Energy stocks have opened mildly lower, tracking weaker broader index futures and lower oil and natural gas prices. In deal news, Occidental Petroleum said it would buy Permian basin-based energy producer CrownRock in a cash-and-stock deal valued at $12 billion.
Oil prices are lower by half a percent to start the week, as market skepticism surrounding OPEC’s intent to keep supply cuts firm into 2024 is weighing, as are recent inventory increases and record production from the U.S. "There is little doubt that the oil complex remains in a state of vulnerability," oil broker PVM's John Evans said in a note on Monday. RBC Capital Markets expects stock draws of 700,000 bpd in the first half, but only 140,000 bpd for the full year. "Prices will remain volatile and directionless until the market sees clear data points about the voluntary output cuts," RBC analysts said in a note.
Natural gas futures are plunging to a 6-month low, and are off by more than 9%, trading around $2.35, as mild weather, strong U.S. daily production, and delays in LNG export capacity upgrades are all impacting prices.
Chevron Plans $6.5 Billion US Shale Capex, Permian Growth in ‘24
California major Chevron is setting aside $6.5 billion to develop its...
California major Chevron is setting aside $6.5 billion to develop its U.S. shale portfolio next year, with the bulk of the spending planned in the Permian Basin.
San Ramon, California-based Chevron Corp. expects organic CAPEX to range between $15.5 billion and $16.5 billion in 2024, the company announced on Dec. 6.
Upstream spending will account for about $14 billion of total CAPEX, two-thirds of which will be allocated to U.S. development.
Of the company’s $6.5 billion for U.S. shale and tight portfolio, about $5 billion will go toward the company’s large footprint in the Permian Basin.
Occidental, Devon upgraded to Overweight at Morgan Stanley
Occidental Petroleum (NYSE:...
Occidental Petroleum (NYSE:OXY) and Devon Energy (NYSE:DVN) on Monday were both upgradedto Overweight from a previous investment rating of Equal Weight by analysts at financial-services company Morgan Stanley.
They also downgraded Marathon Oil (NYSE:MRO) and EOG Resources (NYSE:EOG) to Equal Weight from a previous rating of Overweight as they provided an outlook for the energy industry in 2024.
Shohei Ohtani, one of baseball's biggest stars, will depart the Los Angeles Angels and head across town...
Shohei Ohtani, one of baseball's biggest stars, will depart the Los Angeles Angels and head across town to the Los Angeles Dodgers after signing a contract reportedly worth $700M. In total value, the 10-year deal is believed to be the biggest contract signed by any athlete in global sports history.
An investor group has reportedly launched a $5.8 billion bid to take Macy’s private.
The Texas Supreme Court temporarily blocked a ruling by a lower court that would have allowed a pregnant woman to obtain an emergency abortion. Her unborn baby has a fatal genetic condition.
The Boy and the Heron, the latest movie from Japanese anime legend Hayao Miyazaki, became the first original anime title to top the North American box office with a $12.8 million debut.
LSU quarterback Jayden Daniels won the Heisman Trophy, becoming the fifth QB in the last seven seasons to win the trophy after transferring schools.
The Lakers won the championship in the NBA’s first in-season tournament with LeBron James snagging MVP honors, adding to a pretty good sports weekend in Los Angeles.
U.S. stocks open mostly lower as investors look ahead to inflation data, Fed policy meeting
U.S. stocks opened mostly lower on Monday, after six straight weeks of gains, as investors look ahead...
U.S. stocks opened mostly lower on Monday, after six straight weeks of gains, as investors look ahead to inflation data and the Federal Reserve’s policy meeting this week. The Dow Jones Industrial AverageDJIA was up 0.2% soon after the opening bell, while the S&P 500 SPX shed 0.1% and the Nasdaq CompositeCOMP fell 0.4%, according to FactSet data, at last check. A reading on November inflation, as measured by the consumer-price index, will be released on Tuesday. The following day, the Fed will release a statement on its monetary policy, after concluding its two-day meeting. Last week, all three major U.S. stock benchmarks closed at their highest levels of the year, with the S&P 500 finishing Friday at its highest value since March 29, 2022.
