Manchin urges faster action on oil and gas leasing
The Inflation Reduction Act's provisions tying wind and solar lease sales to oil and natural gas sales...
The Inflation Reduction Act's provisions tying wind and solar lease sales to oil and natural gas sales mean the Biden administration must accelerate oil and gas leasing to advance clean energy goals, Sen. Joe Manchin, D-W.Va., told Interior Secretary Deb Haaland during a Senate Energy and Natural Resources Committee hearing. "Failing to take an 'all-of-the-above' approach to energy security puts the administration at risk of taking a none-of-the-above approach," Manchin said, to which Haaland responded that a new five-year offshore drilling plan will be ready in September.
US oil, gas M&A activity fell short of expectations in Q1
US oil and natural gas companies announced 16 mergers and acquisitions in the first quarter, down from...
US oil and natural gas companies announced 16 mergers and acquisitions in the first quarter, down from 45 a year earlier, with a total value of $8.58 billion, the lowest in two years, Enverus reported. Despite expectations for increased M&A activity in the shale sector, Enverus Director Andrew Dittmar says fewer deals will likely be the norm going forward, as the current market "is much more consolidated and has much less undeveloped resources."
Energy stocks are set to rebound from recent weakness, with modest...
Energy stocks are set to rebound from recent weakness, with modest gains in oil lifting the group, along with a slew of corporate earnings across the sector. Investors continue to weigh Fed tightening, a looming debt ceiling, fragile global demand, and the recent sell-off in oil stemming in part by stress in regional banks and liquidity pulling back.
Oil prices were steady on Thursday after a European Central Bank (ECB) decision to slow interest rate hikes, but were unable to claw back much of this week's more than 8% decline as demand concerns in major consuming countries continued to weigh.
Natural gas futures are lower by a penny, trading around $2.16, ahead of weekly inventory data and amid abundant production levels.
Dow ends down about 270 points after Fed hikes rates for 10th time
U.S. stocks closed near session lows on Wednesday, falling after the Federal Reserve...
U.S. stocks closed near session lows on Wednesday, falling after the Federal Reserve raised rates, as expected, by another 25 basis points, bringing the policy rate to its highest level since 2007.
The Dow Jones Industrial Average shed about 270 points, or 0.8%, ending near 33,414, according to preliminary FactSet data. The S&P 500 shed 0.7% and the Nasdaq Composite closed 0.5% lower, with shares of regional banks ending the session off by about 34% on the year.
Fed Chair Jerome Powell wouldn’t rule out additional rate hikes but said the central bank will continue to monitor tightening credit conditions following the collapse of Silicon Valley Bank and Signature Bank in early March. The Fed's policy statement was seen signaling a potential pause to the rate-hike cycle, though Powell said no decision had been made. The need for future rate hikes will depend on incoming data.
Fed raises interest rates a quarter point, saying inflation remains 'elevated'
The Federal Reserve on Wednesday raised its key interest rate and revamped the guidance in a...
The Federal Reserve on Wednesday raised its key interest rate and revamped the guidance in a dovish direction.
The quarter percentage point move puts the Fed’s benchmark rate in a range of 5%-5.25%. This is just below the prior peak of rates before the Great Recession of 2008.
The Fed reworked its language, scrapping prior language that “some” additional hikes “may” be needed.
