Oil Extends Gains as Attacks Threaten Russia’s Black Sea Exports
Oil advanced for a third session after Ukraine attacked another...
Oil advanced for a third session after Ukraine attacked another Russian vessel over the weekend, putting at risk significant flows of the nation’s commodities from the Black Sea such as crude and grains.
West Texas Intermediate climbed above $83 a barrel at the start of the week in Asia after rising more than 4% over the previous two days. On Saturday, a sea drone hit a Russian-flagged oil tanker that supplies fuel to Moscow’s forces in Syria. That followed an attack on a naval vessel on Friday.
The hostilities could threaten Russia’s commodity exports via the Black Sea, a route that accounts for 15% to 20% of the oil that the OPEC+ producer sells daily on global markets and most of the nation’s grain. Wheat also advanced.
China, Russia send warships near Alaska; US responds with Navy destroyers
Eleven military vessels from China and Russia found operating...
Eleven military vessels from China and Russia found operating near the Aleutian Islands last week were met by four U.S. Navy destroyers, Alaska’s two U.S. senators said.
The war in Ukraine and China-Taiwan tensions have strained U.S. relations with the two countries. "This move is highly provocative," Brent Sadler, a retired Navy captain and senior research fellow at the right-leaning Heritage Foundation, told The Wall Street Journal.
Devon Energy Corporation's (NYSE:DVN) dividend is being reduced from last year's payment covering the same period to $0.49 on the 29th of September. However, the dividend yield of 6.8% is still a decent boost to shareholder returns.
While it is great to have a strong dividend yield, we should also consider whether the payment is sustainable. Prior to this announcement, Devon Energy's dividend was only 61% of earnings, however, it was paying out 210% of free cash flows. The company might be more focused on returning cash to shareholders, but paying out this much of its cash flow could expose the dividend to being cut in the future.
Texas Power Prices to Surge 800% for Sunday Amid Searing Heat
Ercot has issued a weather watch for Sunday and Monday “due...
Ercot has issued a weather watch for Sunday and Monday “due to forecast higher temperatures, higher demand, and potential lower reserves,” the grid operator said in an emailed statement Saturday afternoon. “Ercot will continue to monitor conditions closely.”
Power usage on Sunday is expected to peak at nearly 84.4 gigawatts at about 4 p.m., which would be an all-time high in Ercot. But it’s not until later when the solar generation starts to wane at sunset that supplies become tighter.
Electricity prices expected for the grid rose to more than $2,500 a megawatt-hour for Sunday evening, up from Saturday’s high of about $275, according to data from the Electric Reliability Council of Texas, the grid operator.
Berkshire posts record operating profit, $35.9 billion of net income
(Reuters) -Berkshire Hathaway on Saturday posted its highest-ever quarterly operating profit, while gains...
(Reuters) -Berkshire Hathaway on Saturday posted its highest-ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly $36 billion overall profit.
Rising interest rates and dividend payouts, as well as a rebound in performance at the Geico car insurer, have been helping Berkshire's insurance businesses generate more money, with profit up 38% from a year earlier.
