North Dakota produced an average 1.13 million barrels per day in April, up 1% from March, while natural...
North Dakota produced an average 1.13 million barrels per day in April, up 1% from March, while natural gas production rose by 2%, preliminary figures from the state's Department of Mineral Resources showed. Additionally, flaring reduction efforts resulted in a 95% capture rate statewide in April, surpassing the state's 91% target.
Freeport LNG facility reboots, gears up for expansion
The three liquefaction trains of the Freeport LNG export facility on Quintana Island, Texas, are back...
The three liquefaction trains of the Freeport LNG export facility on Quintana Island, Texas, are back online after a 10-month shutdown due to an explosion and fire, allowing the resumption of LNG deliveries to major customers. A third LNG storage tank is expected to reenter service this summer, and Freeport is also making headway in its plans for a fourth train, which, upon completion, would expand the plant's export capacity to 22.1 million short tons per year, pending a final investment decision.
Benchmark U.S. crude oil for July delivery fell $1.15 to $68.27 a barrel Wednesday. Brent crudefor August delivery fell $1.09 to $73.20 a barrel.
Wholesale gasolinefor July delivery fell 1 cent $2.55 a gallon. July heating oilfell 4 cents to $2.36 a gallon. July natural gaswas unchanged at $2.34 per 1,000 cubic feet.
S&P 500 ekes out gain in choppy trade after Fed holds steady
U.S. stocks finished mostly higher on Wednesday in a choppy session...
U.S. stocks finished mostly higher on Wednesday in a choppy session that saw the Fed leave rates steady in June while penciling in another 50 basis points of potential hikes later this year. The Dow Jones Industrial AverageDJIA, -0.68% shed about 231 points, or 0.7%, ending near 33,980, according to preliminary FactSet data, or well off the session’s low of 33,783. The S&P 500 index SPX, +0.08% added about 3 points, or 0.1% and the Nasdaq CompositeIndex COMP, +0.39% closed 0.4% higher.
Fed holds rates steady, pausing after 10 straight hikes
WASHINGTON -- The Federal Reserve on Wednesday decided against...
WASHINGTON -- The Federal Reserve on Wednesday decided against what would have been an 11th consecutive interest rate increase as it measures what the impacts have been from the previous 10. The decision left the Fed’s key borrowing rate in a target range of 5%-5.25%.
But the decision by the Federal Open Market Committee to hold off on a hike at this meeting came with a projection that another two quarter percentage point moves are on the way before the end of the year.
Markets had widely been anticipating the Fed to “skip” this meeting – officials generally prefer the term to a “pause” that infers a longer-range plan to keep rates where they are. The expectation leaned heavily against an increase after policymakers, particularly Powell and Vice Chair Philip Jefferson, had indicated that some change in approach could be in order.
