Dow ends 160 points lower, but stocks trim losses after Moody’s bank downgrades
U.S. stocks finished lower on Tuesday but were off the session’s...
U.S. stocks finished lower on Tuesday but were off the session’s worst levels after Moody’s Investors Service late Monday cut its credit ratings for several U.S. regional banks and threatened other major lenders with downgrades.The Dow Jones Industrial Averageshed about 158 points ending near 35,314, according to preliminary FactSet data. The blue-chip index traded about 300 points lower earlier in the session. The S&P 500 Index shed 0.4% and the Nasdaq Composite Index lost 0.8%.
The S&P 500’s financial and materials sectors led stocks lower Tuesday, ending down 0.9% and 1.1%, respectively, as investors digested Moody’s decision to lower its credit rating on almost a dozen regional banks, and threatened to downgrade six other major U.S. lenders. The credit rating firm pointed to exposure to commercial real estate at smaller and medium-size banks and overall interest-rate risks as reasons for its negative rating actions. Investors also were monitoring a deepening economic slowdown in China.
US Oil Output to Hit Record This Year, Helping Counter Saudi Cuts
(Bloomberg) US oil production this year will rise faster than previously expected,...
(Bloomberg) US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast.
Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday. The US averaged about 11.9 million barrels a day in 2022.
WTI Midland's addition to dated Brent is reshaping the global oil market in 2023, driving US crude oil...
WTI Midland's addition to dated Brent is reshaping the global oil market in 2023, driving US crude oil exports higher and consequently putting downward pressure on oil prices in Europe, Asia, Brazil, and Africa. "As Midland becomes more and more important in the dated Brent assessment, it has a knock-on effect on other grades having to price themselves lower to compete with WTI Midland," explained Vortexa market analyst Rohit Rathod.
Researchers at the University of California, Santa Barbara, have developed MethaneMapper,...
Researchers at the University of California, Santa Barbara, have developed MethaneMapper, a new AI-based software that allows the detection of methane leaks over vastly different terrains, which has been a roadblock for earlier technologies. The Airborne Visible-Infrared Imaging Spectrometer - Next Generationuses AI to perform the difficult task of sorting the presence of methane emitted by the oil and gas industry from background objects.
Firm sees success in the Bakken with 3-mile laterals
Chord Energy has accelerated well-to-sales...
Chord Energy has accelerated well-to-sales timelines and boosted production by implementing a three-mile lateral program in the Bakken Shale. Notably, three-mile laterals on the company's Indian Hills acreage yielded 36% more production than two-mile laterals, prompting CEO Daniel Brown to emphasize an ongoing commitment to extended lateral drilling practices.
