Benchmark U.S. crude oil for August delivery rose $5.01 to $102.60 a barrel Monday....
Benchmark U.S. crude oil for August delivery rose $5.01 to $102.60 a barrel Monday. Brent crude for September delivery rose $5.11 to $106.27 a barrel.
Wholesale gasoline for August delivery rose 5 cents to $3.25 a gallon. August heating oil fell 4 cents to $3.66 a gallon. August natural gas rose 46 cents to $7.48 per 1,000 cubic feet.
Chevron is getting ready for the Gulf of Mexico hurricane season by maintaining its own fleet of 18 helicopters...
Chevron is getting ready for the Gulf of Mexico hurricane season by maintaining its own fleet of 18 helicopters and boosting safety training, which will enhance crew safety and minimize production hiccups, said the company. "With our own helicopters on standby, we have more flexibility in determining when to safely shut down the platform, and bring production back online days faster," said Chevron's Gulf of Mexico aircraft operations manager Jose Jaramillo.
Zeigler: How to unlock American oil's "full potential"
Unlocking the "full potential" of US oil requires the Biden administration to form a sound energy policy...
Unlocking the "full potential" of US oil requires the Biden administration to form a sound energy policy and reduce efforts to secure energy supplies from foreign countries, writes American Petroleum Institute of Ohio executive director Chris Zeigler. The administration needs to promote critical energy infrastructure development and end development restrictions on federal lands, Zeigler writes.
Chesapeake Energy pops 5% as Goldman assigns new Buy rating
Chesapeake Energy (NASDAQ:...
Chesapeake Energy (NASDAQ:CHK)+5.3% in Monday's trading as Goldman Sachs reinstated coverage with a Buy recommendation and $106 price target, citing its strong balance sheet after emerging from bankruptcy.
Goldman said Chesapeake (CHK) has increased its scale following the acquisition of Vine Energy in the Haynesville shale and Chief Oil & Gas in Appalachia with 15-plus years of attractive inventory, which the bank believes can support free cash flow yields of 26%, 24% and 15% in 2022, 2023 and 2024, respectively, vs. covered gas-focused E&Ps at 22%, 21% and 12%.
Combined with the strong balance sheet, Goldman says the acquisitions may allow Chesapeake (CHK) to deploy the bulk of its FCF towards a capital returns program comprised of fixed and variable dividends and share repurchases.
The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the underlying commodities and the major equity futures. U.S. equity futures are trading up as investors await another round of earnings from big U.S. banks and on easing bets of a more aggressive Federal Reserve.
WTI and Brent crude oil are trading higher on a weaker dollar and tight supply which overshadowed recession concerns and the potential of widespread COVID-19 restrictions in China. Last week, oil futures on both sides of the Atlantic recorded their biggest weekly declines for about a month on fears that a recession and the spread of the new highly transmissible subvariant of COVID-19 in China, would put a dent in oil demand. The U.S. dollar retreated from multi-year highs this morning, increasing investor interest in commodities such as gold and oil. Over the weekend, U.S. President Joe Biden told Arab leaders that the U.S. would remain an active partner in the Middle East, but he failed to secure commitments to boost oil supply. Markets are focused this week on the resumption of Russian gas flows to Europe via the Nord Stream 1 pipeline which investors worry may be delayed due to the ongoing war in Ukraine.
Natural gas futures rose this morning on warmer weather forecasts in key consuming regions that should spur more demand.
