Housing starts ebb at start of 2022, as home builders continue to ramp up permitting activity
U.S. homebuilders started construction on homes at a seasonally-adjusted annual rate of roughly 1.64...
U.S. homebuilders started construction on homes at a seasonally-adjusted annual rate of roughly 1.64 million in January, representing a roughly 4% decrease from the previous month, the U.S. Census Bureau reported Thursday. Compared with January 2021, however, housing starts were up nearly 1%. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.9 million, up nearly 1% compared with December and the pace recorded a year ago. Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.69 million and building permits to come in at a median pace of 1.75 million.
Venture Global has reached an agreement to procure 18.25 billion cubic feet of natural gas per year over...
Venture Global has reached an agreement to procure 18.25 billion cubic feet of natural gas per year over three years for its Plaquemines liquefied natural gas export plant in Louisiana from a subsidiary of Spanish energy company Repsol. The $8.9 billion plant will have a capacity of up to 22 million short tons per year of LNG and is expected to begin operations in 2024.
Shortage of frack sand hinders growth in the oil patch
Tight supplies of frack sand are setting back drillers' efforts to ramp up production to capitalize...
Tight supplies of frack sand are setting back drillers' efforts to ramp up production to capitalize on high oil prices and the shortage has pushed spot prices for a ton of sand from last year's $20 to $25, to $50 to $70 currently, according to Rystad Energy. Tall City Exploration CEO Michael Oestmann blamed a shortage of truck drivers and a reduced workforce in mines for the tight market, and said his company is considering transporting frack sand by rail.
Natural gas futures jumped more than 18 cents trading at $4.49...
Natural gas futures jumped more than 18 cents trading at $4.49 this morning, hitting an earlier intraday high of $4.62, which is a nearly two-week high, on forecasts for colder temperatures and higher heating demand through early March. Traders noted the price increase came despite the continued slow return of U.S. production from cold weather-related reductions over the past month, and a 9% drop in European gas futures due to what looks like an easing of tensions between Russia and Ukraine.
The energy sector is off to a higher start, supported by strength in the underlying commodities but pressured...
The energy sector is off to a higher start, supported by strength in the underlying commodities but pressured by the major equity futures which are trading lower as investors wait for minutes of the Federal Reserve’s last meeting. The market is also digesting consumer data released this morning which show retail sales surged 3.8% in January, much more than expected amid inflation rise. Western skepticism over Russian claims of a withdrawal of some troops near Ukraine kept caution in the air as U.S President Joe Biden said there was no proof of a pullback yet. Additionally, Kyiv hinted at Russian involvement in a cyber-attack on Ukraine’s defense ministry website.
