Worries about China and its nagging COVID-19 lockdowns dragged down oil prices by more than 2%...
Worries about China and its nagging COVID-19 lockdowns dragged down oil prices by more than 2% on Tuesday as Europe moved closer to a total embargo of Russian crude oil. But Oklahoma energy stocks had a good trading day.
West Texas Intermediate crude oil for June delivery in the U.S. dropped $2.76 before settling at $102.41 a barrel in trading on the New York Mercantile Exchange.
Global benchmark Brent crude for July delivery fell $2.61 and closed at $104.97 a barrel on ICE Futures Europe.
June natural gas rose 47 cents to $7.95 per 1,000 cubic feet.
MarketWatch: U.S. stocks end choppy session higher ahead of expected Fed rate increase
Stocks flipped between small gains and losses in a narrow trading range Tuesday, ending the day in the...
Stocks flipped between small gains and losses in a narrow trading range Tuesday, ending the day in the positive territory a day before investors look for the Federal Reserve to deliver a half-percentage point rate hike. The Dow Jones Industrial Average DJIA, 0.20% closed with a gain of around 66 points, or 0.2%, near 33,127, according to preliminary figures, while the S&P 500 SPX, 0.48% rose around 20 points, or 0.5%, to close near 4,175. The Nasdaq Composite COMP, 0.22% posted a gain of around 28 points, or 0.2%, ending near 12,564.
Natural gas futures continued to trend higher for the third-straight session, surging a further ...
Natural gas futures continued to trend higher for the third-straight session, surging a further +51 cents at $7.99 as of 9:48 AM ET,as the country transitioned from colder to warmer temperatures which could increase cooling demand, while expectations of higher demand for U.S. liquefied natural gas also buoyed prices.
Noble reported first-quarter 2022 results. Contract drilling services revenue for the first quarter of 2022 totaled $195 million compared to $192 million in the fourth quarter of 2021. Marketed fleet utilization was 75 percent in the three months ended March 31, 2022 compared to 77 percent in the fourth quarter of 2021. Contract drilling services costs for the first quarter were $166 million, down from $183 million in the fourth quarter of 2021. Adjusted EBITDA for the three months ended March 31, 2022 was $27 million compared to $12 million in the fourth quarter of 2021. Capital expenditures totaled $45 million in the first quarter, which includes $11 million of client reimbursable investments.
WTI(-$1.22 at $103.95) and Brent crude oil(-$1.12 at $106.46) futures turned lower this morning, sliding as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine. Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in and some apartment blocks were sealed shut. The European Commission is expected to finalize today's work on the next package of EU sanctions against Russia, which would include a ban on buying Russian oil. Next in focus will be the latest round of U.S. inventory and supply reports.
