The energy sector is set for a lower start, pressured by weakness...
The energy sector is set for a lower start, pressured by weakness in the crude complex and the broader markets. The major market futures are lower as investors await comments from Federal Reserve Chair Jerome Powell.
WTI and Brent crude oil futures are lower as concerns over the prospect of higher interest rates and slowing demand curb earlier gains. Lingering worries about tighter monetary policy outweighed the API’s weekly report which showed a larger-than-expected drop in crude oil inventories. The industry report showed crude stocks fell by 2.4 million barrels last week. The market will be keeping eyes on today's EIA report which is set to be released at 10:30 AM EST.
Natural gas futures are higher, ahead of the expiration of the front month July contract. Early-cycle data has LNG feedgas flows today rising to 12.60 Bcf, up +1.0 Bcf d/d as Sabine Pass volumes recover further to over 4.0 Bcf. The increase would be the highest since the end of May.
United CEO blasts the FAA as delays and cancellations mount
Tens of thousands of US flights have been delayed or canceled...
Tens of thousands of US flights have been delayed or canceled over the past several days, causing one of the worst stretches for air passengers this year. And while widespread thunderstorms have caused havoc, United CEO Scott Kirby also blamed the FAA for air-traffic controller shortages: “The FAA frankly failed us this weekend,” Kirby told staff on Monday. Airlines are biting their nails ahead of a Fourth of July air travel weekend that could top 2019 levels.
Earthstone Seeks $500 Million Through Debt Offering to Fund Novo Deal
Earthstone Energy Inc.’s subsidiary Earthstone Energy Holdings LLC is making a private offering of...
Earthstone Energy Inc.’s subsidiary Earthstone Energy Holdings LLC is making a private offering of $500 million in senior unsecured notes to help fund the purchase of Novo Oil & Gas Holdings announced on June 15.
The Woodlands, Texas-based E&P’s $1 billion deal to acquire Novo is expected to close in the third quarter and will add approximately 56,000 net acres to Earthstone’s position in the Delaware Basin.
Tesla's best stock run since 2020 is being spoiled by Wall Street downgrades
Tesla's stock price has been rallying non-stop for months -...
Tesla's stock price has been rallying non-stop for months - and Wall Street is starting to ponder whether that breakneck surge might've made the EV stock a little overvalued.
Shares have jumped 57% since late April, with investors cheered by CEO Elon Musk signing charging deals with Ford and GM, while Big Tech stocks have also soared more broadly thanks to the rise of AI as an investment theme. The stock is poised for its best two-quarter advance since 2020, rising 96% so far this year.
Those gains have pushed Tesla's total market capitalization to $764 billion, according to data from Refinitiv.
But Barclays, Morgan Stanley, and Goldman Sachs have each questioned that valuation over the past week, with all three banks slashing their Tesla rating from "buy" to "hold".
