OklahomaMinerals.com

Snippets

• Dow ends higher Friday, but stocks finish week in the red
  U.S. stocks closed mostly lower on Friday, with the S&P 500 and Dow both ending a choppy week with...
  U.S. stocks closed mostly lower on Friday, with the S&P 500 and Dow both ending a choppy week with losses, as concerns reared back up about how quickly the Federal Reserve might need to hike rates to cool stubbornly high inflation. The Dow Jones Industrial Average DJIA rose about 130 points on Friday, or 0.4%, ending near 33,826, while posting a 0.1% weekly drop, according to preliminary data from FactSet. The S&P 500 index SPX shed 0.3% Friday and lost 0.3% for the week, posting back-to-back weekly declines. The Nasdaq Composite Index COMP fell 0.6% Friday, but a 0.6% weekly gain. The backdrop for stocks has gotten cloudier in recent sessions as surging wholesale prices signaled that inflation could continue to be slow to retreat in the U.S. Several Fed speakers this week also pointed anxiously to inflation that isn’t retreating fast enough, triggering concern in markets that the Fed might need to fire off more rate hikes and keep them in restrictive territory for longer than initially anticipated.
  Read More
• Most Expensive Historical Document
  An 1,100-year-old copy of the Hebrew Bible could become the most expensive historical document ever sold....
  An 1,100-year-old copy of the Hebrew Bible could become the most expensive historical document ever sold. Known as the Codex Sassoon, the 26-pound treasure is going up for auction in May and is expected to fetch between $30 million and $50 million. The book will set the record if it goes for more than $43.2 million, which is what Citadel CEO Ken Griffin famously spent on a copy of the US Constitution in 2021.
  
  
  Read More
• BP Acquires TA for $1.3 Billion
  BP Products North America Inc., a wholly-owned subsidiary of BP p.l.c., has acquired TravelCenters of...
  BP Products North America Inc., a wholly-owned subsidiary of BP p.l.c., has acquired TravelCenters of America Inc. (TA) for $86 per share, approximately $1.3 billion in total equity value, BP and TA announced in separate press releases on Feb. 16.
  
  The acquisition adds a network of 280 travel centers along major U.S. highways across 44 states to BP’s convenience and mobility business. Averaging about 25 acres, the travel stops include about 600 full-service and quick-stop restaurants and repair and maintenance services for trucks.
  Read More
• Energy Sector Commentary for Friday
  The energy sector is off to a lower start, pressured by weakness...

  The energy sector is off to a lower start, pressured by weakness in the underlying commodities and broader equity futures.

  
  

  WTI and Brent crude oil futures are down sharply in early trading, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand and signs of ample supply. Two Fed officials warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Additionally, heightened rate hike expectations boosted the U.S. dollar, pressuring oil futures further.

  
  

  Natural gas futures are trading near new lows not seen since the end of 2020 as the clock ticks down on an extremely mild winter.

  Read More
• High oil prices lifted Marathon Oil's Q4 earnings
  Bolstered by strong oil prices, Marathon Oil reported adjusted...
  Bolstered by strong oil prices, Marathon Oil reported adjusted net earnings of 88 cents per share for the fourth quarter, surpassing analysts' expectations. The company expects to spend between $1.9 billion and $2 billion this year, an increase from last year, and to produce 395,000 barrels of oil equivalent per day on average.
  Read More

• Prev
• Next