After two days of drops in prices, crude oil saw a rebound in Thursday’s trading....
After two days of drops in prices, crude oil saw a rebound in Thursday’s trading. Analysts credited a bolstering by weakness in the dollar and the possibility that China might ease coronavirus lockdown restrictions.
West Texas Intermediate crude for June delivery went up $2.62 or 2.39% and finished the day at $112.21 a barrel while global benchmark Brent crude finished up $2.93 or 2.69% to $112.04 a barrel.
June natural gas fell 6 cents to $8.31 per 1,000 cubic feet.
EnLink Moves Forward with Permian-Houston Natgas Pipeline Project
EnLink Midstream on May 19 said it would move forward with the construction of a Permian-to-Houston...
EnLink Midstream on May 19 said it would move forward with the construction of a Permian-to-Houston natural gas pipeline after the company secured sufficient transportation agreements with shippers.
The Matterhorn Express Pipeline is designed to transport up to 2.5 billion cubic feet per day (bcfd) of natural gas through about 490 miles from Waha, Texas, to near Houston, with supply sourced from connections in the Permian Basin.
The Matterhorn Express, a joint venture between infrastructure company WhiteWater, EnLink, Devon Energy and MPLX, is expected to be in service in the third quarter of 2024.
Abu Dhabi National Oil Co. on May 19 announced three oil discoveries that will...
Abu Dhabi National Oil Co. on May 19 announced three oil discoveries that will add more than 650 million barrels of oil to the country’s hydrocarbon reserves.
The discovery in Bu Hasa—Abu Dhabi’s biggest onshore field—includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers "substantial additional premium-grade Murban oil resources".
ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental with around 100 million barrels of oil in place.
In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC said
The first sign: Sales of existing homes fell 2.4% in April to their ...
The first sign: Sales of existing homes fell 2.4% in April to their lowest level in almost two years. It’s the third straight month they’ve declined, showing how record prices and skyrocketing mortgage rates have made potential homebuyers close their Zillow tabs in frustration.
That surge isn’t over…yet. The median price of an existing home jumped to an all-time high of $391,200 in April, an increase of 14.8% from a year earlier. And an average home on the market stayed there for just 17 days before going under contract.
Bottom line: If the “housing market downturn” gives you nightmares about the 2008 financial crisis, experts say this cooling-off period will be more ceiling fan than a polar plunge. While the 2000s bubble was fueled by cheap credit, lax regulation, and rotten subprime mortgages, the boom over the last two years can be best explained by a sudden uptick in demand outpacing available supply.
Move Over, ExxonMobil: There's a New Energy Supermajor Emerging
For years, oil supermajors like ExxonMobil (NYSE: XOM) dominated the energy sector....
For years, oil supermajors like ExxonMobil (NYSE: XOM) dominated the energy sector. With globally diversified operations and strong balance sheets, they were well-designed to weather the sector's ups and downs. In its place, a new energy supermajor is emerging.
