Crude oil and gasoline prices settled sharply higher on Tuesday. Tuesday's weaker dollar is bullish...
Crude oil and gasoline prices settled sharply higher on Tuesday. Tuesday's weaker dollar is bullish for energy prices. Also, short covering emerged to push crude prices higher Tuesday on concern that US crude production is set to decline after Diamondback Energy, the largest independent crude producer in the Permian Basin, cut its full-year production forecast and said it expects US crude output to fall in the coming months due to low oil prices.
Brent futures rose $1.92, or 3.2%, to settle at $62.15 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.96, or 3.4%, to close at $59.09.
U.S. stocks log back-to-back losses as investors watch trade talks, Fed meeting
U.S. stocks finished lower on Tuesday for a second straight...
U.S. stocks finished lower on Tuesday for a second straight day as investors monitored potential developments in tariff negotiations between the Trump administration and key U.S. trading partners.
The Dow Jones Industrial Average fell 389.83 points, or nearly 1%, to end at 40,829, according to FactSet data.
The S&P 500 was off 43.47 points, or 0.8%, to finish at 5,606.91.
The Nasdaq Composite slumped 154.58 points, or 0.9%, ending at 17,689.66.
Stocks saw another volatile session on Tuesday after President Donald Trump met with Canadian Prime Minister Mark Carney, but he said there was nothing Carney could say to him during the meeting that would persuade him to drop U.S. tariffs on Canadian imports.
Investors also await the Federal Reserve’s policy decision on Wednesday at 2 p.m. Eastern time. The U.S. central bank is widely expected to hold its key interest rate steady as policymakers still gauge whether Trump's aggressive tariffs could reignite inflation and hurt the world's largest economy.
Diamondback CEO: US Onshore Oil Output Has Likely Peaked as Rigs Drop
One of the nation's top oil bosses says low prices and macroeconomic...
One of the nation's top oil bosses says low prices and macroeconomic uncertainty are jeopardizing U.S. energy security.
Diamondback Energy Chairman and CEO Travis Stice didn’t mince words in his quarterly letter to shareholders.
“We believe we are at a tipping point for U.S. oil production at current commodity prices,” Stice wrote in the May 5 letter.
Diamondback estimates that the U.S. frac crew count is down 15% this year, with the Permian Basin crew count down 20% from a January peak. Both are expected to decline further.
Onshore oil rigs will decline by 10% by the end of the second quarter and fall further in the third.
“As a result of these activity cuts, it is likely that U.S. onshore oil production has peaked and will begin to decline this quarter,” he wrote.
Sunoco (SUN) and Parkland Corp. (PKI), a Canadian company, announced...
Sunoco (SUN) and Parkland Corp. (PKI), a Canadian company, announced an agreement on May 5. Under the agreement, Sunoco will acquire all outstanding shares of Parkland for about US$9.1 billion (CA$12.56).
The deal, which includes assumed debt, positions Sunoco for expanded operations across a larger service area.
Sunoco will establish a publicly traded entity named SUNCorp LLC in Delaware as part of the acquisition. Under the terms of the agreement, Parkland shareholders will receive 0.295 SUNCorp units and CA$19.80 (US$14.35) in cash per share.
Sunoco’s operations include wholesale fuel distribution and retail convenience stores. Parkland is an international fuel distributor, marketer and convenience retailer with operations in twenty-six countries in North and South America.
🛩️ Air traffic controllers lost touch with all planes at Newark for 90 seconds
Bloomberg quoted anonymous sources as saying that the air traffic controllers...
Bloomberg quoted anonymous sources as saying that the air traffic controllers who guide planes into Newark Liberty International Airport lost all radar and radio communication for about a minute and a half on April 28, which resulted in staff reduction and contributed to the week of delays the airport subsequently weathered. One of the sources said there is no backup for when those systems fail, and controllers can only wait for them to come back online. The National Air Traffic Controllers Association, the union representing the ATCs, confirmed the incident happened and that members did not simply walk off the job, as United CEO Scott Kirby characterized in a statement last week. CNN reported that at least five FAA employees took 45 days of trauma leave following the incident.
