according to Baker Hughes Co. The decline over the past year included a drop of 122 oil rigs and 34 gas rigs.
The Ardmore Woodford recorded a gain of one rig, leaving it the only operational rig in the play. The Arkoma Woodfordcontinued for another week with no reported drilling activity, based on the Baker Hughes report. The Cana Woodfordcount grew by one to reach 19.
Government to buy another 3 million barrels to refill nation’s oil reserve
The government is now aiming for March to begin replenishing the nation’s Strategic Petroleum Reserve,...
The government is now aiming for March to begin replenishing the nation’s Strategic Petroleum Reserve, which is at its lowest level in decades.
After using 180 million barrels of crude oil to lower gasoline prices instead of the original purpose for national security emergencies, the Biden administration announced Friday it intends to buy 3 million barrels of crude oil for delivery in March.
It wants to use lower crude prices to refill the emergency stockpile.Prices of West Texas Intermediate crude considered the US benchmark, closed Friday at $71.23 per barrel, a gain of $1.89 or 2.7% for the day. Still, prices were down about 2% for the week and it was the seventh straight weekly decline for WTI and Brent crude which is the global benchmark.
Reuters reported the Energy Department had indicated two months ago it intended to buy back oil at $79 a barrel and as of this month had acquired about 9 million barrels at nearly $75 a barrel.
The government intends to store the 3 million gallons at the Big Hill SPR site in Texas. The national reserve currently holds 351.9 million barrels of oil.
