Crude oil inventories dropped for the fourth week in a row this week, by 6.426 million barrels,...
Crude oil inventories dropped for the fourth week in a row this week, by 6.426 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 7.85 million barrels in the week prior. Analysts anticipated a 3.884 million barrel draw.
U.S. crude inventories have grown by just 6 million barrels so far this year, according to API data. Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 32 times that figure so far this year— by 206 million barrels.
Cushing inventories rose by 30,000 barrels in the week to December 2, compared to last week’s reported decrease of 150,000 barrels.
Benchmark U.S. crude oilfor January delivery fell $2.68 to $74.25 a barrel Tuesday. Brent crude for February delivery fell $3.33 to $79.35 a barrel.
Wholesale gasoline for January delivery fell 5 cents to $2.15 a gallon. January heating oilfell 8 cents to $2.92 a gallon. January natural gasfell 11 cents to $5.47 per 1,000 cubic feet.
Doug Lawler, president and COO of Continental Resources Inc., will assume the role of...
Doug Lawler, president and COO of Continental Resources Inc., will assume the role of CEO at the beginning of 2023, the company announced on Dec. 6.
Current CEO Bill Berry will transition into retirement after joining the company at the start of 2020 but will stay with Continental in a strategic advisory role and continue serving on the Hamm Institute for American Energy board of directors.
Lawler joined the Oklahoma City-based company in February 2022 after serving as president and CEO of Chesapeake Energy Corp. from 2013 to 2021, where he also served on the board of directors.
S&P 500 ends lower for fourth straight session on recession fears
U.S. stocks ended sharply lower Tuesday, with the S&P 500 falling for a fourth straight day,...
U.S. stocks ended sharply lower Tuesday, with the S&P 500 falling for a fourth straight day, as investors sought safe-haven assets amid recession concerns and increased market volatility. The Dow Jones Industrial Average DJIA, -1.03% dropped around 350 points to close 1% lower, while the S&P 500 fell SPX, -1.44% 1.4% and the Nasdaq Composite COMP, -2.00% sank 2%, according to preliminary data from FactSet. Energy was the hardest hit sector of the S&P 500, followed by communication services, information technology and consumer-discretionary shares, FactSet data show. Utilities, a defensive area of the stock market, was the sole sector of the S&P 500 to finish with gains, rising around 0.7%. The yield on the 10-year Treasury note, a safe haven asset, fell 8.6 basis points to 3.512%, according to Dow Jones Market Data. Treasury yields and prices move in opposite directions.
California Gov. Gavin Newsom and some Democratic state lawmakers have proposed legislation that would...
California Gov. Gavin Newsom and some Democratic state lawmakers have proposed legislation that would impose penalties on excessive oil company profits to combat alleged price gouging and gas price spikes and give the proceeds back to the public. The specifics of the proposal will be released after negotiations with lawmakers.
