Leading US oil players benefit from productivity gains
An Energy Information Administration analysis of 34 public US oil companies...
An Energy Information Administration analysis of 34 public US oil companies shows that well productivity gains have kept production costs steady at around $21 per barrel of oil equivalent since mid-2022, even as crude output rose by 21%. Improved efficiency has pushed average production to a record 13.1 million barrels per day in the first eight months of 2024 and enabled companies to continue to prioritize shareholder returns and debt reduction.
Biden’s record-breaking day of clemency. In one of...
Biden’s record-breaking day of clemency. In one of his last acts as US president, Joe Biden commuted the sentences of 1,500 Americans convicted of nonviolent crimes yesterday, which the White House said was the most ever in a single day. Biden also pardoned 39 others. He had been under pressure to use his clemency powers (beyond pardoning his son, Hunter) before Donald Trump takes office in January. Trump, meanwhile, said yesterday he intends to pardon Jan. 6 participants within the “first hour” of his upcoming presidency.
The CFPB announced a new rule limiting how much banks can charge on overdraft fees that would take effect in October of next year if President-elect Trump’s CFPB appointees do not repeal it.
Hamas reportedly conceded to Israel on two key demands for a Gaza ceasefire, raising hopes that the sides are finally closer to an agreement.
Nasdaq’s diversity rules for company boards were rejected by an appeals court in another blow to DEI.
Ev Williams, the co-founder of Twitter and creator of Medium, unveiled a new app called Mozi that’s designed to help you make in-person plans with your friends.
Dow books longest losing streak since April as Big Tech stocks pull back
U.S. stocks finished lower on Thursday, with the Dow...
U.S. stocks finished lower on Thursday, with the Dow tallying its longest losing streak since April, while a pullback in Big Tech names weighed on the Nasdaq Composite one day after the index finished above 20,000 for the first time.
Here is where stocks finished, according to FactSet data.
The S&P 500 slid 32.94 points, or 0.5%, at 6,051.25.
The Nasdaq Composite fell by 132.05 points, or 0.7%, to 19,902.84.
The Dow fell by 234.44 points, or 0.5%, at 43,914.12.
EIA: Crude Inventories Decline By 1.4 Million Barrels
On December 11, 2024, EIA released its Weekly Petroleum Status Report....
On December 11, 2024, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by 1.4 million barrels from the previous week, compared to analyst consensus of -1.1 million barrels.
Total motor gasoline inventories increased by 5.1 million barrels, compared to analyst consensus of +1.9 million barrels. Distillate fuel inventories increased by 3.2 million barrels from the previous week.
Crude oil imports declined by 1.3 million bpd, averaging 6.0 million bpd. Over the past four weeks, crude oil imports averaged 6.8 million bpd.
Strategic Petroleum Reserve increased from 391.8 million barrels to 392.5 million barrels as U.S. continued to buy oil for strategic reserves.
Domestic oil production increased from 13.5 million bpd to 13.6 million bpd. Production is rising despite lower oil prices, which is bearish for oil markets
