US oil production growth fueled by denser crude in 2023
Increased production of denser crude oil, primarily in Texas, but also in New Mexico and North Dakota,...
Increased production of denser crude oil, primarily in Texas, but also in New Mexico and North Dakota, drove the majority of US oil production growth in 2023, according to the Energy Information Administration. Lower 48 production of higher-density crude, characterized by an API gravity between 30.1 and 40.0 degrees, climbed by 19% in the first 10 months of 2023, hitting a record 4.75 million barrels per day in September.
Billionaire Joe Lewis pleads guilty to insider trading
Lewis, an investor who owns the Tottenham Hotspur football club and looks like a Bond villain, ...
Lewis, an investor who owns the Tottenham Hotspur football club and looks like a Bond villain, copped to one count of conspiracy to commit securities fraud and two counts of securities fraud. “I knew at the time what I was doing was wrong, and I am so embarrassed,” he told the judge. Prosecutors claim he tipped off girlfriends and staff, including his pilots, to nonpublic info about companies he had invested in. The 86-year-old, who was out on bail with a 322-foot yacht and private plane as collateral, faces up to 45 years in prison but is likely to be sentenced to less.
U.S. stock indexes rose after a stronger-than-expected fourth quarter 2023 U.S. GDP report, which showed economic activity grew by 3.3%, and remains robust. Energy stocks are set to follow suit, gaining on the heels of the strong GDP report, as well as on Brent crude breaking back above $80 this morning on yesterday’s large stockpile draw and still elevated tensions in the Red Sea. Earnings are continuing to pick up across the sector.
Oil prices are up this Thursday morning after data showed U.S. crude stockpiles fell more than expected last week and a fresh attack by Houthi forces on ships off Yemen's coast underscored the peril facing trade in a key global transit route. U.S. crude stockpiles tumbled by 9.2 million barrels last week, the EIA said, while analysts in a Reuters poll had expected a 2.2 million-barrel draw. The draw was driven by a stark drop in U.S. crude imports as winter weather shut-in refineries and kept motorists off the road.
Natural gas futures are higher by 5%, trading around $2.80, ahead of weekly inventory data. Analysts expect a large draw of 321 bcf, the third-largest draw of all time if realized.
FAA won’t allow production increases for Boeing 737 Max planes
Yesterday, the Federal Aviation Administration ...
Yesterday, the Federal Aviation Administration put a stop to Boeing’s planned expansion of its 737 Max aircraft production, but it also cleared the runaway for the Max 9 model involved in the scary Alaska Airlines door plug blowout to take off again after airlines finish checking them. The jets have been grounded since the incident on Jan. 5, but they’ll soon be back in the skies. However, the agency said it would not agree to any production expansion “until we are satisfied that the quality control issues uncovered during this process are resolved.”
Stat: The opening of a new liquor store doesn’t usually make international news,...
Stat: The opening of a new liquor store doesn’t usually make international news, but when the store is in Saudi Arabia, which banned booze in 1952, it gets headlines. The conservative Muslim kingdom reportedly allowed its first alcohol shop recently, though the government has not officially confirmed it, per CNBC. But you can’t just rock up to the checkout with a fake ID that says McLovin: In addition to being 21+, only non-Muslim diplomats with prior authorization from an app can shop there. Plus, taking photos is verboten and phones must be stored in special secure pouches to ensure they’re not used.
Bill Ackman and his wife, Neri Oxman, put their money where his tweets are and bought 5% of the Tel Aviv Stock Exchange. It was part of a larger sale of 18.5% of the exchange.
Russia accused Ukraine of downing a plane carrying 74 people—including 65 Ukrainian prisoners of war.
The Supreme Court will allow Alabama to proceed with the first execution using poisonous nitrogen gas.
Jim Harbaugh is reportedly leaving the University of Michigan, where he just won a championship, to return to the NFL as head coach for the Los Angeles Chargers.
In-N-Out will close a store location for the first time in its 75-year history. It blamed crime at the Oakland, California outpost for the decision.
Scientists have achieved the first rhino IVF pregnancy, which could help save the species from dying out.
