Energy stocks are set to rebound from recent weakness, with modest...
Energy stocks are set to rebound from recent weakness, with modest gains in oil lifting the group, along with a slew of corporate earnings across the sector. Investors continue to weigh Fed tightening, a looming debt ceiling, fragile global demand, and the recent sell-off in oil stemming in part by stress in regional banks and liquidity pulling back.
Oil prices were steady on Thursday after a European Central Bank (ECB) decision to slow interest rate hikes, but were unable to claw back much of this week's more than 8% decline as demand concerns in major consuming countries continued to weigh.
Natural gas futures are lower by a penny, trading around $2.16, ahead of weekly inventory data and amid abundant production levels.
Dow ends down about 270 points after Fed hikes rates for 10th time
U.S. stocks closed near session lows on Wednesday, falling after the Federal Reserve...
U.S. stocks closed near session lows on Wednesday, falling after the Federal Reserve raised rates, as expected, by another 25 basis points, bringing the policy rate to its highest level since 2007.
The Dow Jones Industrial Average shed about 270 points, or 0.8%, ending near 33,414, according to preliminary FactSet data. The S&P 500 shed 0.7% and the Nasdaq Composite closed 0.5% lower, with shares of regional banks ending the session off by about 34% on the year.
Fed Chair Jerome Powell wouldn’t rule out additional rate hikes but said the central bank will continue to monitor tightening credit conditions following the collapse of Silicon Valley Bank and Signature Bank in early March. The Fed's policy statement was seen signaling a potential pause to the rate-hike cycle, though Powell said no decision had been made. The need for future rate hikes will depend on incoming data.
Fed raises interest rates a quarter point, saying inflation remains 'elevated'
The Federal Reserve on Wednesday raised its key interest rate and revamped the guidance in a...
The Federal Reserve on Wednesday raised its key interest rate and revamped the guidance in a dovish direction.
The quarter percentage point move puts the Fed’s benchmark rate in a range of 5%-5.25%. This is just below the prior peak of rates before the Great Recession of 2008.
The Fed reworked its language, scrapping prior language that “some” additional hikes “may” be needed.
Crescent Energy Bolt-on Adds Eagle Ford Assets for $600 Million
Crescent Energy Co. has entered into an agreement to bolt on assets in the Eagle...
Crescent Energy Co. has entered into an agreement to bolt on assets in the Eagle Ford Shale from Mesquite Energy Inc. — formerly Sanchez Energy — in a $600 million cash deal.
Crescent said the definitive purchase agreement with Mesquite Energy provides operatorship and working interests and significantly enhances Crescent’s scale in the Eagle Ford. The deal continues the shale play’s recent M&A hot streak following a hot first quarter.
The Mesquite Energy assets are 100% operated and span approximately 75,000 contiguous net acres, primarily located in Dimmit and Webb counties, Texas, according to a May 2 Crescent press release.
The energy sector is set for a mixed-to-lower start as losses in the crude...
The energy sector is set for a mixed-to-lower start as losses in the crude complex outweigh modest gains in the major market futures. U.S. stocks are trading higher in the pre-market, following yesterday’s sell-off as investors brace themselves for the outcome of the Fed’s meeting later today. Earnings are heavy across the sector with producers, services and refiners reporting 1Q results.
WTI and Brent crude oil futures are extending yesterday’s sharp losses and are now trading at levels last seen in March.Oil futures are lower as growth concerns increased ahead of the Federal Reserve’s policy decision and amid a wave of short-selling and profit-taking by money managers. Investors have now pivoted from a short-covering rally that saw managers increase their positions by 245 million barrels over the previous four weeks. Hedge funds and money managers sold the equivalent of 87 million barrels in the six most important petroleum futures and options contracts over the seven days ending on April 25. Additionally, Morgan Stanley cut its Q3-23 Brent price outlook to $77.50 from $90, citing resilient Russian supply and the belief that much of the demand boost from China's reopening has taken place.
