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The energy sector is off to a lower start, pressured by weakness in the crude complex. Meanwhile, the major equity futures are edging higher and treasury yields are lower as investors cheer falling labor costs. In sector news, JP Morgan issued several rating changes across its E&P coverage universe. At the same time, ExxonMobil updated its corporate plan outlook, upping its buyback program to $20 billion in stock for 2024, and updating 2024 capex to $23 billion to $25 billion versus the 2023 budget of $23 billion.
WTI and Brent crude oil futures are extending losses for the fifth consecutive session as market participants do not expect recent voluntary cuts to have a major impact on oil prices, amid a weakening demand outlook. Concerns over China's economic health following yesterday’s credit rating decrease by Moody’s also weighed on prices. Traders will now turn to inventory data due later today after digesting last night’s API print, which showed a build of 594K barrels and greatly differs from Reuter’s 1.4-million-barrel draw estimate.
This morning, natural gas futures are higher as analysts expect a large-than-average decline in storage levels. Consensus is looking for a draw of (104) Bcf vs the 5-yr average of (48) Bcf.
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Trying to catch up in oil and gas production is difficult enough. It becomes...
Hart Energy, via Yahoo News | Occidental Petroleum [OXY • NYSE] is selling off...
Author Mark Davidson, Washington|Editor–Everett Wheeler|Energy Intelligence Group| The number of active US gas rigs...
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by Bloomberg, via RigZone.com|Weilun Soon, Rakesh Sharma, Reporting| At least four tankers discharged millions...
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