Equinor, Dominion Place Winning Bids in US Offshore Wind Sale
Subsidiaries of Equinor and Dominion Energy were the provisional winners...
Subsidiaries of Equinor and Dominion Energy were the provisional winners in the Aug. 14 U.S. offshore wind lease sale, which brought in nearly $93 million for two lease areas in the Central Atlantic.
The lease sale, which gives the companies the right to submit offshore wind project plans for acreage offshore Delaware, Maryland and Virginia, marked the first sale in the region in a decade, according to the U.S. Bureau of Ocean Energy Management (BOEM). Combined, the lease areas have the potential to power up to 2.2 million homes with clean energy by BOEM’s estimates. That would require up to 6.3 gigawatts (GW) of wind power.
“At the start of the [Biden] administration, our nation had approved zero offshore wind energy projects. Today, we have nine—enough to power nearly 5 million homes,” said U.S. Interior Secretary Deb Haaland. “This is what developing a clean energy transition looks like.”
Norway’s Oil Investment Set for Record High in 2024
Statistics Norway reports unprecedented growth in offshore oil and gas...
Statistics Norway reports unprecedented growth in offshore oil and gas investments. The 2024 forecast hits a record $24 billion, up 4.1% from earlier projections. Rising costs and ongoing field developments drive this surge. The outlook for 2025 remains strong at $22.45 billion, 11% above previous estimates. These figures cement Norway's position as Western Europe's leading hydrocarbon producer, highlighting the sector's continued expansion despite global shifts towards cleaner energy.
Analysts: Midstream MLPs Outperforming S&P in 2024
Analysts said during an Aug. 13 seminar that...
Analysts said during an Aug. 13 seminar that the midstream sector has become a stable niche for investors over the last two years. Companies have generally exercised capital discipline as cash flows increased.
Speakers discussed the factors that have affected the energy market over the first part of 2024 and how the large midstream companies have remained insulated from much of the volatility. New York-based financial firm VettaFi hosted the online program, 2024 State of Energy: Midstream/MLPs Stand Out.
“If you look at the S&P 500 and break it down by sector, the energy sector is lagging the S&P, year to date,” said Paul Baiocchi, chief exchange-traded fund strategist at SS&C ALPS Advisors. “But midstream, and especially midstream MLPs, are actually outperforming the S&P.”
Ernesto knocked out out Puerto Rico’s power and became a hurricane. As...
Ernesto knocked out out Puerto Rico’s power and became a hurricane. As a tropical storm, Ernesto deluged Puerto Rico with rain and brought 74 mph wind gusts, leaving more than 700,000 homes and businesses—representing half of all power customers on the island—without power. Another 46,000 customers lost power in the Virgin Islands. Traveling north, the storm strengthened into a Category 1 hurricane, and it is expected to become even stronger over open waters in the Atlantic, potentially stirring up strong waves and currents along the East Coast of the US.
Hamas said it won’t take part in Gaza cease-fire negotiations that were scheduled for today in Qatar because Israel would not commit to sticking to the plan outlined by President Joe Biden. But Reuters reports that mediators might still meet with Hamas representatives. Meanwhile, as concerns of a wider regional war grow, the US approved a $20 billion weapon sale to Israel—though most of the weapons won’t get there for years.
Cisco will lay off 7% of its workforce to cut costs, although it projects an improvement in sales.
Japan’s Prime Minister Fumio Kishida will step down next month amid controversy over his handling of a fundraising scandal.
RIP: Wally Amos, the founder of Famous Amos cookies, died from complications of dementia at age 88. Oscar-nominated actress Gena Rowlands, who was diagnosed with Alzheimer’s in 2019, died at age 94.
Nasdaq ekes out slight gain in final minutes of trading, S&P 500 advances for fifth session
U.S. stocks finished higher on Wednesday, with the S&P...
U.S. stocks finished higher on Wednesday, with the S&P 500 and Nasdaq Composite scoring their fifth consecutive trading day of gains after a mild July consumer-price index reinforced expectations for a September rate cut by the Federal Reserve.
Based on preliminary data, the Dow Jones Industrial Average closed up by 242.75 points, 0.6%, at 40,008.39. It was the index's second straight session of gains.
The S&P 500 closed up by 20.78 points, or 0.4%, at 5,455.21.
The Nasdaq Composite eked out a slight gain in the final minutes of trading to finish higher by 4.99 points at 17,192.60.
"July’s inflation data was remarkably as expected," said BMO Capital Markets rates strategists Ian Lyngen and Vail Hartman. "Had the Fed not already set the stage for a cut in September, this CPI print would have solidified one."
