Oil Slumps 5% on Recession Concerns, US Gasoline Price Drop
Oil prices tumbled about 5% to a three-week low on June 17, led by a slump in U.S. gasoline futures,...
Oil prices tumbled about 5% to a three-week low on June 17, led by a slump in U.S. gasoline futures, as investors worried interest rate hikes from major central banks could slow the global economy and cut demand for energy.
Also pressuring prices, the U.S. dollar this week rose to its highest since December 2002 against a basket of currencies. A stronger dollar makes oil more expensive for buyers using other currencies.
There will be no U.S. trading on June 20 for the Juneteenth holiday.
Bolsonaro Says Petrobras Risks Brazil Chaos By Raising Fuel Prices
President Jair Bolsonaro criticized an expected increase in domestic fuel prices by Petroleo...
President Jair Bolsonaro criticized an expected increase in domestic fuel prices by Petroleo Brasileiro SA, saying the state-owned oil producer has made exaggerated profits during the crisis, without taking into account Brazil’s “public interest.”
“Petrobras may plunge Brazil into chaos,” Bolsonaro said in a Twitter post early Friday, referring to the oil giant. “Its chief executive, directors, and board members know very well what happened when truckers went on strike in 2018, with the nefarious consequences for Brazil’s economy and the life of our people.”
Gas Producer Aethon Considers IPO at $10 Billion-Plus Valuation
(Bloomberg) -- Aethon Energy Management, a closely held gas producer in Texas and Louisiana, is considering...
(Bloomberg) -- Aethon Energy Management, a closely held gas producer in Texas and Louisiana, is considering an initial public offering that could value the business at more than $10 billion, according to people familiar with the matter. Aethon is also considering other options including selling its assets in northern Louisiana.
Dallas-based Aethon was founded by oil and gas investor Albert Huddleston in 1990 and has managed $1.6 billion in assets for family and institutional investors since its inception, according to its website.
In 2015, the Huddleston family partnered with New York- and Dallas-based RedBird Capital Partners to help scale the business. In 2016, RedBird helped bring in Ontario Teachers’ Pension Plan to further increase the company’s capital availability and in 2019 Aethon completed the acquisition of QEP Resources.
MarketWatch: Nasdaq, S&P 500 end higher Friday, but U.S. stocks suffer third week of declines
Major U.S. stock indexes closed mixed Friday but finished a turbulent week sharply lower on fears that...
Major U.S. stock indexes closed mixed Friday but finished a turbulent week sharply lower on fears that high inflation and tighter financial conditions could derail the economy. The Dow Jones Industrial Average dija fell about 40 points, or 0.1%, closing near 29,886 and booking at 4.8% weekly decline. The S&P 500 index SPX, +0.22% rose 0.2% Friday, but fell 5.8% for the week, while the Nasdaq Composite Index COMP, +1.43% gained 1.4% Friday and shed 4.8% for the week. The S&P 500 officially entered a bear market this week, while all three indexes booked a third-straight week of losses, according to Dow Jones Market Data. The brief rally for stocks after the Federal Reserve's 75 basis point rate hike on Wednesday, its largest in nearly three decades, gave way to sharp selling on mounting fears about the U.S. economy landing in a recession as the central bank looks to cool inflation by raising rates to nearly 4% by the end of 2023, and by reducing its near $9 trillion balance sheet.
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude production returned to pre-pandemic levels and President Joe Biden slammed oil producers for profiting from sky-high prices instead of boosting output.
The total oil and gas rig count, an early indicator of future output, rose seven to 740 in the week to June 17, its highest since March 2020. Oil rigs rose four to 584 this week, their highest since March 2020, while gas rigs gained three to 154, their highest since September 2019.
Total output in the major U.S. shale oil basins will rise 143,000 bpd to 8.901 million bpd in July, the highest since March 2020, the government projected. read more
