Oil hits seven-year highs as U.S. storm heightens supply concerns
London, Feb 4 Oil prices reached seven-year highs on Friday as geopolitical tensions...
London, Feb 4 Oil prices reached seven-year highs on Friday as geopolitical tensions and a winter storm in the United States fueled concerns over supply disruptions.
Brent crude rose $1.71, or 1.9%, to $92.82 a barrel by 1348 GMT, having earlier touched its highest since October 2014 at $93.05.
U.S. West Texas Intermediate crude rose by $1.84, or 2%, to $92.11 after also scaling a seven-year peak at $92.33.
Both benchmarks were on course for a seventh consecutive weekly gain.
Brighter outlook seen for 800-mile Alaska LNG line
Lower construction costs and rising demand for liquefied natural gas contributed to a more upbeat outlook...
Lower construction costs and rising demand for liquefied natural gas contributed to a more upbeat outlook for Alaska LNG's proposed 800-mile line in Alaska. Consultant Wood Mackenzie has lowered the estimated cost to $38.7 billion from $45 billion for the project, which will benefit from an 80% federal loan guarantee under the new infrastructure law.
U.S. economy added a greater-than-forecast 467,000 jobs in January
The numbers: The U.S. added a robust 467,000 jobs in January and hiring was much stronger...
The numbers: The U.S. added a robust 467,000 jobs in January and hiring was much stronger at the end of 2021 than originally reported, indicating businesses did a better job of recruiting workers to fill record openings even as omicron blitzed the economy.
Economists polled by Wall Street had forecast 150,000 new jobs, but many investors were bracing for the first contraction in employment since December 2020 because so many workers got sick from omicron last month
Why Shares in Baker Hughes, Halliburton, and Schlumberger Surged in January
It's been a super start to the year for the oil sector and the oil services sector in particular. For...
It's been a super start to the year for the oil sector and the oil services sector in particular. For example, according to data provided by S&P Global Market Intelligence, oil services stock Baker Hughes (NASDAQ: BKR) rose 14% in January, while Halliburton (NYSE: HAL) and Schlumberger (NYSE: SLB) gained 34.4% and 30.5%, respectively, in the month. Furthermore, on a three-year basis, these stocks have massively underperformed the S&P 500, with only Baker Hughes up around 11% during the period.
EIA reports a smaller-than-expected weekly fall in U.S. natural-gas supplies
MARKET PULSE The U.S. Energy Information Administration reported on Thursday that domestic natural-gas...
MARKET PULSE The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies fell by 268 billion cubic feet for the week ended Jan. 28. That compared with the average decline of 274 billion cubic feet forecast by analysts polled by S&P Global Platts, which pegged the five-year average supply fall for the period at 150 billion cubic feet.
