Oil settles down 1% as Middle East tensions ease, China data weak
U.S. crude oil futures fell to roughly $74 per barrel Tuesday after selling...
U.S. crude oil futures fell to roughly $74 per barrel Tuesday after selling off in the previous session amid demand worries in Asia and cease-fire talks in the Middle East.
“We are seeing oil prices mean reverting on the back of frankly a lot more supply but also softer demand,” Francisco Blanch, commodity strategist at Bank of America, told CNBC’s “Fast Money” on Monday.
“Oil is really trading on supply and demand fundamentals, and we have a bit of an air pocket right now with China slowing down here,” Blanch said.
U.S. crude and Brent prices have fallen 9.2% so far this quarter.
Here are Tuesday’s closing energy prices:
West Texas Intermediate September contract: $74.04 per barrel, down 33 cents, or 0.44%. Year to date, U.S. crude oil has gained 3.2%.
Brent October contract: $77.20 per barrel, down 46 cents, or 0.59%. Year to date, the global benchmark is flat, up just 0.2%.
RBOB Gasoline September contract: $2.25 per gallon, down less than 1 cent, or 0.33%. Year to date, gasoline is up 7.4%.
Natural Gas September contract: $2.19 per thousand cubic feet, down more than 3 cents, or 1.6%. Year to date, gas is down 12.6%.
S&P 500, Nasdaq snap 8-day winning streaks as stock rally takes a breather
U.S. stock indexes finished lower on Tuesday. The S&P...
U.S. stock indexes finished lower on Tuesday. The S&P 500 and the Nasdaq Composite snapped a multisession rally after equities bounced back from a steep selloff earlier this month.
The S&P 500 was off 11.13 points, or 0.2%, to end at 5,597.12. The Nasdaq Composite fell 59.83 points, or 0.3%, to finish at 17,816.94.
Tuesday’s declines ended the eight-day winning streaks for the S&P 500 and Nasdaq. According to Dow Jones Market Data, the modest selloff also interrupted the S&P 500's longest winning streakin 20 years.
The Dow Jones Industrial Average lost 61.56 points, or less than 0.2%, to end at 40,834.97. According to FactSet data, the blue-chip index broke its five-session winning streak on Tuesday.
Markets will focus on Wednesday's release of payroll revisions and the Federal Open Market Committee's July meeting minutes, followed by jobless claims on Thursday and Chair Jerome Powell's remarks at the Jackson Hole Economic Symposium on Friday.
Quantum Capital acquires Rocky Mountain Caerus Oil and Gas for $1.8 billion
Quantum Capital Group has acquired Caerus...
Quantum Capital Group has acquired Caerus Oil and Gas for about $1.8 billion, including liabilities.
Houston, Texas-based Quantum announced the deal's closing in a statement on Monday. Bloomberg News reported in June that Quantum would buy the Rocky Mountain oil and gas company. It’s doing the deal through portfolio companies QB Energy and Koda Resources.
QB Energy is acquiring Caerus's producing upstream assets, gathering and compression midstream assets, and all other assets in the Piceance Basin. Koda is taking a similar set of assets in the Uinta basin.
“The Piceance assets represent the largest single asset base atop the second largest gas resource in the continental U.S.,” Roger Biemans, chief executive officer of QB Energy, said in a statement.
Caerus is backed by Oaktree Capital Management, Anschutz Investment Co., and Old Ironsides Energy. This deal is a relatively rare example of a so-called secondary buyout in U.S. oil and gas, where corporate buyers have typically acquired private equity-backed assets.
Oil sector sees progress, hurdles in produced water reuse
The oil and natural gas industry is moving the needle on beneficial reuse...
The oil and natural gas industry is moving the needle on beneficial reuse of produced water, though technical and economic hurdles persist, said Bechtel General Manager of Water and Pipeline Jamie McMillan during the Produced Water Society's Permian Basin conference. Bechtel's LEEDS desalination technology is showing promise for treating the Permian Basin's highly saline produced water, but fully commercializing and extracting further value from these efforts is still a work in progress, McMillan added.
As the nation’s third-highest oil-producing state, North Dakota reported...
As the nation’s third-highest oil-producing state, North Dakota reported this past week, a drop in oil and natural gas production from May to June.
The North Dakota State Industrial Commission released the most current June production numbers. The report showed production increased from 19,094 wells in May to 18,973 wells in June.
Oil production totaled 37,140,657 barrels of oil for May and fell to 35,267,022 barrels for June. Natural gas production also dropped from 108,814,366 Mcf for May down to 104,181,310 Mcf a month later.
