Dow sees third straight day of losses as CPI inflation report sends stocks down
All three major stock indexes finished lower on Wednesday after an unexpectedly...
All three major stock indexes finished lower on Wednesday after an unexpectedly hot consumer-price index for last month cast doubt on the Federal Reserve's ability to cut interest rates three times this year.
The Dow Jones Industrial Averageclosed down by 1.1%, or 422.16 points,at 38,461.51, based on preliminary data. Wednesday's closing level is the lowest since Feb. 14.
The S&P 500finished down by 1%, or 49.27 points, at 5,160.64.
The Nasdaq Compositeended down by 0.8%, or 136.28 points, at 16,170.36.
It was the worst one-day decline for all three indexes since last Thursday.
The Russell 2000 Index of small-cap stocks fell 2.5%, or 52.41 points, to 2,028.39.
Pantheon boosts Kodiak Field liquids, gas estimates
Pantheon Resources has increased the estimate of recoverable marketable...
Pantheon Resources has increased the estimate of recoverable marketable liquids at its Kodiak Field asset in Alaska's North Slope by 25% to 1.2 billion barrels and raised the natural gas resource estimate to 5.4 trillion cubic feet, based on an independent report by Netherland Sewell & Associates. "The underpinning of our strategy with the validation provided by NSAI is an important step on the path to our 2028 goal of demonstrating values in the range $5-$10 per barrel of recoverable resource," said Pantheon Chairman David Hobbs.
Methane mitigation an imperative in oil, gas industry
Oil and natural gas companies need to take methane mitigation seriously...
Oil and natural gas companies need to take methane mitigation seriously despite cost barriers, as attempts to dodge responsibility could prove futile in light of heightened regulatory scrutiny and advances in detection technology, Pickering Energy Partners consulting partner Dan Romito said in an interview. "There is a concerted effort to get this done now, so if companies aren't in a position where they're addressing it now, they better have a game plan or at least some sort of messaging in place to explain why," Romito said.
Tight supplies lift US Gulf Coast heavy crude prices
Heavy crude oil prices along the US Gulf Coast are approaching parity...
Heavy crude oil prices along the US Gulf Coast are approaching parity with lighter oil grades after rising in recent weeks, driven by factors including declining exports from Mexico and the growing prospect of sanctions on Venezuelan crude. This trend foreshadows an increase in gasoline prices as the US gears up for the summer driving season.
March CPI report shows sharpest 1-year rise in consumer prices since September
The increase in inflation in March was largely driven by a rise in gasoline...
The increase in inflation in March was largely driven by a rise in gasoline prices and persistent increases in the cost of shelter, namely rent and housing.
Energy prices shot up 1.1% last month after a 2.3% increase in February. The last two months have seen the biggest back-to-back increases in energy prices since last summer.
Rents rose 0.4% in March, as did a proxy for the cost of homeownership known as OER, or owner equivalent rent.
Other notable increases included car insurance (2.6%), clothes (0.7%) and medical care (0.5%).
