Blackstone may fetch $2 bln in sale of U.S. oil and gas producer PRI Operating
Blackstone Inc. ...
Blackstone Inc. BX, 3.71% is weighing the sale of portfolio company PRI Operating in a deal that could be valued at about $2 billion including debt, Reuters reported on Friday. Citing people familiar with the deal, the Reuters report said Blackstone is seeking a potential buyer for PRI Operating, also known as Patriot Resources, as part of its effort to move away from investments in oil and gas companies because of their role in boosting greenhouse gas emissions. Patriot Resources is owned by Blackstone's credit investment unit. Shares of Blackstone shares are up 1.7% on Friday. The company's stock has fallen 30.8% in 2022 compared to a 21.3% drop by the S&P 500 SPX, 1.81%.
Record-setting US oil exports to Asia expected this month
Shipping data from Kpler show that Asian refiners are on track to import a record 1.8 million barrels...
Shipping data from Kpler show that Asian refiners are on track to import a record 1.8 million barrels per day of US crude oil this month, lured by West Texas Intermediate's widening discount to Brent. US oil exports to South Korea are expected to hit a record 619,000 bpd, while China is seen taking at least 450,000 bpd, the most since December 2020, according to Refinitiv.
The former prime minister and current opposition leader Benjamin Netanyahu is poised to return to power after near-final election results showed his conservative coalition winning a majority in the country's parliament.
Netanyahu lost power in 2021, after a coalition of left-wing, center-right, and Arab political groups agreed to a power-sharing structure that produced a one-vote majority in the 120-seat Knesset. The ruling government collapsed in June, triggering the country's fifth election in four years. Netanyahu's return to power relies on a coalition between his conservative Likud party, which is projected to win the most seats at 32, and smaller religious and nationalist parties. The bloc is currently pegged to win 64 seats, providing a larger majority than recent governments.
Catalytic converter theft ring smashed in NE Oklahoma
Federal prosecutors announced this week the arrests of 13 persons allegedly involved in a ring...
Federal prosecutors announced this week the arrests of 13 persons allegedly involved in a ring of catalytic converter thefts around the Tulsa area.
An estimated 2,000 converters were stolen in Tulsa in the past year according to U.S. Attorney Clint Johnson. News on 6 in Tulsa reported some of the defendants are from New Jersey and New York.
The energy sector is off to a higher start, supported by strength in the underlying commodities and in the major equity indices.U.S. stock index futures rose in choppy trading after an increase in the October unemployment rate supported expectations that the Federal Reserve could deliver smaller rate hikes starting in December.
WTI and Brent crude oil futures are up in early trading as the dollar eased, with an EU ban on Russian oil looming large and investors weighing the prospects for an easing of China's COVID curbs.While demand concerns weighed on the market, supply is still expected to be tight, with Europe's upcoming embargoes on Russian oil starting and a slide in U.S. crude stockpiles. The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate. U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price capon sea-borne oil shipments, which is scheduled to take effect on Dec. 5 - to ensure EU and U.S. sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market.
Natural gas futures are trading higher on forecasts for much colder weather and higher heating demand in mid-November than previously expected.
