Elon Musk’s takeover of Twitter proves that the modern CEO job is broken. Ed Zitron,...
Elon Musk’s takeover of Twitter proves that the modern CEO job is broken. Ed Zitron, the CEO of a boutique public relations firm, writes that these head honchos have turned into chief hypocrisy officers. Instead of contributing to the company on a meaningful level, they’re juggling other business ventures, sitting on boards, and pursuing side projects — while refusing to allow employees to do the same. Check out his take here.
Saudi Arabia Slashes Oil Exports By 430,000 Bpd As OPEC+ Cuts Output
The world’s largest crude oil exporter, Saudi Arabia, has started to slash its crude exports after...
The world’s largest crude oil exporter, Saudi Arabia, has started to slash its crude exports after OPEC+ is now reducing its overall target production by 2 million barrels per day (bpd).
Initial tracking and estimates suggest that so far in November, Saudi Arabia has reduced its crude oil exports by more than 400,000 bpd, while exports from OPEC could be on course to drop by 1 million bpd, Bloomberg reported on Thursday, citing oil flow tracking data.
So far in November, Saudi Arabia’s oil shipments have dropped by 430,000 bpd, according to data from Kpler cited by Bloomberg. Petro-Logistics estimates that OPEC crude oil shipments are set for a 1-million-bpd drop.
U.S. stocks ended lower on Thursday to log their first back-to-back losses in two weeks after two senior...
U.S. stocks ended lower on Thursday to log their first back-to-back losses in two weeks after two senior Federal Reserve officials said the central bank’s benchmark interest rate may need to rise higher than earlier anticipated to subdue inflation.
The S&P 500 SPX, -0.31% fell 12.23 points, or 0.3%, ending at 3,946.56.
The Dow Jones Industrial AverageDJIA, -0.02% shed 7.51 points, or less than 0.1%, to finish at 33,546.32, after falling as much as 314 points in the morning session.
The Nasdaq CompositeCOMP, -3.91% declined 38.70 points, or 0.4%, to end at 11,144.96.
U.S. oil prices settle at their lowest since late September
Oil futures on Thursday tallied back-to-back declines, with U.S....
Oil futures on Thursday tallied back-to-back declines, with U.S. prices ending at their lowest since late September, as China’s zero-COVID policy continued to dull the outlook for energy demand.
Natural-gas futures bucked the downtrend for the energy sector, finishing higher as U.S. government data showed a weekly increase in domestic supplies that generally met with market expectations.
West Texas Intermediate crude for Decemberdelivery CL.1 fell $3.95, or 4.6%, to settle at $81.64 a barrel on the New York Mercantile Exchange. Prices marked the lowest settlement for a front-month contract since Sept. 30, according to Dow Jones Market Data.
January Brent crudeBRN00, declined by $3.08, or 3.3%, to $89.78 a barrel on ICE Futures Europe, settling at the lowest since Oct. 3.
December gasolineRBZ22, lost 2.1% to $2.4547 a gallon, while December heating oil HOZ22, settled at $3.5248 a gallon, down 2.5%.
December natural gasNG00, rose 2.7% at $6.369 per million British thermal units, extending a nearly 2.8% gain from a day earlier.
Energy stocks opened lower, tracking weaker oil prices and broader index...
Energy stocks opened lower, tracking weaker oil prices and broader index futures. S&P 500 futures are lower by more than 1%, as equities are set to sell off today amid rising rates and expectations of slowing economic activity heading into 2023. The 10-year treasury yield is up 2% this morning, to 3.76%.
In sector news, earnings are reaching their conclusion, while Diamondback Energy Inc said it has agreed to buy all leasehold interest and related assets of Lario Permian, a unit of Lario Oil & Gas Company, for around $1.5 billion in cash and stock.
Oil extended declines on Thursday as geopolitical tensions eased slightly and rising numbers of COVID-19 cases in China added to worries over demand in the world's largest crude importer. Poland and NATO on Wednesday said a missile that crashed inside NATO member Poland was probably a stray fired by Ukraine's air defenses and not a Russian strike, easing fears of the war between Russia and Ukraine spilling across the border. "It looks like we aren't seeing an immediate escalation from the Russians and that has tentatively removed some of the short-term supply risks," said Edward Moya, senior market analyst at OANDA.
Natural gas futures are higher by nearly 2%, trading just above $6.30.Weekly inventory data is due out later this morning.
