Oil drops 2% in light trading on China demand concern
NEW YORK (Reuters) -Oil prices dipped on Wednesday as traders weighed concerns over a surge in COVID-19...
NEW YORK (Reuters) -Oil prices dipped on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world's top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand.
China said it will stop requiring inbound travelers to go into quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. However, Chinese hospitals have been under intense pressure due to a surge in COVID-19 infections.
Inflation-Wary Shoppers Pull Back as Goods Pile Up in Stores
The highest inflation in four decades is lashing consumers and pushing up prices for all of life’s...
The highest inflation in four decades is lashing consumers and pushing up prices for all of life’s necessities, not to mention the extras. Rising interest rates are pummeling the housing market, and war, extreme weather and extreme politics — not exactly the stuff of holiday spirit — are dimming the economic mood.
Inventory problems are adding to the stress. Retailers are still trying to offload piles of unsold goods after the pandemic delayed deliveries — with limited success. The buildup has even prompted sellers to tell suppliers to stop sending merchandise.
Marathon Oil Corp. has completed its acquisition of Ensign Natural Resources’ Eagle Ford assets for $3...
Marathon Oil Corp. has completed its acquisition of Ensign Natural Resources’ Eagle Ford assets for $3 billion cash, the company said Dec. 27.
The acquisition adds 130,000 net acres (99% operated, 97% working interest) in acreage adjacent to Marathon Oil’s existing Eagle Ford position. Ensign’s estimated fourth-quarter production will average 67,000 net boe/d, including 22,000 net bbl/d of oil, Marathon said.
Based in Houston, Ensign was formed in 2017 in partnership with Warburg Pincus, a global growth investor. The company also secured an equity commitment from the Kayne Private Energy Income Funds platform in 2019 as part of an acquisition of Pioneer Natural Resources Co.’s Eagle Ford assets.
The Dow closes with a post-Christmas gain, but there was no joy for the Nasdaq
U.S. stocks finished mostly lower on Tuesday, with only the Dow...
U.S. stocks finished mostly lower on Tuesday, with only the Dow clinging to gains for the session after the blue-chip gauge was the only one of the main three to finish last week in the green.The S&P 500 SPX fell 15.56 points, or 0.4%, to finish the day at 3,829.25, according to FactSet data. The Nasdaq Composite COMP shed 144.64 points, or 1.4%, to close at 10,353.23. The Dow Jones Industrial Average DJIA gained 37.63 points, or 0.1%, to 33,241.56. Notable single-stock movers included Tesla Inc.TSLA which clinched its longest losing streak in more than four years and dropped out of the top 10 most valuable U.S.-listed companies by market capitalization. Also, shares of Southwest Airlines Co. LUV slumped after the airline canceled thousands of flights over the holiday weekend.
At least 28 people died over the weekend as a severe blizzard brought single-digit temperatures and more than 4 feet of snow to western New York. Officials say a number of residents were trapped in cars in near white-out conditions, or stuck in homes without power and were unable to leave. The death toll is expected to rise as search and rescue efforts continue across the region. See photos here.
In Buffalo, the front of the storm dropped almost 2 inches of rain—breaking the city's single-day rainfall record—before the snow arrived. Wind gusts of more than 40 mph created massive snow drifts, preventing emergency responders from reaching those in need. City officials say the storm rivaled the historic blizzard of 1977 in intensity.
The blizzard was part of a system that brought freezing temperatures across much of the US last week, with at least 55 deaths linked to the weather, including a 50-vehicle pileup in Ohio that killed four people.
