Oil producers bet on gas to drive revenue growth this year
As oil prices wobble, oil-focused producers such as Devon Energy and...
As oil prices wobble, oil-focused producers such as Devon Energy and EOG Resources are preparing to increase natural gas production this year after benefiting from a sharp rise in gas prices during the fourth quarter of 2024. EOG CEO Ezra Yacob anticipates continued price strength in 2025, driven by growing demand from power generation and the expansion of LNG export capacity.
Trump delayed tariffs on Mexico and Canada until April
No, you are not having déjà vu. President Trump announced on Thursday...
No, you are not having déjà vu. President Trump announced on Thursday that he’s made another change to his tariff plan, writing in a post on Truth Social that after speaking with Mexican President Claudia Sheinbaum, he will hit pause on the 25% tariffs on any imports from Mexico that fall under the USMCA trade agreement (which covers most goods) until April 2. It was initially unclear if Canada was included in the latest about-face, but the White House later clarified that it was. Prime Minister Justin Trudeau said yesterday he expects Canada and the US to be in a trade war for the “foreseeable future.” Trump’s announcement is the latest in a tariff whiplash that’s rocked markets and startled US companies.
Trump is preparing an order to eliminate the Department of Education. The...
Trump is preparing an order to eliminate the Department of Education. The president was expected to sign the executive order yesterday after a draft was leaked to news outlets, but he reportedly backed off because White House officials were worried about the lack of messaging surrounding it, according to ABC News. The draft calls on Education Secretary Linda McMahon to begin dismantling the department, which administers federal funding for schools and oversees the national school lunch program, among other things. But shutting it down would require approval from 60 senators. No president has ever before tried to unilaterally eliminate an entire federal department, per the New York Times.
Walgreens inked a $10 billion deal with private equity firm Sycamore Partners to go private, following years of falling stock prices.
Macy’s said it expects sales to drop this year as shoppers wait to see how tariffs will hit the economy.
On the Border, the casual Mexican restaurant chain, filed for bankruptcy, citing a “rapid loss of liquidity.”
Rep. Al Green, the Democrat from Texas who protested President Trump’s joint address to Congress this week, was censured by the House of Representatives.
240,000 Ukrainians who fled to the US after Russia’s invasion will have their temporary legal protections revoked by the Trump administration, Reuters reported.
Oil steadies in choppy trading on tariff uncertainty, OPEC+ hike plans
(Reuters) -Oil settled largely unchanged in choppy trade...
(Reuters) -Oil settled largely unchanged in choppy trade on Thursday, with global benchmark Brent closing below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and plans by OPEC+ to raise output.
Brent futures settled up 16 cents, or 0.2%, at $69.46 a barrel. U.S. West Texas Intermediate crude futures gained 5 cents, or 0.1%, to settle at $66.36.
On Wednesday, Brent hit $68.33, its weakest since December 2021, after a larger-than-expected build in U.S. crude inventories further pressured oil after OPEC+'s hike in output quotas for the first time since 2022 and new U.S. tariffs enacted on Tuesday.
"The OPEC news of adding barrels next month, along with a Russian/Ukraine peace deal now looking more promising and a flip/flop of tariffs is keeping crude in a volatile trade," said Dennis Kissler, senior vice president of trading at BOK Financial.
Russia said it will seek a peace deal in Ukraine that safeguards its own long-term security and will not retreat from the gains it has made in the conflict.
U.S. natural gas futures snap a three-day winning streak as warmer weather...
U.S. natural gas futures snap a three-day winning streak as warmer weather contributed to a smaller-than-expected storage draw of 80 Bcf last week. Still, the 2,171 Bcf taken from storage since the start of November makes this the second-strongest withdrawal season since 2010, Andy Huenefeld of Pinebrook Energy Advisors says in a note. “We would expect to see a larger draw in next week’s report covering the week ending March 7, but from there mild weather forecasts suggest a series of lighter storage deductions heading into the spring.” Inventories as of last week were 224 Bcf below the five-year average, and 585 Bcf below their year-ago level. The Nymex front month natural gas futures settled down 3.3% at $4.302/mmBtu.
