Benchmark U.S. crude oil for July delivery rose $2.21to $77.74 per barrel Monday. Brent crude for August delivery rose $2.01to $81.63 per barrel.
Wholesale gasoline for July delivery rose 3 centsto $2.41 a gallon. July heating oilrose 6 centsto $2.41 a gallon. July natural gasfell 1 cent to $2.91 per 1,000 cubic feet.
U.S. stocks ended higher on Monday as investors await the Federal Reserve's policy meeting and new inflation data due later this week.
According to Dow Jones Market Data, the Dow Jones Industrial Average went up 69.05 points or 0.2% to end at 38,868.04. The S&P 500 rose 13.80 points or 0.3% to close at 5360.79, its 26th record close this year. The Nasdaq Composite went up 59.40 points or 0.4% to finish at 17192.53, its 14th record close this year.
Texas Startup Hopes Fourth Time's a Charm to Build First Big US Oil Refinery Since 1977
Element Fuels Holdings, a Dallas-area startup...
Element Fuels Holdings, a Dallas-area startup proposing to build the first all-new U.S. oil refinery in nearly 50 years, said on June 6 that it was relaunching efforts to build a large plant in South Texas.
Entrepreneur John Calce has proposed the Brownsville, Texas, project at least twice before by his ARX Energy and JupiterMLP startups, with one leading to a bankruptcy filing. The project was originally owned by a holding company that also owned Centurion Terminals.
Element is looking to raise funds for the first phase, allowing the refinery to process about 50,000 bbl/d to 55,000 bbl/d of naphtha feedstock into gasoline. Calce said the company estimates the initial phase will cost about $1.2 billion.
According to a June 7 press release, Diversified Energy...
According to a June 7 press release, Diversified Energy has closed its acquisition of working interests in Oklahoma, East Texas, and Louisiana from Oaktree Capital Management.
The deal was announced in March with a $410 million price tag. After customary purchase price adjustments, Diversified paid $377 million, the company said. Diversified will also pay $83 million in deferred cash payments to Oaktree and assume approximately $120 million of debt.
Shareholders demand more details of Southwestern Energy’s merger with Chesapeake Energy
The Houston-based company revealed in a filing with the Securities and...
The Houston-based company revealed in a filing with the Securities and Exchange Commission that it received “seven demand letters from purported stockholders of Southwestern and one demand for books and records.”
“Three complaints have been filed against Southwestern in New York Supreme Court, asserting claims for negligence, negligent misrepresentation, and breaches of fiduciary duties stemming from allegedly material omissions in the joint proxy statement/prospectus (the “Complaints”),” stated the company in the SEC filing.
According to the filing, the demand letters contended that material information was omitted from the firm’s joint proxy statement/prospectus.
