Back in Mid-March, the Energy Information Administration (EIA) ...
Back in Mid-March, the Energy Information Administration (EIA) reported weekly retail average gasoline prices across all grades of $4.41 a gallon. That was the highest weekly average ever reported by the EIA (but it isn’t adjusted for inflation). Previously the highest weekly average reported took place in July 2008, when crude oil prices reached nearly $150 a barrel.
However, since reaching $4.41/gal, the national average dropped to about $4.20/gal as oil prices pulled back to ~$100/bbl. Barring a new geopolitical event that impacts the oil markets, it seems likely that the price of gasoline will remain below that March peak for now.
OPEC Kingpins Sound Alarm Over World’s Dwindling Energy Capacity
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing...
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors, as products from crude to diesel and natural gas trade near record highs in the wake of Russia’s invasion of Ukraine.
“I am a dinosaur, but I have never seen these things,” Saudi minister Prince Abdulaziz bin Salman, who’s been attending OPEC meetings since the 1980s, said Tuesday at a conference in Abu Dhabi, referring to the recent surge in prices for refined products. “The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels.”
Third Point’s Daniel Loeb Sticks by Calls for Shell Breakup
Activist investor Daniel Loeb, who wants Shell Plc to break apart, applauded the energy...
Activist investor Daniel Loeb, who wants Shell Plc to break apart, applauded the energy giant’s decision to move its headquarters even as he sticks to views that a different corporate structure would make it more successful.
Loeb, who said in October that his hedge fund Third Point LLC had taken a $750 million stake in the company, told his own investors on May 6 that he has added to his Shell stake and has held discussions with management, board members and other shareholders.
The letter, which was seen by Reuters on May 7, called the discussions “constructive” and said that the company’s stock price is currently cheap but sees gains ahead with “proper management.”
Occidental Shareholders Reject Climate Proposal from Activist Investors
A Dutch climate activist, wanted Occidental to disclose quantitative short-, medium-...
A Dutch climate activist, wanted Occidental to disclose quantitative short-, medium- and long-term greenhouse gas emissions reduction targets consistent with the Paris Agreement. The group's founder, Mark van Baal, said oil companies need to cut emissions by 40% and that Occidental's existing commitments do not guarantee that.
Occidental's board told investors it believes the company is already committed to Paris goals, and to reaching net zero emissions by 2050, with 14 metrics aimed at curbing emissions from its operations and products.
More than 80% of shareholders backed the board's recommendation to keep current commitments set by the U.S. oil and chemical producer, during the company's annual meeting on Friday.
U.S. stock futures climb after three days of heavy selling
U.S. stock futures pointed higher Tuesday, moving upwards after three days of heavy...
U.S. stock futures pointed higher Tuesday, moving upwards after three days of heavy selling on the eve of the key inflation report.
Futures on the Dow Jones Industrial Average YM00, 0.58% rose 279 points, or 0.9% to 32440.
Futures on the S&P 500 ES00, 0.64% gained 40.75 points, or 1%, to 4028.
Futures on the Nasdaq 100 NQ00, 1.09% increased 189.25 points, or 1.6% to 12383.
On Monday, the Dow Jones Industrial Average DJIA, -1.99% fell 654 points, or 1.99%, to 32246, the S&P 500 SPX, -3.20% declined 132 points, or 3.2%, to 3991, and the Nasdaq Composite COMP, -4.29% dropped 521 points, or 4.29%, to 11623.
Over the last three days, the S&P 500 has dropped 7.2% — the biggest three-day decline since March 20, 2020, as the world was confronted with the coronavirus pandemic.
