U.S. home-price growth slips in May from record high: Case-Shiller
The numbers: The S&P CoreLogic Case-Shiller 20-city index decelerated to a 20.5%...
The numbers: The S&P CoreLogic Case-Shiller 20-city index decelerated to a 20.5% year-over-year gain in May down from 21.2% in the previous month.
In May, the 20-city index rose a seasonally adjusted 1.3%, down from 1.7% in April. S&P said that the year-over-year growth in May was the second highest for the 20-city index. April’s gain was the peak.
A separate report from the Federal Housing Finance Agency showed a 1.4% monthly gain. And over the last year, the FHFA index was up 18.3%.
Key details: Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in May. Price growth was strongest in the South and Southeast, which saw 30.7% growth.
Minneapolis, Chicago, and D.C. reported the lowest year-over-year gains, though these cities still saw home prices grow.
Oil producers' revenues, costs rose in lockstep in Q1
An Energy Information Administration analysis found that a group of 53 public US oil and natural gas...
An Energy Information Administration analysis found that a group of 53 public US oil and natural gas producers collectively responsible for around 34% of domestic oil production saw combined cash flows jump 86% year over year to $25.7 billion during the first quarter, while capital spending nearly doubled from a year earlier to $14.6 billion amid higher material and labor costs. Production expenses for the group averaged $28.06 per barrel of oil equivalent during the quarter, marking a 59% increase from pre-pandemic levels and the highest quarterly average in the past five years.
Oil futures settled higher on Monday, with the U.S. benchmark remaining below the $100-a-barrel threshold...
Oil futures settled higher on Monday, with the U.S. benchmark remaining below the $100-a-barrel threshold ahead of this week’s Federal Reserve decision on interest rates that’ll likely provide clues to the energy demand outlook.
West Texas Intermediate crude for September delivery rose $2, or 2.1%, to settle at $96.70 a barrel on the New York Mercantile Exchange.
SeptemberBrent crude the global benchmark, rose $1.95, or 1.9%, to $105.15 a barrel on ICE Futures Europe. October Brent the most actively traded contract, added $1.81, or 1.8%, at $100.19 a barrel.
Back on Nymex, August gasolineRBQ22, -0.30% rose 4.9% to $3.382 a gallon, while August heating oil HOQ22, -0.13% gained 1.8% to $3.5166 a gallon.
August natural gasNGQ22, 1.11% gained 5.2% to $8.727 per million British thermal units, with front-month prices at their highest finish since June 10, according to Dow Jones Market Data.
Natural gas jumps 5% on U.S. heat wave, Europe's dire straits
U.S. natural gas futures ...
U.S. natural gas futures closed at their highest price since June 10, with the contract for August delivery (NG1:COM) settling +5.2% at $8.727/MMBtu on Monday to extend a ~60% rally this month, as some of the highest temperatures on record across the U.S. continued to boost power demand.
The rise in U.S. prices also follows a rally in European gas prices, with Dutch TTF benchmark futures up nearly 12% after Russia's Gazprom said natural gas exports through the Nord Stream pipeline to Germany would drop to just 20% of capacity, which could eventually boost demand for U.S. shipments of liquefied natural gas.
The European price, after conversion, would be ~$52/MMBtu, according to Avi Salzman of Barron's - an enormous premium to U.S. prices.
Without sufficient Russian supplies, Europe likely will need to ration power use and import more gas from elsewhere, which would place U.S. gas producers in a strong position to profit as importers turn to them for gas supplies.
Shell USA to Acquire Midstream MLP in $1.96 Billion Buyout
Shell USA Inc. agreed on July 25 to acquire Shell Midstream Partners LP in a buyout transaction...
Shell USA Inc. agreed on July 25 to acquire Shell Midstream Partners LP in a buyout transaction worth nearly $2 billion.
The transaction marks the latest MLP roll-up in the midstream space largely seen as being driven by the elimination of incentive distribution rights. Previously, the oil and gas industry had financed billions of dollars in pipeline and storage infrastructure through the use of MLPs.
Based in Houston, Shell USA is the U.S. subsidiary of global supermajor Shell Plc headquartered in London. A subsidiary of Shell USA currently owns about 269.5 million common units of Shell Midstream Partners, or roughly 68.5% of Shell Midstream Partner common units, which owns, operates, develops and acquires pipeline and other midstream and logistics assets in the U.S. from its headquarters in Houston.
