Dallas Fed: Oil and Gas Sector Still Optimistic, Just Not as Much
Oil and gas activity continued to grow and the sector’s executives continued to be optimistic in the...
Oil and gas activity continued to grow and the sector’s executives continued to be optimistic in the fourth quarter, but both activity and optimism were significantly muted compared to the third quarter, the Federal Reserve Bank of Dallas reported on Dec. 29 in the release of its quarterly survey of energy companies.
The biggest drag on crude oil and natural gas production growth, cited by 32% of E&P executives, is cost inflation and/or supply chain bottlenecks. A maturing asset base was the second-biggest challenge, cited by 27% of the executives.
EIA data shows surprise U.S. crude stock build in latest week
U.S. crude oil inventories rose unexpectedly last week as imports climbed and exports...
U.S. crude oil inventories rose unexpectedly last week as imports climbed and exports fell, the Energy Information Administration (EIA) said on Thursday.
Crude stocks (USOILC=ECI) rose by 718,000 barrels in the week ended Dec. 23 to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.5 million-barrel drop.
Oil stocks at the Cushing, Oklahoma, delivery hub(USOICC=ECI) fell by 195,000 barrels in the last week, EIA said.
Benchmark U.S. crude oilfor February delivery fell 56 cents to $78.40 a barrel Thursday. Brent crudefor February delivery fell $1 to $82.26 a barrel.
Wholesale gasolinefor January delivery rose 1 cent to $2.37 a gallon. January heating oilfell 7 cents to $3.31 a gallon. February natural gas fell 15 cents to $4.56 per 1,000 cubic feet.
U.S. stocks close sharply higher in year-end rally
U.S. stock indexes finished sharply higher on Thursday, the second-to-last...
U.S. stock indexes finished sharply higher on Thursday, the second-to-last trading session of the year, with the Nasdaq Composite jumping 2.6%, erasing losses from earlier in the week.
The three main indexes built on premarket gains after U.S. weekly jobless claims data showed the number of workers receiving benefits has climbed to the highest level since February, a tentative sign that the Federal Reserve’s interest-rate hikes might be slowing economic growth and inflation.
The S&P 500 SPX rose 66.06 points, or 1.8%, to end at 3,849.28.
Dow Jones Industrial AverageDJIA added 345.09 points, or 1.1%, finishing at 33,220.80.
Nasdaq CompositeCOMP climbed 264.80 points, or 2.6%, to finish at 10,478.09.
