US natural gas storage rises 77 Bcf to 1.567 Tcf spurring NYMEX futures rall
Chilly spring weather across much of the country curbed net injections to US natural gas storage...
Chilly spring weather across much of the country curbed net injections to US natural gas storage in the final week of April, helping to widen the inventory deficit and propel a rally in NYMEX gas futures.
The US Energy Information Administration May 5 reported a larger-than-expected injection of 77 Bcf to gas storage for the week ended April 29 in a build that barely undershot the prior five-year average.
The NYMEX Henry Hub June contract rebounded about 15 cents, or nearly 2%, after the storage report's release, rising to $8.30/MMBtu after falling steadily in overnight trading from fresh 14-year highs in the mid-$8/MMBtu range, As of Friday morning at 8:55 AM ET, the June contract was down 22 cents at $8.55/MMBtu.
US Fuel Prices Surge Faster than Crude as Exports Tighten Market
U.S. fuel prices have surged faster than crude oil prices in the last month, as the United States has...
U.S. fuel prices have surged faster than crude oil prices in the last month, as the United States has shipped more refined products abroad to supply European markets following Russia's invasion of Ukraine.
Traders say the world's stockpiles of fuel are not likely to increase quickly as big producers like OPEC, are increasing production slowly. The tightness in fuel markets is more alarming, they say because it shows refiners are having trouble meeting demand even as more crude becomes available through big reserve releases.
Devon Energy Corp., one of the biggest oil explorers in the Permian Basin,...
Devon Energy Corp., one of the biggest oil explorers in the Permian Basin, is getting into the sand business to combat rising costs.
The Oklahoma City-based company told investors of a new, so-called mobile frack-sand mine it launched on 15,000 acres of land it owns in the West Texas county of Loving. The mine is expected to save the shale giant more than $200,000 per well amid rising sand prices and can account for as much as a quarter of its sand needs in the Delaware half of the Permian Basin, Chief Operating Officer Clay Gaspar said on a conference call.
Devon said it’s also looking at expanding the mobile sand mines to the areas it operates in Wyoming and Oklahoma.
Shale producers maintain focus on returns after stellar Q1
Pioneer Natural Resources hiked its dividend after reporting better-than-expected first-quarter...
Pioneer Natural Resources hiked its dividend after reporting better-than-expected first-quarter earnings of $1.98 billion on Wednesday, up from $396 million a year earlier, while Chesapeake Energy launched a $1 billion share buyback program and raised its free cash flow guidance by $800 million. Continental Resources also saw profit increase from $278.9 million year-over-year to $960 million in the first quarter and projected full-year production between 200,000 and 210,000 barrels per day, up from 195,000 bpd to 205,000 bpd.
U.S. economy gains 428,000 jobs in April and unemployment rate stays at 3.6%
The numbers: The U.S. added a solid 428,000 new jobs in April, but an acute labor shortage...
The numbers: The U.S. added a solid 428,000 new jobs in April, but an acute labor shortage showed little improvement last month and threatens to add to the highest inflation in 40 years. Economists polled by The Wall Street Journal had forecast 400,000 new jobs.
The unemployment rate was unchanged at 3.6%, the government said Friday, leaving it just a few ticks above a 54-year low.
The size of the labor force, meanwhile, shrank in April for the first time in seven months in a sign of how difficult it is for companies to find workers. As a result, the so-called rate of participation in the labor market dropped to 62.2% from 62.4%. It’s still more than a full percentage point below pre-pandemic levels.
Market Reaction: The Dow Jones Industrial Average DJIA, -3.12% and S&P 500 SPX, -3.56% were set to open lower in Friday trades.
