The energy sector is set to kick off March with a mixed to higher start, supported by outsized gains...
The energy sector is set to kick off March with a mixed to higher start, supported by outsized gains across the underlying commodities but pressured by further weakness in the major equity futures which fell as the Russia-Ukraine crisis deepened.
WTI and Brent crude oil futures extended their rally higher, surging this morning as concerns over supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release. Reports of a Russian armored column bearing down on Ukraine's capital Kyiv this morning after deadly shelling of civilian areas in its second-largest city followed comments from Russia who said its forces had cut off the Ukrainian military from the Sea of Azov north of the Black Sea. Russia's economic isolation meanwhile deepened as the world's biggest shipping firm Maersk today said it would halt container movement to and from Russia while Britain said it will ban all ships with any Russian connection from entering its ports. Gains were capped by reports that the United States and allies were discussing a coordinated release of crude stocks to mitigate supply disruption. That release could reach 60 million to 70 million barrels, media outlets reported. Meanwhile, OPEC+, including Russia, are scheduled to meet tomorrow but analysts expect the group to stick to its original plan of a monthly 400,000 bpd increase.
Dow industrials and broader stock market struggles for altitude as Russia’s invasion of Ukraine enters sixth day
U.S. stock indexes on Tuesday were fighting to advance as Russia stepped up its shelling of Kharkiv,...
U.S. stock indexes on Tuesday were fighting to advance as Russia stepped up its shelling of Kharkiv, Ukraine’s second-largest city, on the sixth day of the invasion of the Eastern European country, which has drawn heavy sanctions from Western nations.
There hasn’t been any tangible progress made in direct talks between the Kremlin and Kyiv held in Belarus, though the two sides agreed to keep talking.
The Dow Jones Industrial AverageDJIA, -0.30% was down 68 points, or 0.2%, to 33,828.
The S&P 500 indexSPX, -0.10% rose less than a point, or 0.1%, at 4,374.
The Nasdaq Composite IndexCOMP, -0.15% retreated 0.1% to around 13,767.
Devon Energy CEO 'mystified' that Biden has not asked for more oil output
Devon Energy (NYSE:...
Devon Energy(NYSE:DVN) CEO Rick Muncrief tells Bloomberg he is "mystified" that President Biden has not reached out to discuss raising oil production to help contain surging gasoline prices and inflation.
A request from the Biden administration could make it easier for companies such as Devon to increase output without angering shareholders who been have demanding investment discipline, Muncrief maintains, saying "if they were to reach out and maybe be a little more collaborative, it might provide some cover," according to the Bloomberg interview.
Devon Energy to Integrate Renewable Energy into Permian Basin Operations
U.S. shale producer Devon Energy Inc. will integrate renewable energy into the...
U.S. shale producer Devon Energy Inc. will integrate renewable energy into the operations of its Stateline field located in the Delaware Basin within the Permian.
Omnia Midstream Partners LLC, which announced the project on Feb. 28, said in the release it had worked with Devon to integrate emissions-reducing renewable energy and battery storage into its power supply to supplement a highly dynamic upstream and midstream power demand.
“Renewables can drive responsible growth in the traditional energy sector,” Chad Cagle, Omnia’s co-founder, commented in the release. “Our approach combines experience, data analytics and renewable technologies to deliver sustainable energy transformations for oil and gas companies.”
Ukrainian and Russian delegations met yesterday...
Ukrainian and Russian delegations met yesterday at the Belarusian border, the first direct talks since Russia's invasion of Ukraine last week. No agreement was met, though both sides reportedly agreed to continue talks.
Russia continued its assault on major cities, including extensive shelling on Kharkiv, Ukraine's second-largest city. Officials have confirmed more than 100 civilian deaths across the country since fighting began six days ago, though the figure is likely higher. By yesterday, satellite images suggested a 40-mile-long Russian convoy was less than 15 miles from the center of the capital of Kyiv.
Analysts say sanctions have begun to hit the Russian economy. About half of the country's central bank's foreign assets have been frozen, with the bank raising benchmark interest rates to 20%. The value of the ruble fell almost 30%, dropping below $0.01, as Russian citizens flocked to ATMs to withdraw cash. The country's stock exchanges will be closed for a second consecutive day today.
