US frack spread count points to recovering activity
The frack spread count across the US has reached 275 and could have room to increase to between 310 and...
The frack spread count across the US has reached 275 and could have room to increase to between 310 and 320, a sign that oilfield activity is on the upswing, Primary Vision CEO Matt Johnson says. Some operators are refracking existing wells to maximize production as supply chain issues persist, Johnson adds.
US shale oil output forecasted to see largest gain since 2020 in May
The Energy Information Administration has forecast that US shale oil production will...
The Energy Information Administration has forecast that US shale oil production will post the largest increase since March 2020 inMay, growing by 132,000 barrels per day to 8.65 million bpd, with the Permian Basin set to account for 82,000 bpd of the additional supply. Shale gas production, meanwhile, is expected to jump from 90.1 billion cubic feet per day in April to 90.83 Bcf/d in May, driven by gains in the Haynesville Shale and Appalachian Basin.
Analysts say firms are moving cautiously, and have added to their loan loss reserves. Consumer-facing industries like Airlines on the other hand, are seeing renewed demand from consumers.
"We see signs of goods demand cooling, particularly in big-ticket items, while services benefit from strong pent-up demand," Bank of America said Monday.
U.S. stocks finish slightly lower ahead of busy week for earnings
All three major stock benchmarks ended with small losses Monday, after a choppy trading session,...
All three major stock benchmarks ended with small losses Monday, after a choppy trading session, as investors braced for companies' earnings season for the first quarter to move into full swing this week. The Dow Jones Industrial Average DJIA, -0.11% closed down 0.1% while the S&P 500 SPX, -0.02% dipped less than 0.1% and the Nasdaq Composite COMP, -0.14% fell 0.1%, according to preliminary FactSet data. Stocks slipped as the yield on the 10-year Treasury note TMUBMUSD10Y, 2.849% extended its rise Monday to 2.861%, according to Dow Jones Market Data. Investors continued to worry about the impact of rising interest rates on the stock market and a slowing economy, with Goldman Sachs economists predicting the U.S. faces a 35% chance of recession in the next two years.
The energy sector is off to a higher start, supported...
The energy sector is off to a higher start, supported by strength in the underlying commodities. U.S. stock index futures slipped on Monday as Treasury yields continued to rise in expectation of a tighter monetary policy, while Bank of America wrapped up earnings from Wall Street lenders with a better-than-expected quarterly profit.
WTI and Brent crude oil are up in early trading, erasing earlier losses that were caused by worries over slowing demand in China. However, concerns over tight global supply, the war in Ukraine and outages in Libya pushed oil prices into positive territory. Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp warned "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites. NOC said the closures were caused by "a group of individuals" entering facilities. Groups in eastern Libya protesting at oil plants want the Tripoli-based prime minister to quit in favor of a recently appointed rival. With global energy markets already restricted due to the Ukraine crisis, more losses from Libya's recent 1.2 million barrels-per-day average output will put further pressure on prices.
