Oil settles $1 down as supply set to rise, uncertainty around Fed rate cuts
Oil prices retreated on Friday as investors weighed expectations...
Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes of a hefty U.S. interest rate cut next month, following data showing strong consumer spending.
Brent crude futures for October delivery, which expire on Friday, settled $1.14 lower, or 1.43%, at $78.80 a barrel, marking a decline of 0.3% for the week and 2.4% for the month.
U.S. West Texas Intermediate crude futures settled down $2.36, or 3.11%, to $73.55, a drop of 1.7% in the week and a 3.6% decline in August.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is set to proceed with a planned oil output hike from October, as the Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
Dow sets another record high ahead of Labor Day weekend
U.S. stocks ended higher Friday, with the Dow Jones Industrial...
U.S. stocks ended higher Friday, with the Dow Jones Industrial Average notching a fresh record peak ahead of Labor Day weekend.
The Dow rose 228.03 points, or 0.6%, to close at 41,563.08.
The S&P 500 climbed 56.44 points, or 1%, to finish at 5,648.40.
The Nasdaq Composite advanced 197.19 points, or 1.1%, to end at 17,713.62.
All three major U.S. stock indexes accelerated their climb, approaching the closing bell to finish August with monthly gains.
The Dow rose 1.8% for the month, while the S&P 500 jumped 2.3% and the technology-heavy Nasdaq Composite increased 0.6%, according to Dow Jones Market Data. The Dow and S&P 500 each logged a fourth straight month of gains, as investors on Friday weighed a fresh reading on U.S. inflation that was largely in line with Wall Street's expectations.
The U.S. stock market will be closed Monday in celebration of Labor Day.
Freight rail resumes in Canada, but challenges remain
Canadian National and Canadian Pacific Kansas City resumed freight rail...
Canadian National and Canadian Pacific Kansas City resumed freight rail service on Monday after a brief lockout over a union labor contract dispute but it could take a full month for supply chains to normalize, says John Corey of the Freight Management Association of Canada. Labor issues are also gaining momentum at Canada's ports, which could result in further disruption.
Shell Sells Pipeline, Terminal Assets to Edgewater Midstream
Shell is selling its Sinco pipeline system...
Shell is selling its Sinco pipeline system and Colex terminal to Edgewater Midstream, according to an Aug. 29 press release.
The assets were part of Shell’s remaining portfolio connected to the Deer Park Refinery on the Houston Ship Channel.
Shell sold its majority stake in the Deer Park Refinery to Pemex in 2022 for an estimated $596 million. However, Shell maintained ownership of Sinco and Colex, which were historically integrated into Deer Park operations.
Rising Phoenix Royalties Adds Permian Basin Mineral Interests
Rising Phoenix Royalties (RPR) has closed a deal for mineral interests...
Rising Phoenix Royalties (RPR) has closed a deal for mineral interests in Dawson County, Texas, encompassing 230 net royalty acres (NRA) on leasehold operated by SM Energy Co.
The transaction builds on the momentum from a July announcement that the company had acquired its first non-operated working interest acquisition in the Denver-Julesburg Basin, the company said in an Aug. 29 press release.
