U.S. crude oil inventories increased by 3.9 million barrels for the week...
U.S. crude oil inventories increased by 3.9 million barrels for the week ending September 27, contrasting with the previous week's 4.5 million barrel draw and differing from API's estimated 1.5 million barrel decline. Fuel inventories showed mixed results: gasoline stocks rose by 1.1 million barrels (with daily production at 9.6 million barrels), while middle distillates decreased by 1.3 million barrels (daily production at 4.8 million barrels). Both gasoline and middle distillate numbers represented shifts from the previous week's drawdowns, with slight decreases in production rates for both categories.
Prairie Operating Finalizes $84.5 Million Acquisition of DJ Basin Assets
Prairie Operating Co. has closed its $84.5 million acquisition of oil-weighted...
Prairie Operating Co. has closed its $84.5 million acquisition of oil-weighted assets from Nickel Road Operating, LLC (NRO), a portfolio company of Vortus Investment Advisors, LLC. The acquisition was funded through a private placement of common stock, an equity facility, and cash reserves.
The assets in Weld County, Colorado,add 5,592 net leasehold acres, 89 approved well permits, and 26 operated horizontal wells, enhancing Prairie’s cash flow in the DJ Basin.
Middle East Fighting Sent Crude Oil Prices up Again on Wednesday
Crude oil, which had been one of the few beneficiaries of the fighting...
Crude oil, which had been one of the few beneficiaries of the fighting in the Middle East, gave up some gains of previous sessions after a Wall Street Journal report suggested OPEC members weren't adhering to production targets. According to the report, a Saudi official warned that oil could fall to $50 per barrel if targets weren't respected. WTI Crude Oil futures (/CL) fell from around $72 per barrel early in the session to near $70, and the S&P 500 Energy Sector pulled back from morning highs.
In the U.S., West Texas Intermediate cruderose 27 cents, or 0.39%, to close Wednesday at $70.10 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark, gained 34 cents or 0.46% to settle at $73.90 a barrel.
U.S. stocks end slightly higher after choppy trading as inflation worries return
Stock markets found some...
Stock markets found some stability Wednesday following Tuesday's sell-off triggered by Middle East conflicts and U.S. port strikes, though individual stocks like Tesla and Nike faced pressure from company-specific news. The market's attention is now shifting to Friday's nonfarm payrolls report, a crucial economic indicator that could influence the Federal Reserve's upcoming monetary policy decisions. Analysts expect 140,000 new jobs in September.
Wednesday's ADP National Employment Report offered a preview, showing private-sector hiring exceeded expectations with 143,000 new jobs in September, primarily in services. While this report indicated a "widespread rebound" in hiring according to ADP's chief economist, with slowing wage growth for both job-stayers and job-changers, investors remain more focused on the official government payrolls data. As noted by Cooper Howard from Schwab, the upcoming jobs report could significantly impact market expectations for future Fed rate decisions, with potential implications for short-term yields.
Here's where the major benchmarks ended:
The S&P 500® index (SPX)was little changed at 5,709.54; the Dow Jones Industrial Average ($DJI) rose 39.55 points (0.09%) to 42,196.52; the Nasdaq Composite® ($COMP) gained 14.76 points (0.08%) to 17,925.12.
The 10-year Treasury note yield (TNX) added 5 basis points to 3.78%.
The Cboe Volatility Index® (VIX) edged 0.4 points lower to 18.86.
Tailwater Buys Interests Across 5,000 Acres in Permian Core
Tailwater Capital LLC said Oct. 1 it has acquired non-operated working...
Tailwater Capital LLC said Oct. 1 it has acquired non-operated working interests in 5,000 net acres in the “core” of the Midland and Delaware basins.
Tailwater made the off-market acquisition from Accelerate Resources Operating LLC for its upstream platform, Tailwater E&P LLC. Financial terms of the transaction were undisclosed.
The acquired assets include more than 5,000 net leasehold acres in the Permian Basin’s Midland and Delaware plays. The assets, predominantly HBP, currently produce more than 5,000 net boe/d.
