Pemex Accelerating Development of New Fields, Reducing Debt
State-owned Petróleos de Mexico (Pemex) is sticking with an...
State-owned Petróleos de Mexico (Pemex) is sticking with an accelerated production strategy of new field developments, which has allowed the company to arrest overall declines in crude oil and condensates production.
The strategy depends on Pemex taking advantage of nearby existing infrastructure while incorporating early production from exploratory wells. The approach is meant to offset natural declines at its mature onshore and offshore fields, the company said during its second-quarter 2023 financial press release from Friday.
S&P futures vs fair value: -27.00. Nasdaq futures vs fair value:...
S&P futures vs fair value: -27.00. Nasdaq futures vs fair value: -133.00.
The S&P 500 futures are down 27 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 133 points and are trading 0.8% below fair value. The Dow Jones Industrial Average futures are down 138 points and are trading 0.4% below fair value.
The ADP Employment Change showed a 324,000 increase in private sector payrolls in July (Briefing.com consensus 185,000) following a revised 455,000 increase in June (from 497,000).
Separately, commodity futures trade mixed. WTI crude oil futures are up 0.7% to $81.95/bbl and copper futures fell 1.1% to $3.87/mmbtu.
Crude oil inventories in the United States unexpectedly fell sizably this week by 15.4 million...
Crude oil inventories in the United States unexpectedly fell sizably this week by 15.4 million barrels, the American Petroleum Institute (API) data showed on Tuesday after increasing by 1.319 million barrels in the week prior.
Analysts were expecting a draw of 900,000 barrels in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is 20 million barrels, according to API data, although the net draw in crude inventories since April is 27 million barrels.
Inventories at Cushing, Oklahoma, fell by another 1.76 million barrels, after falling by 2.34 million barrels in the previous week.
Fitch slashes U.S. credit ratings, points to ‘erosion’ of governance
Fitch Ratings cut its top U.S. credit rating to AA+ from AAA...
Fitch Ratings cut its top U.S. credit rating to AA+ from AAA on Tuesday,pointing to the “erosion” of governance and the nation’s expected fiscal deterioration over the next three years.
Fitch said eroding governance in the U.S. over the past two decades was among the factors for its downgrade, in a Tuesday evening statement. It also said it expected the general government deficit to climb to 6.3% of gross domestic product in 2023, from 3.7% in 2022, on weaker federal revenues, new spending initiatives, and a higher interest burden.
Fitch warned in May that it might cut the U.S.’s AAA ratings as the latest debt-ceiling fight was dragging on for months without a resolution.
Unprecedented heat weighs on US gasoline production
The unprecedented summer heat has compelled fuelmakers to reduce operations by at least 2% worldwide,...
The unprecedented summer heat has compelled fuelmakers to reduce operations by at least 2% worldwide, causing an unexpected number of refinery breakdowns and resulting in a surge in gasoline prices globally, with US prices reaching their highest since November. As high-temperature forecasts persist into August, the ability of US gasoline makers to increase production during the final part of the summer driving season is limited, potentially exacerbating the already soaring prices at the pump.
