US gas prices climb to highest level in nearly 10 months
Pump prices are creeping toward $4 a gallon nationally. The national average for regular...
Pump prices are creeping toward $4 a gallon nationally. The national average for regular gasoline hit $3.85 a gallon on Monday, according to AAA. That’s the highest level since October 19 and comes just weeks ahead of Labor Day weekend when millions of Americans will hit the roads.
The summer spike in gas prices has eased, with the cost to drivers moving just gradually higher more recently. The national average is up by two cents over the past week.
Still, gas prices have climbed by 28 cents over the past month and 32 cents since the Fourth of Julyas a result of higher oil prices caused by Russia and Saudi Arabia cutting supply and extreme heat sidelining some US refineries.
The energy sector is off to a lower start, pressured by weakness in the crude complex and the major equity futures which are modestly lower as investors wait for more second-quarter results and retail sales data due later this week.
WTI and Brent crude oil are starting the week sharply lower, down ~1%, on concerns about China’s economic recovery, a stronger US dollar and traders taking profits following seven-consecutive weeks of gains. Forecasts for higher demand and tighter supply fueled last week’s gains, despite weaker-than-expected economic data from China. Analysts believe OPEC+ will continue to do whatever it takes to tighten supply and stabilize the markets. Elsewhere, Oil exports from Sudan rose even amid fighting between a paramilitary group and the army, as crude production from South Sudan holds steady.
Natural gas futures steadied as forecasts for more demand than previously expected, outweigh rising output
U.S. stocks open lower Monday with market volatility on the rise
U.S. stocks opened mostly down Monday, with the S&P 500 drifting...
U.S. stocks opened mostly down Monday, with the S&P 500 drifting lower after back-to-back weekly losses in a quiet day on the economic calendar.The Dow Jones Industrial Average DJIA was flat soon after the opening bell, while the S&P 500 SPX slipped 0.2% and the Nasdaq CompositeCOMP slid 0.4%. Last weekthe S&P 500 fell 0.3%, in a second straight weekly decline that brought the index’s losses so far this month to 2.7%
Oil prices slip as rising inflation boosts dollar, China fears weigh
[London]-Oil prices fell slightly on Monday,...
[London]-Oil prices fell slightly on Monday, coming under pressure from a stronger dollar amid signs of resurgent U.S. inflation, while concerns over slowing Chinese growth also dented sentiment.
Losses in crude markets were limited as recent production cuts by Saudi Arabia and Russia pointed to tighter markets. Crude prices remained close to their strongest levels for the year.
But while oil prices had a strong rally over the past two months, they faced some resistance in recent weeks as markets questioned the outlook for oil demand, amid worsening conditions in China and potentially higher U.S. interest rates.
Brent oil futures fell 0.1% to $86.61 a barrel, while West Texas Intermediate crude futures fell 0.2% to $83.03 a barrel by 21:58 ET (02:58 GMT).
Chesapeake sells remaining Eagle Ford assets to SilverBow in $700M deal
SilverBow Resources (NYSE:...
SilverBow Resources (NYSE:SBOW) said Monday it agreed to acquireChesapeake Energy's(NASDAQ:CHK) oil and gas assets in south Texas for $700M, which Chesapeake said brings the total proceeds from its Eagle Fordexit to more than $3.5B.
The deal includes ~42K net acres and 540 wells in the condensate-rich portion of the Eagle Fordlocated in Dimmit and Webbcounties, which averaged net production of 29K boe/day in Q2.
