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• Dow seals 7th record close of 2024 as Microsoft results, Fed decision loom
  U.S. stocks ended mixed Tuesday after consumer-confidence numbers and job-opening data pointed to a sturdy...
  U.S. stocks ended mixed Tuesday after consumer-confidence numbers and job-opening data pointed to a sturdy U.S. economy, while the Federal Reserve’s looming interest-rate decision and a busy earnings week from the likes of Microsoft are at the front of investors’ minds.
  
  The Dow Jones Industrial Average went up 133.86 points or 0.4% to end at 38467.31, its seventh record close in 2024, according to preliminary closing data from FactSet.
  
  The S&P 500 edged down 2.96 points or less than 0.1% to close at 4924.97
  
  The Nasdaq Composite declined 118.15 points or 0.8% to finish at 15509.90
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• Alaskan pipeline plan struggles to draw investment
  Alaska's ambitious $43 billion liquefied natural gas initiative, aimed at building an 800-mile pipeline...
  Alaska's ambitious $43 billion liquefied natural gas initiative, aimed at building an 800-mile pipeline akin to the existing trans-Alaska oil pipeline, has faced significant challenges in attracting financial backers. The project, designed to export gas to Asia while providing more affordable fuel locally, is currently struggling to secure the $150 million needed for engineering and design work before a final investment decision can be made.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for March delivery ...
  Benchmark U.S. crude oil for March delivery rose $1.04 to $77.82 per barrel Tuesday. Brent crude for March delivery rose 47 cents to $82.87 per barrel.
  
  Wholesale gasoline for February delivery rose 3 cents to $2.26 a gallon. February heating oil fell 2 cents to $2.81 a gallon. March natural gas rose 3 cents to $2.08 per 1,000 cubic feet.
  
  
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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a lower start, reeling amid weakness in both the crude complex and broader equity futures. With the benchmark indices hovering around fresh record highs, investors are stepping back this morning as they digest a wave of corporate earnings and ahead of the Fed’s policy announcement tomorrow.

  
  

  Traders are also reacting to headlines that Saudi Aramco halted their production capacity expansion plans, driving the OFS sharply lower ahead of the bell.

  
  

  WTI and Brent crude oil futures extended yesterday’s declines into the new session, pressured by lingering concerns over the potential fallout of China's Evergrande being liquidated and reports OPEC+ export data suggests a sluggish start to supply cuts being made. The markets are also positioning themselves ahead of this week’s OPEC+ meeting and while expectations are low that the group will make a decision on oil policy for April, analysts are hoping it could still shed some light on production plans. Aramco, in an indication of the future demand outlook, said it had received a directive from the energy ministry to maintain its maximum sustainable capacity at 12 million barrels a day, and not to continue increasing it to 13 million barrels per day. Meanwhile, Washington vowed to take "all necessary actions" to defend its troops following a deadly drone attack in Jordan by Iran-backed militants, the first U.S. military deaths since the Israel-Gaza war began, putting markets on edge.

  
  

  On the first day of trading as the front month contract, March natural gas futures are up over 1.5% in early trading, bouncing off yesterday’s sharp pullback. Warmer weather forecasts and continued outages at the Freeport LNG export plant continued to dampen sentiment.

  
  
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• Permian Resources Continues Buying Spree in New Mexico
  Permian Resources said Jan. 30 it acquired more Delaware Basin...

  Permian Resources said Jan. 30 it acquired more Delaware Basin acreage in two bolt-on acquisitions and an acreage swap.

  
  

  The Midland producer executed two separate transactions to acquire 11,500 net leasehold acres and 4,000 net royalty acres in Eddy County, New Mexico for about $175 million.

  
  

  During Q1 2024, Permian Resources also completed an acreage trade, further reinforcing its position in Lea County, New Mexico.

  
  

  The company traded into approximately 2,000 net acres with “increased working interest” adjacent to its current position. The company also traded out of approximately 2,000 net acres of non-operated acreage and “lower working interest” operated acreage.

  
  

  Permian Resources says it expects to begin development on the newly acquired acreage in 2024.

  
  Source: Hart Energy
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