The Department of Energy will launch a bidding process this fall for the purchase of 60 million barrels of crude oil to replenish about one-third of the 180 million barrels of Strategic Petroleum Reserve crude President Joe Biden pledged to release to address rising energy prices. The SPR repurchase program is also intended to spur domestic production.
Wells Fargo Set Emissions Reduction Targets for Oil, Gas, Power Clients
Wells Fargo & Co. unveiled new targets to reduce greenhouse gas emissions,...
Wells Fargo & Co. unveiled new targets to reduce greenhouse gas emissions, including goals to reduce the "absolute emissions" related to its financing of companies in the oil and gas sector, an executive said May 5.
Wells is the latest big U.S. bank to set targets to reduce the emissions it finances through lending, in line with the United Nations-convened Net Zero Banking Alliance.
The details, which follow similar targets from rival bank Citigroup Inc., move the bank toward an overall goal of achieving net-zero greenhouse gas emissions by 2050.
U.S. stocks end lower Friday, finishing a volatile week in the red
U.S. stock indexes finished lower on Friday, capping a turbulent week on Wall Street...
U.S. stock indexes finished lower on Friday, capping a turbulent week on Wall Street with modest losses after the Federal Reserve moved its policy rate up by a half-percentage point and signaled similar increases were likely at the central bank's next two policy meetings. The Dow Jones Industrial Average DJIA, -0.30% shed about 96 points, or 0.3%, ending Friday near 32,901, while recording a 0.2% weekly loss. It marked the Dow's sixth straight weekly loss. The S&P 500 index SPX, -0.57% finished the session 0.6% lower, off 0.2% for the week. The Nasdaq Composite Index COMP, -1.40% closed 1.4% lower Friday and down 1.5% for the week. Financial markets have been volatile as investors grow nervous about the Fed's ability to tighten financial conditions to combat inflation at 40-year highs, without derailing the economy. More hawkish tones from the Fed since November have led to rates volatility, but also negative total returns this year on bonds and stocks. The 10-year Treasury rate jumped 23.9 basis points on the week to 3.124%, its highest since Nov. 2018, according to Dow Jones Market Data.
Energy giant Shell says the world doesn't have systems to trace Russian oil refined overseas. This could undermine sanctions
The European Union is planning to ban Russian oil, while many other countries are also shunning energy...
The European Union is planning to ban Russian oil, while many other countries are also shunning energy products from the country — but it really isn't all that straightforward.
That's because it's not possible to identify the origin of any crude, including Russian, once it has been refined somewhere else and resold as a product from that country, Shell chief executive Ben van Beurden said on Thursday.
"At that point in time, we do not have systems in the world to trace back whether that particular molecule originated from a geological formation in Russia," he told reporters on a quarterly earnings call. "That doesn't exist," he added.
Based on 19 bear 🐻 markets in the last 140 years, here’s where the current downturn may end, says Bank of America
At nearly the halfway mark in a volatile year of trading, the S&P 500 index is down, but not out...
At nearly the halfway mark in a volatile year of trading, the S&P 500 index is down, but not out to the point of an official bear market yet.
But should the S&P 500 officially enter the bear’s lair, Bank of America strategists led by Michael Hartnett, have calculated just how long the pain could last. Looking at a history of 19 bear markets over the past 140 years, they found the average price decline was 37.3%and the average duration about 289 days.
While “past performance is no guide to future performance,” Hartnett and the team say the current bear market would end Oct. 19 of this year, with the S&P 500 at 3,000 and the Nasdaq Composite at 10,000.
