After shunning marketing spend for its entire existence, the automaker will join…virtually every other automaker in hawking its cars to you via ads. “We’ll try a little advertising, and see how it goes,” CEO Elon Musk said at the company’s annual shareholder meeting. Musk also teased two new vehicle models and, in an interview with CNBC, boasted that he’s “the reason that OpenAI exists” due to his past investment in and involvement with the skyrocketing ChatGPT creator.
Dow ends over 300 points lower, loses grip on gains for the year
U.S. stocks closed lower on Tuesday, with losses deepening into...
U.S. stocks closed lower on Tuesday, with losses deepening into the closing bell and the Dow losing its grip on gains for the year. The Dow Jones Industrial AverageDJIA closed about 336 points lower, or 1%, ending near 33,012, according to preliminary FactSet figures. The S&P 500SPX shed 0.6% and the Nasdaq Composite IndexCOMP closed 0.2% lower, with all three indexes ending near the session lows. Stocks were under pressure as President Joe Biden was set to meet with four top U.S. lawmakers for talks on raising the federal government’s borrowing limit, with a goal of avoiding a market-shaking U.S. default. The White House Tuesday afternoon said Biden might cut short an overseas trip to deal with the debt-ceiling talks. For the year, the Dow was down 0.4% through Tuesday, while the S&P 500 was still up 7% and the Nasdaq was 17.9% higher, according to FactSet.
Shale basins poised for oil, gas output growth in June
The Energy Information Administration forecast that US oil production from key shale regions will climb...
The Energy Information Administration forecast that US oil production from key shale regions will climb by 41,000 barrels per day to 9.33 million bpd in June, with gains expected in the Permian Basin and the Bakken and Eagle Ford shales. Natural gas production from shale basins is also projected to increase by nearly 0.3 Bcf/d to an all-time high of 97.2 Bcf/d in June, driven by Appalachia, the Permian and the Haynesville Shale.
The energy sector is off to a mixed to higher start, supported by mild...
The energy sector is off to a mixed to higher start, supported by mild strength in the underlying commodities while major equity futures steadied as traders turned their attention to a meeting between congressional leaders and the President on the U.S. debt ceiling and digested lackluster results from Home Depot.
WTI and Brent crude oil futures inched higher this morning, supported by higher global demand forecasts from the IEA which outweighed weaker-than-expected economic data of out China. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd commenting China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March.
Natural gas futures continue to build on yesterday’s 4.8% rally, lifted by lingering concerns over a decline in future production after data last week showed energy companies had cut down on the number of rigs for drilling gas.
NOG Joins Vital Energy in $540 Million Delaware Deal
Northern Oil and Gas Inc. is partnering with Vital Energy Inc. on an acquisition in the Permian...
Northern Oil and Gas Inc. is partnering with Vital Energy Inc. on an acquisition in the Permian Basin.
Minnesota-based Northern Oil and Gas, or NOG, and Oklahoma-based Vital Energyhave jointly agreed to acquire Forge Energy II Delaware LLC’s assets in the Delaware Basin.
Under the terms of the agreement, Vital will purchase 70% of Forge’s assets for $378 million. NOG will acquire a 30% undivided stake in the Forge assets for a purchase price of $162 million in cash, the company said after markets closed on May 15.
