Snowpack in southern Sierra hits all-time record levels. How deep is that?
After years of ...
After years of extreme drought and dismal snowpack, California has had a remarkably wet winter and is now veering into record-setting territory for snowfall.
As of Friday, the snowpack in the southern Sierra Nevada was at 286% of normal — the highest figure ever, easily eclipsing the region’s benchmark of 263% set in 1969.
In the central Sierra, the snowpack was at 230% of normal. In the northern Sierra, the figure was 182%, trailing the 1983 level.
Regulators around the globe have been working overtime to keep the collapse of Silicon...
Regulators around the globe have been working overtime to keep the collapse of Silicon Valley Bankfrom spiraling into a full-blown banking crisis, but depositors are still wary of keeping their money in institutions that suddenly look a lot less stable than they used to. In the US, ~$550 billion has been yanked out of smaller and regional banks and put into large banks and money market funds in the weeks since SVB and Signature imploded, a recent estimate by JPMorgan determined.
Crude oil prices finished the week with two straight days...
Crude oil prices finished the week with two straight days of losses and Energy Secretary Jennifer Granholm’s comments about taking years to refill the Strategic Petroleum Reserve continued to have an impact. Plus, there was a continued worry as European banking shares fell.
West Texas Intermediate crude dropped 70 cents or 1% to close at $69.26 a barrelon the New York Stock Exchange.
Global benchmark Brent crude finished down 92 cents or 1.2% to $74.99on ICE Futures Europe.
Over the past two months, Louisiana has plugged more than 100...
Over the past two months, Louisiana has plugged more than 100 orphaned oil wells out of over 4,500 present in the stateusing $25 million in funds from a $4.7 billion federal program created by the bipartisan infrastructure bill to address the nation's abandoned well problem, Gov. John Bel Edwards has announced. "Every well site removed is one less pathway for methane, oil, or saltwater contamination to reach the surface," stated Edwards.
U.S. stocks end higher Friday, notching weekly gains of over 1%
U.S. stocks ended a volatile week higher on Friday,...
U.S. stocks ended a volatile week higher on Friday, a week that saw the Federal Reserve raise rates another 25 basis points, and risks in the U.S. and European banking sectors remain in key focus. The Dow Jones Industrial AverageDJIA rose about 132 points, or 0.4%, ending near 32,238, Friday, boosting its weekly gain to 1.2%, according to preliminary FactSet data. The S&P 500 index SPX climbed 0.6% Friday and 1.4% for the week, while the Nasdaq Composite Index COMP, +0.31% closed up 0.3% for a 1.7% weekly gain. Investors have been concerned about a potential credit crunch and its likely toll on the economy, after the failure earlier in March of Silicon Valley Bank and Signature Bank. Fed Chairman Jerome Powell on Wednesday said he expected credit conditions to tighten further, doing some of the central bank’s work for it, in terms of bringing down inflation. One worry is that high rates and tighter credit could lead to a wave of defaults.Goldman Sachs this week raised its default forecast for the U.S. high-yield, or junk-bond, market to 4% from 2.8% for 2023.
