Biden Wants Oil Companies to Pay Penalties on Unused Drilling Leases
(Bloomberg) -- U.S. President Joe Biden wants oil drillers to pay penalties when federal leases go unused...
(Bloomberg) -- U.S. President Joe Biden wants oil drillers to pay penalties when federal leases go unused in an effort to prod the industry into pumping more.
The White House will call on Congress to “make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing,” the administration said in a statement on Thursday. “Companies that are producing from their leased acres and existing wells will not face higher fees.”
Oil futures set for biggest weekly decline in about 2 years
Oil futures seesawed between losses and gains on Friday, consolidating after Thursday’s...
Oil futures seesawed between losses and gains on Friday, consolidating after Thursday’s selloff, triggered by President Joe Biden authorizing the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve.
The move could keep a lid on prices in the near term, analysts said, but they see it as only a temporary fix for tight global supplies, especially as the war in Ukraine grinds on.
West Texas Intermediate crude for May delivery slipped 69 cents, or 0.7%, to $99.59 a barrel after dropping 7% on Thursday. Front-month prices closed out the first quarter with a 33% gain and a 4.8% rise for March.
June Brent crude fell 17 cents, or 0.1%, to $104.54 a barrel. For the week, it trades down more than 10%. The expired May Brent had climbed nearly 6.9% for the month and 39% for the quarter.
US Shale Gas Producer Ascent Resources Prepares for IPO
Ascent Resources LLC, one of the largest privately-held U.S. natural gas producers,...
Ascent Resources LLC, one of the largest privately-held U.S. natural gas producers, is preparing an IPO it hopes will give it a market valuation of around $6 billion, according to people familiar with the matter.
Depending on timing, it would be the first major stock market listing of a U.S. shale operator since Russia’s invasion of Ukraine in February drove a spike in gas prices.
The ensuing stock market volatility that prevented many companies from launching an IPO is now subsiding and energy prices remain elevated, making it a favorable environment for Ascent to consider pursuing a listing.
Natural gas futures dropped (-2 cents at $5.62 as of 10:00 AM ET) as NOAA's 6-10 day outlook shows above-normal temps west of the Rockies, and below-normal temps for the MS and OH River valleys. Some areas along the Northeast Coast and southern half of FL are likely to continue to see above-normal temps.
The energy sector is trading around breakeven early Friday, with weaker crude prices being offset by...
The energy sector is trading around breakeven early Friday, with weaker crude prices being offset by major market indices bouncing back this morning to commence the second quarter. U.S. stock index futures rose, as investors digested March payrolls data which showed an increase of 431,000 jobs, below the Street estimate of 490,000. The unemployment rate declined to 3.6%, below expectations. The 10-year Treasury rate is up 4.3%, to 2.448%.
WTI and Brent crude futures are down in early trading as European governments and companies continue working on a common approach to President Vladimir Putin's demand that they pay for Russian gas in roubles while the threat of an imminent halt in supplies eased. European capitals have been on alert for disruption to gas imports for weeks as Putin seeks retaliation over the West sanctioning Russia for invading Ukraine.
