Energy stocks opened lower, tracking a sharp drop in the broader index futures and more than 1% declines...
Energy stocks opened lower, tracking a sharp drop in the broader index futures and more than 1% declines in oil prices. A wide earning miss and weak near-term forecast from Meta Platforms is weighing broadly on social media and technology stocks, which comprise the largest sector weighting in the market. Meanwhile, earnings from the likes of ConocoPhillips and Shell continued to exceed expectations, while both remained focused on bolstering total returns in the forms of dividends and share repurchases.
Oil prices eased on Thursday following weak U.S. payrolls data and some profit-taking but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases. Still, tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% so far this year. OPEC+ agreed on Wednesday to stick to moderate rises of 400,000 bpd oil output despite pressure from top consumers to raise output more quickly.
Oil prices take a breather, OPEC+ sticks to output plans
LONDON (Reuters) – Oil prices fell on Thursday amid profit-taking, but remained underpinned by tight...
LONDON (Reuters) – Oil prices fell on Thursday amid profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.
Brent crude was down 73 cents, or 0.8%, to $88.74 a barrel at 1345 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was down 84 cents, or 0.9%, at $87.42 a barrel, having gained 6 cents the previous day.
Tech Stocks Set to Drop After Facebook Profit Disappoints
The rally in U.S. stocks looked set to stumble as investors hammered shares of Facebook owner...
The rally in U.S. stocks looked set to stumble as investors hammered shares of Facebook owner Meta Platforms premarket and awaited earnings from Amazon.com,Ford Motor and Snap.
Futures for the technology-focused Nasdaq-100 dropped 1.9% Thursday, signaling tech stocks would come under pressure. The tumble came as investors wiped 22% off the stock price of Meta, which painted a gloomy outlook in its earnings report, in premarket trading.
Economic Report: U.S. jobless claims drop 23,000 to 238,000 as omicron wave recedes
New requests for U.S. unemployment benefits fell for the second week in a row to 238,000, as the record...
New requests for U.S. unemployment benefits fell for the second week in a row to 238,000, as the record omicron wave receded and more people were able to go back to work.
Hannathon Reportedly Offering Midland Basin Acreage Valued around $500 Million
Private U.S. oil and gas producer...
Private U.S. oil and gas producer Hannathon Petroleum LLC has retained an investment bank to sell around 18,000 net acres in the Northern Midland Basin of Texas, according to marketing documents seen by Reuters.
The assets could be valued at around $500 million in a sale, a source familiar with the matter said. The source requested anonymity as the sale plan is confidential.
Shale operators have leaned heavily on dealmaking in recent months as a strong rebound in oil and gas prices has given companies a window to sell assets at attractive prices. The global crude oil benchmark on Jan. 31 traded at over $91/bbl, up 62% from a year earlier.
