As the nation’s third-highest oil-producing state, North Dakota reported...
As the nation’s third-highest oil-producing state, North Dakota reported this past week, a drop in oil and natural gas production from May to June.
The North Dakota State Industrial Commission released the most current June production numbers. The report showed production increased from 19,094 wells in May to 18,973 wells in June.
Oil production totaled 37,140,657 barrels of oil for May and fell to 35,267,022 barrels for June. Natural gas production also dropped from 108,814,366 Mcf for May down to 104,181,310 Mcf a month later.
The oil industry is now running its own local news website for the Permian Basin. Called ...
The oil industry is now running its own local news website for the Permian Basin. Called Permian Proud, it provides local news coverage in the region. Definitely not in the strictest sense of news—rather more in a public relations vein.
Unlike traditional news media, the news site doesn’t have staff reporters or editors. Instead, it is written by a San Francisco public relations firm and a Chevron public and government affairs adviser.
Carl Icahn to pay SEC $2 million over loan hiding claims. The...
Carl Icahn to pay SEC $2 million over loan hiding claims. The Securities and Exchange Commission alleges that the activist investor failed to disclose that he pledged his own Icahn Enterprises stock as collateral for billions of dollars worth of margin loans. Investors are allowed to do this, but it creates risk, so they have to disclose it to others, and the SEC says he started doing it in 2018 but didn’t reveal it until 2022. Without admitting or denying anything, Icahn personally agreed to pay $500,000 and his company will pay $1.5 million in fines to end the agency’s probe into the matter.
Israel accepted a proposal the US put forward for a cease-fire in Gaza and a return of hostages, US Secretary of State Antony Blinken said, urging Hamas to do the same.
Harley-Davidson is ending diversity programs after facing anti-DEI pressure from a conservative activist.
AMD has agreed to buy AI equipment-maker ZT Systems for $4.9 billion to help it take on the king of AI chipmakers, Nvidia.
GM laid off 1,000 software employees globally, including 600 at its tech campus near Detroit.
Former Rep. George Santos pleaded guilty to charges of wire fraud and identity theft. Separately, a judge tossed Santos’s suit against Jimmy Kimmel over videos the comedian ordered from him on Cameo.
Phil Donahue, a legend of daytime TV, died at age 88.
U.S. crude oil falls nearly 3% as U.S. pushes for Gaza cease-fire
U.S. crude oil futures fell nearly 3% on Monday to close below $75 per...
U.S. crude oil futures fell nearly 3% on Monday to close below $75 per barrel, as the U.S. pushes to secure a cease-fire deal to the end the fighting in Gaza and worries about softening demand weighed on the market.
U.S. Secretary of State Antony Blinken is in Israel, where he warned this may be the “last opportunity” to secure a deal that ends the fighting and frees hostages held by Hamas.
Cease-fire talks are scheduled to continue this week in Cairo, Egypt.
Here are Monday’s closing energy prices:
West Texas Intermediate September contract: $74.37 per barrel, down $2.28, or 2.97%. Year to date, U.S. oil has gained 3.8%.
Brent October contract: $77.66 per barrel, off $2.02, or 2.54%. Year to date, the global benchmark is ahead 0.8%.
RBOB Gasoline September contract: $2.26 per gallon, down more than 4 cents, or 2%. Year to date, gasoline is higher by 7.7%.
Natural Gas September contract: $2.23 per thousand cubic feet, up 11 cents, or 5.3%. Year to date, gas is down 11.1%.
U.S. crude oil has been trading in a range between $75 and $80 per barrel over the past week, with the market caught between geopolitical tensions in the Middle East that could disrupt supplies and push prices higher, and supply and demand fundamentals leading the other way.
Nasdaq exits correction, S&P 500 logs longest daily win streak since November
U.S. stocks ended higher on Monday, building on last...
U.S. stocks ended higher on Monday, building on last week's gains.
According to Dow Jones Market Data, the Dow Jones Industrial Averageclimbed 236.77 points, or 0.6%, to end at 40,896.53 for its fifth straight daily gain.
The S&P 500gained 54.00 points, or 1%, to 5,608.25 for its eighth straight daily gain — logging its longest winning streak since November 8, 2023, when the market rose for eight straight trading days. The index also notched its largest eight-day percentage gain since March 24, 2022.
The Nasdaq Compositerose 245.05 points, or 1.4%, to finish at 17,876.77 for its eighth straight daily gain — recording its longest winning streak since December 19, 2023, when the market rose for nine straight trading days. The index also exited correction territory on Monday after only 11 trading days, the shortest correction for the index since the one ending October 11, 2011, which lasted six trading days.
Based on data since 1971, the Nasdaq Composite saw an average gain of 0.3% in the week after exiting correction territory and an average rise of 23.6% one year after such a move.
