The push to electrify the Permian Basin's oil and natural gas operations...
The push to electrify the Permian Basin's oil and natural gas operations is stalling as grid capacity constraints cause years-long delays for remote connections and drive reliance on self-generated power. Houston-based RPower is stepping in with on-site gas-powered facilities that can electrify sites independently or supplement grid connections.
COP29 participants agree to $300 billion deal. Yesterday,...
COP29 participants agree to $300 billion deal. Yesterday, the countries at the COP29 climate summit in Baku struck a deal that would provide low-income countries impacted the most by climate change $300 billion annually starting in 2035. Twelve so-called rich countries, including the US, will provide the funds. But countries that stand to be greatly impacted, like the Republic of the Marshall Islands, found the amount of support “woefully insufficient.” Some experts did not expect any agreement to be reached, considering the incoming Trump administration is expected to reject it.
TikTok CEO Shou Chew has reached out to Donald Trump’s confidante Elon Musk in an effort to take the temperature of the incoming administration with a potential TikTok ban looming, per the Wall Street Journal.
Orlando defeated Washington 1–0 to capture the franchise’s first NWSL title.
Max Verstappen’s fifth-place finish in Las Vegas was good enough for him to clinch his fourth consecutive Formula 1 world championship.
Sugar Foods is recalling its tortilla strips salad toppers in 20 states due to a wheat allergen contamination.
Chuck Woolery, the game show host known for his work on Love Connection, Lingo, and Scrabble, died on Saturday. He was 83.
U.S. Rig Count Falls for Second Week, Gas Rigs Drop Below 100
U.S. energy firms cut the number of oil and natural gas rigs for the...
U.S. energy firms cut the number of oil and natural gas rigs for the second consecutive week, reducing the total count to 583 as of November 22, the lowest since early September, according to Baker Hughes. The rig count is now down 39 rigs, or 6%, from the same time last year.
This week, oil rigs increased by one to 479, while gas rigs fell by two to 99,dropping below 100 for the first time since early October. The overall rig count has declined 20% in 2023 due to lower energy prices, inflation-driven costs, and a corporate focus on financial health over production growth.
U.S. oil futures are down about 2% in 2024 after an 11% drop in 2023, while natural gas futures have surged 42% this year after plunging 44% last year.
Independent exploration and production (E&P) companies plan to keep 2024 spending flat compared to 2023, following significant year-over-year increases of 27% in 2023 and 40% in 2022, according to TD Cowen.
Oil prices climb 1% to two-week high as Ukraine war intensifies
(Reuters) -Oil prices...
(Reuters) -Oil prices climbed about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.
Brent futuresrose 94 cents to $75.17 a barrel,while U.S. West Texas Intermediate (WTI) crude rose $1.14 to $71.24.
That put both crude benchmarks up about 6% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles.
"The Russia-Ukraine escalation has raised geopolitical tensions beyond levels seen during the year-long conflict between Israel and Iran-backed militants," said Saxo Bank analyst Ole Hansen.
Dow closes at record high, S&P 500 scores weekly gain ahead of Thanksgiving
(Friday market close) Wall Street finished the pre-holiday...
(Friday market close) Wall Street finished the pre-holiday stretch with its fifth-straight winning session even as AI-giant Nvidia (NVDA) missed the party and tech mainly stayed home. Hopes for an improved business climate under the next U.S. administration delivered a tailwind for most other sectors.
One question heading into Friday was whether Thursday's surge in cyclical stocks that often track the U.S. economy would spill over. To some extent, it did, which could help explain why the Dow Jones Industrial Average® ($DJI) and small caps outpaced the broader market and tech. The $DJI posted a record close. Here's where the major benchmarks ended:
The S&P 500® index (SPX) rose 20.63 points (0.35%) to 5,969.34 to end the week up 1.68%; the $DJI gained 426.16 points (0.97%) to 44,296.51 to end the week up 1.96%; and the Nasdaq Composite®($COMP) added 31.23 points (0.16%) to 19,003.65 to end the week up 1.73%.
The 10-year Treasury note yield fell two basis points to 4.41% and is down two basis points for the week, while the 2-year note yield rose seven basis points this week as rate cut odds fell.
The CBOE Volatility Index® (VIX)fell sharply to 15.31 and finished slightly lower for the week.
