State regulators have modified the way Oklahoma storage tank owners and operators are to pay for tank...
State regulators have modified the way Oklahoma storage tank owners and operators are to pay for tank permit fees. Instead of accepting fees at the facility, Petroleum Storage Tank Division employees will accept credit cards and electronic payments.
Energy stocks have opened higher, lifted by rising oil...
Energy stocks have opened higher, lifted by rising oil and natural gas prices and continued inflation expectations and rotations out of growth and into value equities. The 10-year yield is back at 3-year highs, trading above 2.6%.
In sector news, Piper Sandler upgraded five separate E&Ps, along with TotalEnergies, and the bank also increased a number of price targets across its E&P coverage.
Oil prices remain firm, up over 1%, as global oil demand and tight supplies are expected to keep prices at elevated levels. Additionally, austere Covid-related shutdowns in China are expected to further limit near-term demand increases.
Natural gas futures are higher by nearly 2%, trading around $6.15, ahead of weekly inventory data. Analysts expect a draw of 28 bcf.
🔥From Twitter: Spring is here and it's the first day of the Masters (our favorite sport event)
Was perhaps best @TheMasters...
Was perhaps best @TheMasters Club Dinner I recall. Great company & conversation. Food was sensational! Best part was when Hideki Matsuyama, who doesn’t speak English well, gave a 3-min speech in English—without a single note. @GaryPlayer then responded. In Japanese. With notes.😉 pic.twitter.com/AShWaaZzvk
Oil futures rise early Thursday, bouncing after ending the previous session at three-week...
Oil futures rise early Thursday, bouncing after ending the previous session at three-week lows following the announcement of a coordinated release of crude from strategic reserves by member countries of the International Energy Agency.
West Texas Intermediate crude for May delivery CL.1, 2.00%CL00, 2.01%CLK22, 2.01% rose $2.37, or 2.5%, to $98.60 a barrel on the New York Mercantile Exchange.
June Brent crude BRN00, 1.68%BRNM22, 1.68%, the global benchmark, was up $2.23, or 2.2%, at $103.30 a barrel on ICE Futures Europe. Both WTI and Brent on Wednesday logged their lowest finishes since March 16.
Shell Raises Russia Write-down to as Much as $5 Billion
Shell Plc will write down up to $5 billion following its decision to exit Russia, more...
Shell Plc will write down up to $5 billion following its decision to exit Russia, more than previously disclosed while soaring oil and gas prices boosted trading activities in the first quarter, the company said on April 7.
The post-tax impairments of between $4 billion and $5 billion in the first quarter will not impact the company’s earnings, Shell said in an update ahead of its earnings announcement on May 5.
Shell, whose market capitalization is around $210 billion, had previously said the Russia write-downs would reach around $3.4 billion. The increase was due to additional potential impacts around contracts, write-downs of receivables, and credit losses in Russia, a Shell spokesperson said.
