The heat already has raised power demand to record levels in Texas and other parts of the U.S. as homes and businesses crank up their air conditioners.
Front-month Nymex natural gas (NG1:COM) for August delivery settled +8.5% to $6.689/MMVtu, the highest close since June 22.
MarketWatch: U.S. stocks end lower for fourth straight day after June inflation report
U.S. stocks closed lower on Wednesday for the fourth day in a row after the latest consumer price index...
U.S. stocks closed lower on Wednesday for the fourth day in a row after the latest consumer price index showed that headline inflation climbed to its highest level in 40 years last month. The S&P 500 SPX, -0.45% retreated 17.02 points, or 0.5%, to 3,801.78. The Dow Jones Industrial Average DJIA, -0.67% lost 208.54 points, or 0.7%, to 30,772.79. The Nasdaq Composite Index NDX, -0.14% shed 17.15 points, or 0.2%, to 11,247.58. Traders of Fed funds futures, a derivatives market used to place bets on the direction of the Federal Reserve's benchmark interest rate, priced in higher than 80% odds that the Federal Reserve would deliver a one percentage point rate later this month. Meanwhile, the yield on the two-year Treasury eclipsed that of the 10-year Treasury by more than 23 basis points, marking the deepest inversion of the Treasury yield curve since 2000.
J.P. Morgan: The Energy Sector Offers the Most Attractive Risk-Reward Profile. Here Are 2 Stocks With Over 50% Upside
Sometimes it’s good to take a worm’s eye view of the markets, to narrow down the search and the market...
Sometimes it’s good to take a worm’s eye view of the markets, to narrow down the search and the market analysis to a particular industry or a particular sector. The zoomed-in view offers some advantages that the macro lacks – greater detail, or a look at opportunities that might get lost in the shuffle of a larger market trend.
And that’s what we have here. Markets are trending down right now, but J.P. Morgan energy sector expert Christyan Malek sees a chance for investors to find an attractive risk-reward in oil stocks. In an attention-grabbing headline, Malek described the energy sell-off as ‘overdone,’ and says that demand remains ‘solid on lower oil.’
Read More on the Antero and Marathon stock recommendations
Texas avoids blackouts, power use to break more records in heat wave
Power demand in Texas will likely hit more record highs later this week as consumers crank up air conditioners...
Power demand in Texas will likely hit more record highs later this week as consumers crank up air conditioners to escape a lingering heat wave after homes and businesses helped avoid rotating blackouts by conserving energy on Monday.
Power demand in Texas hit another all-time high on Tuesday as consumers crank up their air conditioners to escape a lingering heat wave after homes and businesses conserved energy earlier this week to avoid and help avoid rotating blackouts.
ERCOT power use hit a preliminary 78,419 megawatts (MW) on Tuesday, topping the prior record of 78,264 MW on Monday, and will reach 78,963 MW on Wednesday.
But conservation efforts reduced energy use enough to enable available resources to meet Monday's record demand. Unlike Monday, however, ERCOT has not yet urged consumers to conserve energy for the rest of the week. One megawatt can power around 1,000 U.S. homes on a typical day, but only about 200 homes on a hot summer day in Texas.
Tellurian Acquires Private Haynesville Producer EnSight for $125 Million
Tellurian Inc. is acquiring natural gas assets located in the Haynesville Shale...
Tellurian Inc. is acquiring natural gas assets located in the Haynesville Shale from privately held EnSight Energy Partners LP for $125 million plus a contingent payment tied to the price of natural gas.
“We have been diligently growing our natural gas production and reserves in the Haynesville,” commented John Howie, president of Tellurian Production LLC, in a company release.
A subsidiary of the Houston-based LNG developer, Tellurian Production agreed to pay up to $132.5 million to purchase the natural gas assets from EnSight IV Energy Partners LLC and EnSight Haynesville Partners LLC. The assets are located in the core of the Haynesville Shale in DeSoto, Bossier, Caddo, and Webster parishes in Louisiana.
