Diamondback seeks to position itself as buyer in M&A wave
As deal-making activity in the shale industry picks up, Diamondback...
As deal-making activity in the shale industry picks up, Diamondback Energyintends to remain a consolidator rather than becoming an acquisition target, CEO Travis Stice told stakeholders. The company reported higher-than-anticipated earnings of $5.49 per share for the third quarter and lifted its 2023 net production forecast to about 447,000 barrels of oil equivalent per day after Q3 production levels beat expectations.
The energy sector is off to a lower start, pressured by further declines in the underlying commodities while major equity futures were again little changed after the S&P 500 registered its longest winning streak since 2021.
WTI and Brent crude oil futures have extended their steep slide lower for the second-straight session and are now sitting at three-month lows, slipping on lingering concern over waning demand in the United States and China and following last night’s API. After revising expectations that crude oil production in the US will rise slightly less than previously expected, the EIA also said they now anticipate that U.S. petroleum consumption will fall by 300,000 bpd this year, down from its previous forecast of a 100,000 bpd increase.
Natural gas futures are on pace for their third consecutive day of declines, continuing to reel on reports showing record output and on forecasts for mild weather to continue through late November. The lack of a storage report this week from the EIA has also added to the market volatility with investors having to rely mainly on weather forecasts.
Supertankers race to US ports amid oil export boom
Bloomberg data show that a record 48 supertankers are set to sail for the US over the next three months...
Bloomberg data show that a record 48 supertankers are set to sail for the US over the next three months to load oil, with shipments from the US Gulf Coast projected to increase by 100,000 barrels per day year over year to 4.1 million bpd in December. "US slate-optimization is forcing further volumes of US light sweets to the waterborne market," explains Energy Aspects oil analyst Richard Price.
S&P 500 on track to extend winning streak as U.S. stocks post early gains
U.S. stocks opened slightly higher Wednesday, with the S&P...
U.S. stocks opened slightly higher Wednesday, with the S&P 500 attempting to extend its longest winning streak in two years.The Dow Jones Industrial AverageDJIA was up 0.1% soon after the bell, while the S&P 500 SPX rose 0.2% and the Nasdaq CompositeCOMP edged up 0.1%, according to FactSet data, at last check. Stocks have been climbing amid a retreat in interest rates in the bond market. The yield on the 10-year Treasury note was little changed Wednesday morning at around 4.57%, FactSet data show, at last check.
Hamas’s leaders said the group attacked on Oct. 7 because they believed the Palestinian cause was slipping away. “We succeeded in putting the Palestinian issue back on the table,” one told The Times.
