S&P 500 and Nasdaq score 4-day win streaks as U.S. stocks close higher
U.S. stocks ended near the session's highs on Thursday,...
U.S. stocks ended near the session's highs on Thursday, as inflation data helped cement expectations for the Federal Reserve to take a modest approach next week with its first interest-rate cut in four years.
The Dow Jones Industrial Average gained 235.06 points, or 0.6%, ending at 41,097.77. The session high was 41,107.35.
The S&P 500 climbed 41.63 points, or 0.8%, closing at 5,595.76.
The Nasdaq Composite advanced 174.15 points, or 1%, finishing at 17,569.68.
The S&P 500 and Nasdaq both sealed their fourth straight session of gains.
Despite an uptick in turbulence, recent gains for stocks left equities on the doorstep of record territory. According to Dow Jones Market Data, the Dow ended Thursday only 1.1% below its record close from late August, while the S&P 500 was 1.3% off its mid-July record finish. All three indexes also were on pace for the biggest weekly gains since the week ending August 16.
Industry Warns Ruling Could Disrupt GoM Oil, Gas Production
Energy trade associations are decrying a legal...
Energy trade associations are decrying a legal decision by a U.S. District Court judge they say could halt oil and gas operations in the Gulf of Mexico (GoM) before the end of the year.
A Maryland judge reversed a 2020 environmental decision that had served as the framework for oil and gas activities in the GoM, potentially suspending offshore operations indefinitely pending further regulatory review.
Federal Judge Deborah Boardman, an appointee of President Joe Biden, vacated a 2020 Gulf of Mexico Biological Opinion (BiOp) in an opinion filed on Aug. 19 in the U.S. District Court for the District of Maryland. Boardman’s decision cited violations of the Endangered Species Act and the Administrative Procedure Act due to failing to fully analyze the jeopardy of certain species’ populations and the impact of oil spills.
Hotter Temps Drive Japanese Demand for Spot LNG from US
Japan is seeking LNG, potentially from the...
Japan is seeking LNG, potentially from the U.S., to cover summer-related electricity demand that could extend into early October amid reduced gas import supply.Â
Above-average temperatures are forecast for most regions of Japan through at least the end of September, according to Rystad Energy’s Senior Analyst Masanori Odaka.Â
“Hotter temperatures and limited prompt supply have compelled Japanese importers to secure spot LNG for September delivery,” Odaka said Sept. 10 in a research report.Â
Williams Files for Temporary Permit to Keep $950MM Project Online
After a D.C. court vacated a permit for a pipeline...
After a D.C. court vacated a permit for a pipeline project running through five mid-Atlantic states, Williams Cos. filed with the Federal Energy Regulatory Commission (FERC) for a temporary emergency certificate to keep the system running.
In July, the Court of Appeals, D.C. Circuit, invalidated a FERC permit from Transcontinental Gas Pipe Line Co., a subsidiary of Williams, for the Regional Energy Access (REA) project. The REA is a $950 million expansion project adding about 829,000 dekatherms of energy capacity a day to an already existing pipeline system, serving 4.4 million homes.
Williams must request a temporary certificate from the FERC to keep the system operational while the agency reviews the court’s decision.
Helmerich and Payne Announces $1.25 Billion Notes Offering to Pay for International Acquisition
Tulsa-based Helmerich & Payne announced it had priced an offering...
Tulsa-based Helmerich & Payne announced it had priced an offering of $1.25 billion in senior notes to help pay for its recent acquisition of an international oil and gas operation headquartered in the United Kingdom.
The acquisition, announced in late July, totaled $1.9725 billion in cash as Helmerich & Payne took over KCA Deutag International Limited and its 9,000 employees. The Aberdeen, United Kingdom company operates in more than 20 countries worldwide.
Combined with KCA Deutag’s global operations, upon completion of the transaction, H&P will have leading positions in the U.S. and Middle East, the two most prominent oil and gas-producing regions in the world.
