White House calls for gasoline stations to lower prices after oil's drop🤔
White House press secretary Jen Psaki this week urged operators of gasoline stations to pass on the recent...
White House press secretary Jen Psaki this week urged operators of gasoline stations to pass on the recent retreat in oil prices to Americans. "Retail gasoline prices are updated at least daily, and if gas retailers' costs are going down, they need to immediately pass those savings on to consumers," she told reporters during a briefing.
U.S. stocks lower early Friday, but S&P 500 is on track for best week since 2020
U.S. stocks moved lower Friday, amid quarterly options expirations and worries over...
U.S. stocks moved lower Friday, amid quarterly options expirations and worries over the Russia-Ukraine war, but the S&P 500 was still looking at its strongest weekly gain since November 2020.
Volatility in markets has become the norm this month as investors struggle to forecast economic growth and corporate profitability amid high inflation, rising interest rates from central banks around the world, Russia’s invasion of Ukraine, and ongoing lockdowns to combat Covid-19 in China.
The Dow Jones Industrial Average DJIA fell 171 points, or 0.5%, to 34,309.
BP's board recommended investors vote against a shareholder resolution filed by Dutch...
BP's board recommended investors vote against a shareholder resolution filed by Dutch activist group Follow This urging the British energy company to accelerate its energy transition strategy.
Equinor said it expects renewable sources to account for about 10% of its energy output in 2030 despite a sharp increase in investment, while oil and gas will make up the remaining 90%.
Shell released an updated plan for the development of the Jackdaw gas field in the British North Sea which the regulators had initially rejected last year on environmental grounds.
Barclays lifted the bank's 2022 Brent oil price forecast to $92/b from $80/b Friday...
Barclays lifted the bank's 2022 Brent oil price forecast to $92/b from $80/b Friday and increased 2022+ prices by $10-$15/b with long-term prices now assumed to stabilize around $70/b.
On the back of the oil price forecast change, E&P analyst Jeanine Wai updated price targets and now sees ~20% upside across the sector.
Occidental (OXY) saw the largest price target increase amongst liquids-focused E&Ps, +57%, followed closely by Marathon (MRO) and Devon (DVN), up ~45%.
She does not think that E&Ps will coordinate a major supply increase in 2022, noting that such a push would require 6-9m of planning and preparation.
Natural gas futures are lower in early trading (-14 cents @$4.85)...
Natural gas futures are lower in early trading (-14 cents @$4.85)as preliminary estimates for storage week-ending today has a draw of (55) to (65) Bcf which compares to the 5-year average of (62) Bcf. Data incorporating 5 of 7 days in that pending report had total supply averaging 98.1 Bcf/d, down (0.9) Bcf/d w/w while total demand averaged 110.5 Bcf/d, +2.9 Bcf/d w/w. Dry gas production was lower w/w while net Canada imports and LNG feedgas flows were roughly unchanged. NOAA 6-10 and 8-14 day forecasts Thursday afternoon were colder d/d.
