Dow logs its best day since June 2023, as small-caps surge
U.S. stocks finished higher on Tuesday with the Dow Jones Industrial Average notching...
U.S. stocks finished higher on Tuesday with the Dow Jones Industrial Average notching its best day in over a year.
The rally beyond mega-cap technology stocks gained more steam after stronger-than-expected retail sales data added to evidence that the U.S. economy is still holding up.
The Dowwas up 742 points, or 1.9%, to end near 40,954. The blue-chip index booked its largest one-day percentage gain since June 2023, while scoring its largest daily point gain since November 2022, according to preliminary data from FactSet.
The S&P 500 advanced 0.6%, to finish around 5,667, a new record close.
The Nasdaq Compositeeked out a modest gain of 0.2%, ending near 18,509.
Energy Transfer, Sunoco Team Up in Permian Basin JV
Energy Transfer and Sunoco LP announced a joint venture agreement on...
Energy Transfer and Sunoco LP announced a joint venture agreement on July 16 that combines some of their crude oil and produced water-gathering assets in the Permian Basin.
The JV will operate more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity over 11 MMbbl. The JV’s reach will extend from Colorado City, Texas, in Mitchell County, through the Midland Basin, and into the heart of the Delaware Basin, Lea County, New Mexico.
Energy Transfer will operate and hold a 67.5% interest in the joint venture and Sunoco a 32.5% interest. (Source: Businesswire).
Need for scale, integration drives midstream M&A activity
Robust demand for crude oil and natural gas liquids and anticipated gas...
Robust demand for crude oil and natural gas liquids and anticipated gas market growth are fueling increased mergers and acquisitions activity in the US midstream sector, with deals reaching $12.5 billion in the first quarter alone as companies pursue scale, vertical integration and expansion in key regions such as the Permian Basin. CBRE portfolio manager Hinds Howard expects this trend to create a leaner industry dominated by fewer but larger players.
U.S. retail sales fell flat in early summer as gasoline prices declined
The numbers: Sales at U.S. retailers were flat in June...
The numbers: Sales at U.S. retailers were flat in June due to falling gas prices and a nationwide cyberattack on auto dealers, but most other stores showed an increase in spending, a sign of stable economic growth.
The government said Tuesday that sales were unchanged last month. Based on a Wall Street Journal poll of economists, they had been forecast to decline 0.4%.
A raft of recent reports suggest the economy has slowed and consumers have cut back on spending. Yet the June retail report did not indicate whether these trends have intensified.
If autos and gas are excluded, retail sales rose a solid 0.8% last month, seasonally adjusted figures showed. Sales in April were revised higher.
US LNG Exports Down While Tankers Await Freeport LNG’s Reopening
According to sources, five LNG tankers were anchored offshore Freeport,...
According to sources, five LNG tankers were anchored offshore Freeport, Texas, as of Monday afternoon, awaiting the reopening of Freeport LNG and the port to vessels with drafts of more than 39 ft. LNG tankers’ drafts are, at times, more than 40 ft.
Port Freeport is home to the 2-Bcf/d Freeport LNG export terminal. It closed July 7 before Hurricane Beryl's arrival, which landed 45 miles west at approximately 4 a.m. July 8 at Matagorda Beach as a Category 1 storm, according to the National Hurricane Center (NHC).
