ECB says it will end ‘QE’ and begin raising interest rates next month
The European Central Bank on Thursday said it would end asset purchases on July 1 and raise its key interest...
The European Central Bank on Thursday said it would end asset purchases on July 1 and raise its key interest rates next month by 25 basis points, or a quarter of a percentage point, as it vowed to bring inflation back down to its target. In a statement following a policy meeting, the ECB's Governing Council said it expected to raise rates again in September, with the size of the move depending on an updated medium-term inflation outlook." If the medium-term inflation outlook persists or deteriorates, a larger increment will be appropriate at the September meeting," the ECB said. Beyond September, the ECB said it anticipates that a "gradual but sustained path of further increases in interest rates will be appropriate."
U.S. weekly initial jobless claims climb by 27,000 to 229,000 in early June
The number of Americans filing for first-time unemployment benefits rose more than expected last week...
The number of Americans filing for first-time unemployment benefits rose more than expected last week to its highest point since early February, according to new data from the Labor Department.
Initial jobless claims were 229,000 for the week ended June 4, marking a 27,000 increase from the previous week’s revised level. This was above the 205,000 claims expected by economists surveyed by FactSet.
The four-week moving average for initial claims rose by 8,000 to 215,000.
U.S. Oil Inventories Rise as Gasoline Stockpiles Fall
U.S. crude-oil inventories unexpectedly rose last week, but gasoline stockpiles declined, according to...
U.S. crude-oil inventories unexpectedly rose last week, but gasoline stockpiles declined, according to data released Wednesday by the Energy Information Administration.
Crude-oil stockpiles rose by 2 million barrels, to 416.8 million barrels, but remain about 15% below the five-year average, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.9 million barrels from the prior week.
Oil stored at Cushing, Okla., the delivery point for U.S. stocks, decreased by 1.6 million barrels from the previous week, to 23.4 million barrels, the EIA said in its weekly report.
U.S. crude-oil production was unchanged from the previous week at 11.9 million barrels a day, according to the EIA.
Gasoline stockpiles declined by 812,000 barrels to 218.2 million barrels, compared with analysts' expectations for inventories to increase by 300,000 barrels from the previous week.
Benchmark U.S. crude oil for July delivery rose $2.70 to $122.11 a barrel Wednesday. Brent crude for August delivery rose $3.01 to $123.58 a barrel.
Wholesale gasoline for July delivery rose 6 cents to $4.22 a gallon. July heating oil fell 1 cent to $4.31 a gallon. July natural gas fell 59 cents to $8.70 per 1,000 cubic feet.
Northern Oil & Gas to Acquire Williston Basin Bolt-on for $170 Million
Northern Oil and Gas Inc. agreed to pay up to $175 million to acquire a Williston Basin bolt-on,...
Northern Oil and Gas Inc. agreed to pay up to $175 million to acquire a Williston Basin bolt-on, the company said in a June 7 release.
The acquisition announced on June 7 includes non-operated interests in the Williston Basin for an initial purchase price of $170 million in cash. Per the transaction agreement, the undisclosed seller may earn an additional $5 million in contingent payments in 2023 if WTI oil prices exceed $92.50 on Dec. 30, 2022.
The acquired assets are primarily located in Dunn, McKenzie, and Williams Counties, ND and include approximately 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations.
