Dow ends down over 600 points as U.S. stocks suffer worst day since June
U.S. stocks finished sharply lower on Monday after their worst session in two months as investors braced...
U.S. stocks finished sharply lower on Monday after their worst session in two months as investors braced for a more hawkish Federal Reserve. The S&P 500 SPX, -2.14% slumped 90.49 points, or 2.1%, to 4,137.99. The Dow Jones Industrial Average DJIA, -1.91% fell 643.13 points, or 1.9%, to 33,063.61. The Nasdaq Composite COMP, -2.55% dropped 323.64 points, or 2.6%, to 12,381.57. Market strategists blamed the weakness in stocks on expectations for more aggressive interest-rate hikes ahead of Fed Chairman Jerome Powell's speech on Friday when he will share an update on the central bank's views from the annual economic symposium in Jackson Hole, Wyo. Analysts also blamed rising borrowing costs for the weakness in stocks, as the 10-year Treasury yield topped 3% TMUBMUSD10Y, 3.033% for the first time in a month.
Natural-gas prices surge to their highest level since 2008; oil slides
U.S. crude-oil futures retreated on Monday, while natural-gas prices climbed to a fresh 14-year high...
U.S. crude-oil futures retreated on Monday, while natural-gas prices climbed to a fresh 14-year high as fears about shortages in Europe also impacted the U.S. market.
West Texas Intermediate crude for September delivery CLU22, -1.41%CL.1, -1.41% was down $3.43, or 3.8%, with the front-month contract worth $87.34 per barrel on the New York Mercantile Exchange. The contract expires at the end of the session. The most-active October contract CLV22, -1.38%CL00, -1.38% traded at $87.20, down $3.36, or 3.6%.
October Brent crude BRNV22, -1.36% was also down $3.44, or 3.6 % at $93.28 per barrel on ICE Futures Europe.
Back on Nymex, September gasoline RBU22, -5.35% traded at $2.8546, down 16.2 cents, or 5.4% per gallon, while September heating oil HOU22, +1.28% added 2.7 cents, or 0.7%, to $3.7274 a gallon.
September natural-gas prices NGU22, +3.16% rose 1.7% to $9.497 per million British thermal units, headed their highest finish since the summer of 2008.
Iran Starts Drilling At Oil Field Shared With Saudi Arabia
Iran will soon begin the development of the Esfandiar oil field, which it shares with...
Iran will soon begin the development of the Esfandiar oil field, which it shares with Saudi Arabia, which calls it Lulu, Iranian media have reported, citing the managing director of the Iranian Offshore Oil Company.
Production from Esfandiar is expected to begin within the next three years.
Because of U.S. sanctions, Iran is developing its oil and gas resources alone, which might mean they take longer to develop. Yet the country seems determined to develop these resources now that the supply situation is quite tight.
Laredo’s Early Leech Well Results A Drain on Permian Production
Permian Basin pure-play Laredo Petroleum Inc. reported disappointing initial results for a package of...
Permian Basin pure-play Laredo Petroleum Inc. reported disappointing initial results for a package of wells that went online late in the second quarter, but management expressed a more encouraging outlook for nearby wells.
“In the second quarter, we completed 11 wells and drilled seven wells,” COO Karen Chandler told analysts during the recent earnings call.
Among those wells, Laredo turned into line some Leech wells in the West Texas Spraberry and Wolfcamp formations. The Leech wells comprise “six 15,000-foot wells in our most southeastern unit in Howard County,” said CEO Jason Pigott.
Pigott said the six-well package in the drilling spacing unit (DSU), a departure from the traditional practice of 12 wells/DSU, remained “in the flow-like stage” with the oil production ramp-up taking “much longer than the offset wells” and underperforming the company’s prior forecast.
Mewbourne Oil Company filed a report on the completion of an Ellis County...
Mewbourne Oil Company filed a report on the completion of an Ellis County well with production of 534 barrels of oil a day and 1,143 Mcf of natural gas. Located six miles west of Arnett, 16 19N 25W, the Pike 16/21 DM 1H was completed in April at a depth of 19,385 feet in the Cherokee formation following a January 2022 spud date.
