The energy sector kicked off the holiday-shortened week mixed to lower,...
The energy sector kicked off the holiday-shortened week mixed to lower, tracking weakness in the broader equity futures, but continued strength in the crude complex is helping to stem the declines. Stock futures fell as rates continued to tick higher and as investors scrubbed through the latest batch of fourth-quarter earnings ahead of key economic data later this week.
WTI and Brent crude oil futures extended their climb higher this morning, backed by escalating tensions in the Middle East.Yemen's Houthi movement released a statement that it will expand its targets in the Red Sea region to include U.S. ships and that it would keep up attacks after U.S.-led strikes in Yemen. Elsewhere in the region, Iran said it had launched ballistic missiles at targets in Iraq and Syria in defense of its sovereignty and to counter-terrorism. Investors are also awaiting a speech by the U.S. Federal Reserve's Christopher Waller later today for clues about when the Fed might begin to cut interest rates.
Natural gas futures are off over 7% in early trading, pressured by warmer weather forecasts in key consuming regions that will offset supply losses due to the current polar vortex.
Indian and Japanese refiners are turning to Murban crude due to its relatively low cost compared to WTI...
Indian and Japanese refiners are turning to Murban crude due to its relatively low cost compared to WTI Midland, which is being affected by disruptions to tanker routes due to unrest in the Middle East. Geopolitical discord is likely to lead to an increase in US crude supplies headed to Europe, while Asia depends more on Middle Eastern crude.
Oil productivity in the Permian Basin will hold steady this year, deal-making activity will lose some...
Oil productivity in the Permian Basin will hold steady this year, deal-making activity will lose some steam, and the Midland Basin's Barnett Shale will rise to prominence, Enverus predicted in its 2024 energy outlook. Enverus also named ExxonMobil, Chesapeake Energy and EOG Resources as the most productive public US oil and natural gas producers.
Houthi militants struck a US-owned cargo ship with an antiballistic missile off the coast of Yemen yesterday. The US said that it caused neither major damage nor injuries, and the ship, the M/V Gibraltar Eagle, kept on going. The attack came after the US and UK targeted the Iran-backed Houthis in Yemen in response to their attacks on commercial ships in the Red Sea. The continued escalation has raised fears of a broader regional war, as the Houthis claim their actions are in support of Hamas in its war with Israel, and their attacks on ships have already begun to impact global supply chains.
Nearly 80% of the US is seeing bitter cold this week, with typically mild cities like Memphis, Dallas, and Nashville likely facing 72 hours of below-freezing temperatures. Other things to watch out for: canceled flights (there have been more than 2,100 nixed so far), dangerous road travel, and windchill as low as –30 degrees Fahrenheit in the Northern Rockies, Kansas, and Iowa
Kroger said its purchase of rival supermarket chain Albertsons will take longer to close than expected as regulators pry into the deal.
Boeing will add additional quality checks for its 737 Max aircraft and will step up inspections of parts made by the vendor whose door plug recently caused the Alaska Airlines incident (because nobody likes holes in their planes).
Secretary of Defense Lloyd Austin was released from the hospital after being treated for complications from a prostate cancer surgery he didn’t tell the president about for three days.
iPhone 15s are on sale in China for ~$70 off as Apple tries to spur sales in the world’s biggest cell phone market.
