API data reportedly show declines for weekly U.S. crude, gasoline and distillate supplies
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2 million...
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2 million barrels for the week ended Feb. 4. The API also reportedly showed weekly inventory declines of 1.1 million barrels for gasoline and 2.2 million barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub edged down by 2.5 million barrels last week. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories rose by 100,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a weekly supply rise of 1.4 million barrels for gasoline and an inventory decrease of 600,000 barrels for distillates
Dow industrials finish up over 370 points as investors weigh earnings
U.S. stocks posted strong gains on Tuesday, with the Dow industrials clinching the best session...
U.S. stocks posted strong gains on Tuesday, with the Dow industrials clinching the best session in over a week, as investors took a pause from gobbling up energy shares to spread the wealth to other sectors of the market, including materials, financials, and consumer discretionary.
The Dow Jones Industrial AverageDJIA rose 372 points, or 1.1%, to reach around 35,463, on a preliminary basis, which would represent the best gain since Jan. 31, FactSet data show.
The S&P 500 index SPX closed up 0.8% to about 4,522, roughly.
The Nasdaq Composite IndexCOMP closed up 1.3% to reach around 14,195.
The 10-year Treasury noteBX:TMUBMUSD10Y yields 1.954%, up 3.9 basis points, reaching a new 52-week high and its highest rate since July 31, 2019. Yields rise as prices for debt fall.
The 2-year Treasury noteBX:TMUBMUSD02Y yields 1.339%, rising 4.5 basis points and marking its own 52-week high, representing its highest level since Feb. 21, 2020.
Whiting Expands Position in Williston Basin’s Sanish Field for $237 Million
Whiting Petroleum Corp. is expanding its position in the Williston Basin’s...
Whiting Petroleum Corp. is expanding its position in the Williston Basin’s Sanish Field through a pair of acquisitions totaling $237 million.
“We know and understand the Sanish Field extremely well and are very comfortable with the rate of return we are achieving,” Lynn A. Peterson, president and CEO of Whiting, commented in a company release on Feb. 8.
In the release, Whiting said it had entered into separate definitive agreements with two private companies to acquire non-operated oil and gas assets in the Williston Basin, where Whiting’s operations are solely focused following its exit last year from the Denver-Julesburg Basin.
Natural gas futures bounced higher this morning ($4.30 +7 cents)...
Natural gas futures bounced higher this morning($4.30 +7 cents)following three consecutive days of outsized declines. The gains come despite reports showing output is slowly recovering from last week's freezing weather and on forecasts for less cold and lower heating demand over the next two weeks than previously expected. Over the last two weeks, trade in gas futures was the most volatile on record due in part to worries that Winter Storm Landon, which battered the eastern half of the country last week, would cut output and boost heating demand like last February's Winter Storm Uri.
WTI and Brent crude oil futures extended yesterday’s retreat into this morning’s session,...
WTI and Brent crude oil futures extended yesterday’s retreat into this morning’s session, inching further off seven-year highs ahead of the resumption of indirect talks between the United States and Iran, softening of tension with Russia and the West and ahead of tomorrow’s inventory report. The US and Tehran are meeting in Vietnam today to discuss an international nuclear agreement and a deal could return more than 1 million bpd of Iranian oil, equating to more than 1% of global supply, to the market. Prices were also dented by comments from French President Emmanuel Macron, who said his meeting with Russian counterpart Vladimir Putin had helped to prevent a worsening of the Ukraine crisis. Ahead of the first of this week's two supply reports, analysts expect the data to show inventories rose by 700,000 barrels last week.
On Monday, Brent crude settled down 58 cents, at $92.69. Its session high of $94 was the highest since October 2014.
U.S. West Texas Intermediate crude fell 99 cents, or 1.3%, to settle at $91.32 after touching $92.73.
