Oil heads for weekly gains on colder weather, Chinese policy support
OIL prices rose on Friday (Jan 3), closing the week higher...
OIL prices rose on Friday (Jan 3), closing the week higher on the back of cold weather in Europe and the US as well as additional economic stimulus flagged by China.
Brent crude futuressettled higher by 58 cents at $76.51 a barrel, the highest level since Oct 14. US West Texas Intermediate crudesettled up 83 cents to US$73.96, the highest level since Oct 11.
Brent notched a 2.4 per cent weekly gain, while WTI climbed nearly 5 per cent.
Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world’s top oil importer.
“China just is unceasing at this point in terms of their announcements about trying to stoke economic activity, and the market’s taking note of that,” said John Kilduff, partner at Again Capital in New York.
U.S. stocks close higher Friday but S&P 500 still down for the week
The U.S. stock market rebounded Friday, but the rally...
The U.S. stock market rebounded Friday, but the rally failed to land the major indexes in positive territory for the week after a rough transition into 2025.
The Dow Jones Industrial Average gained 0.8% on Friday, while the S&P 500 rose a sharp 1.3% and the technology-heavy Nasdaq Composite jumped 1.8%, according to preliminary data from FactSet. The S&P 500 finished the holiday-shortened week without a so-called Santa Claus rally.
For the week, the S&P 500 fell 0.5%, the Dow retreated 0.6% and the Nasdaq fell 0.5%, according to the preliminary FactSet data. Next week, investors will be paying close attention to the U.S. jobs report due out on Jan. 10.
Startup 360 Energy converts surplus natural gas into electricity for...
Startup 360 Energy converts surplus natural gas into electricity for bitcoin mining by pairing gas generators with on-site data centers housed in shipping containers, reducing both flaring and emissions in the process. The company has 12 operational mines in Texas and has recently partnered with Halliburton Labs to power its expansion.
Pembina Closes $290MM Deal for Stake in Whitecap’s NatGas Facility
Pembina Gas Infrastructure (PGI), a Canadian firm partially owned by...
Pembina Gas Infrastructure (PGI), a Canadian firm partially owned by Pembina Pipeline Corp. and KKR, closed a CA$420 million deal with Whitecap Resources for a 50% ownership stake in the Kaybob Complex, a gas processing facility in Alberta. The agreement, effective December 31, 2024, also includes Whitecap committing to a long-term take-or-pay contract for processing capacity at the facility, which has a gas processing capability of 165 MMcf/d and a condensate stabilization capacity of 15,000 bbl/d.
Additionally, the deal supports future infrastructure development by PGI in the Lator area, where PGI will also own CA$400 million worth of new infrastructure, including battery and gathering pipelines, expected to have a capacity of 150 mmcf/d and to be operational by early 2027.
Whitecap plans to use the proceeds from the sale to reduce its net debt below $1 billion.
Tesla’s annual sales fell for the first time in more than a decade
Rare bad news for Elon Musk: Tesla’s global EV sales last year fell...
Rare bad news for Elon Musk: Tesla’s global EV sales last year fell 1.1% from 2024—the company’s first year over year decline since 2011, the Associated Press reported. That sent the stock tumbling yesterday, marking a rough day for the automaker that had soared since Donald Trump won the presidential election and convinced investors he’d be friendly to Musk’s policy priorities. Meanwhile, BYD is coming for Tesla’s EV crown: The Chinese company posted record sales in December and continues to gain on Tesla’s market share lead despite not being available in the US.
