US refining, pipeline firms issue upbeat demand forecasts
US refiners and pipeline companies remain bullish on energy consumption in the second half of the year,...
US refiners and pipeline companies remain bullish on energy consumption in the second half of the year, despite analysts and industry watchers warning about the prospect of a recession-linked demand contraction. Refiners are expected to benefit from inventory replenishment and strong export demand from Latin America, while midstream companies are seeing increased pipeline and terminal volumes as the oil production recovery continues.
Occidental Petroleum stock surges after Warren Buffett's Berkshire Hathaway boosts stake by $390 million
Shares of Occidental Petroleum Corp. ...
Shares of Occidental Petroleum Corp. OXY, 1.11% rallied 3.6% in afternoon trading Tuesday, enough to pace the S&P 500's SPX, 1.78% energy sector gainers, after the oil and natural gas company disclosed that Warren Buffett's Berkshire Hathaway Inc. BRK.B, 0.83% boosted its stake in Occidental to more than 20%. Occidental disclosed in a late-Monday filing that Berkshire Hathaway increased its investment in Occidental by 6.68 million shares, valued at $390.72 million, to 188.37 million shares, or 20.2% of the shares outstanding. At current prices, Berkshire Hathaway's common stock stake is valued at $11.72 billion. The shares were purchased in a series of transactions from Aug. 4 through Aug. 8, at a weighted average price of $58.4763, according to a MarketWatch analysis of filing data. That price is 6.0% below current levels. The purchase further distances Berkshire Hathaway as Occidental's largest shareholder, as the second-largest shareholder is Dodge & Cox at 10.75%, according to FactSet data. Occidental's stock has soared 114.6% year to date, while the SPDR Energy Select Sector ETF XLE, 0.79% has climbed 34.3% and the S&P 500 SPX, 1.78% has shed 13.5%.
VIX — Wall Street’s so-called fear gauge — is below 20 for 1st time since April
With U.S. stocks back in rally mode following Wednesday's consumer-price index release for July, the...
With U.S. stocks back in rally mode following Wednesday's consumer-price index release for July, the Chicago Board Options Exchange Volatility Index, better known as the VIX, or the market's "fear gauge", has dropped below 20 for the first time since April, according to FactSet data. The index reached a session low of 19.79 as the S&P 500 SPX, 1.94% retook 4,200 for the first time since May 5 late Wednesday morning in New York. As of 11:20 a.m., the S&P 500 was up 79 points, or 1.9%, at 4,201, while the Nasdaq Composite COMP, 2.60% was up 311 points, or 2.5%, at 12,805. The Dow Jones Industrial Average DJIA, 1.53% was up 545 points, or 1.7%, at 33,317. Headline inflation in July came in at 8.5% annualized, lower than the 8.7% anticipated by economists polled by FactSet, and also below the 9.1% reading in June, which marked the highest inflation in roughly 40 years.
Dow industrials rise more than 400 points after CPI shows U.S. inflation cooling
U.S. stock indexes opened higher on Wednesday, after the July U.S. consumer-price index report showed...
U.S. stock indexes opened higher on Wednesday, after the July U.S. consumer-price index report showed a slowdown of headline inflation from June, primarily thanks to falling energy prices.
How are stock indexes trading:
The Dow Jones Industrial Average DJIA, 1.56% gained 441 points, or 1.4% to around 33,204
The S&P 500 SPX, 1.72% advanced 70 points, or 1.7% to 4,192
The Nasdaq Composite COMP, 2.19% rallied 286 points, or 2.2% to 12,772
On Tuesday, the Dow Jones Industrial Average fell 0.2% to 32774, the S&P 500 declined 0.4% to 4122 — its fourth-straight losing session — and the Nasdaq Composite dropped 1.2%, to 12493, its third consecutive drop.
US Sour Crude Cargo Sails to Germany as Russia Sanctions Bite
A tanker of U.S. sour crude was delivered at Germany’s port of Rostock last week for the first time...
A tanker of U.S. sour crude was delivered at Germany’s port of Rostock last week for the first time ever, according to sources, analysts and vessel tracking data, as local refiners test alternatives to Russian oil.
The EU plans an almost-complete embargo of Russian barrels by year-end and is trying to wean itself off Russian crude imports, which have fed inland refineries in Germany, Poland and other central European nations via pipeline.
Refiners plan to replace Russian oil with seaborne Norwegian, Saudi Arabian, British, and U.S. crude grades. Russia has already shown through its natural gas exports that it is willing to cut off European destinations in a tit-for-tat over the EU’s financial sanctions that followed Moscow's invasion of Ukraine in February.
