Dow ends over 240 points lower, S&P 500 and Nasdaq pull back from record levels
All three major U.S. stock indexes closed lower on Thursday....
All three major U.S. stock indexes closed lower on Thursday. The Dow Jones Industrial Average started the day slightly higher, but trended lower throughout the day.
Meanwhile, both the S&P 500 and Nasdaq Composite briefly hit intraday highs in early trading, coming off of yesterday's record closing highs. However, those gains quickly turned to losses.
The Dow Jones Industrial Average fell 0.5%, according to preliminary data from FactSet.
The Energy Information Administration (EIA) has released its latest Natural...
The Energy Information Administration (EIA) has released its latest Natural Gas Storage report, revealing a significant change in the number of cubic feet of natural gas held in underground storage over the past week.
Working gas in storage across the United States stood at 3,641 billion cubic feet (Bcf) in the week ending October 3, the Energy Information Administration (EIA) revealed in its report published on Thursday. This represents an increase of 80 billion cubic feet compared to the week prior.
Compared to the previous week’s figure of 53 billion cubic feet, the latest data indicates a substantial increase. The difference between the actual and forecast figures suggests that demand for natural gas is lower than anticipated. This could be due to a variety of factors, including changes in weather patterns, shifts in energy consumption habits, or broader economic trends.
Viewed annually, gas storage was 23 billion cubic feet higher, and the stockpile remained 157 billion cubic feet above the five-year average of 3,484 billion cubic feet. The total working gas was also above the five-year historical range.
US crude stockpiles rise, fuel inventories fall, EIA says
U.S. crude oil stockpiles rose while gasoline and distillate...
U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
Crude inventories rose by 3.7 million barrels to 420.3 million barrels in the week ended October 3, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 763,000 barrels in the week, the EIA said.
Refinery crude runs rose by 129,000 barrels per day last week, the EIA said, while utilization rates rose by 1 percentage point to 92.4%.
Gasoline stocks fell by 1.6 million barrels in the week to 219.1 million barrels, the EIA said, compared with expectations for a 911,000-barrel draw.
Distillate stockpiles, which include diesel and heating oil, fell by 2 million barrels in the week to 121.6 million barrels, versus expectations for a 1.2 million-barrel drop, the data showed.
Net U.S. crude imports rose last week by 731,000 bpd, the EIA said.
Woodside signs Damen to build new tugs for U.S. Gulf work
Damen Shipyards Group has secured a contract to build two next-generation...
Damen Shipyards Group has secured a contract to build two next-generation offshore support tugs for Woodside Energy's deepwater activities in the American Gulf. The OST 120 vessels, designed to meet Woodside's operational requirements for the Trion project, will be constructed at the Albwardy Damen shipyard in the UAE. The tugs feature seakeeping, DP2 performance and versatility in handling various offshore tasks, including mooring, hose maintenance and oil spill response.
Tungsten prices hit U.S. drillers as China curbs exports
U.S. shale drillers face rising tungsten prices after China imposed export...
U.S. shale drillers face rising tungsten prices after China imposed export controls on five critical metals in February in response to tariffs imposed by President Donald Trump. Tungsten prices have soared to from $331 per short ton up to about $661, increasing the cost of drill bits by up to $25,000. Oilfield service providers such as Schlumberger and Halliburton are absorbing these costs, which are putting pressure on margins amid declining commodity prices and potential oversupply.
