U.S. stocks end higher following worst week of 2023
U.S. stocks booked modest gains on Monday after recording their...
U.S. stocks booked modest gains on Monday after recording their worst week of the year as jitters about inflation and interest rates rattled investors.
The Dow Jones Industrial Average rose about 72 points, or 0.2%, ending near 32,889, according to preliminary figures, while the S&P 500 gained about 0.3% and the Nasdaq Composite Index closed up 0.6%.
Investors attributed the slight bounce in stocks on Monday to an easing of Treasury bond yields. The 10-year rate was at 3.921% Monday, while the 2-year was at 4.791%, still near the highest since 2007. Still, a key worry to emerge has been that a robust economy causes inflation to stay high, prompting the Federal Reserve to rely on a more “restrictive” level of interest rates, for longer, than previously anticipated.
U.S. natgas jumps 6% to one-month high on rising demand, output decline
U.S. natural gas futures jumped about 6% to a one-month high on Monday on forecasts for more demand this...
U.S. natural gas futures jumped about 6% to a one-month high on Monday on forecasts for more demand this week than previously expected and a drop in gas output so far this month. In addition to forecasts for colder weather next week that should keep heating demand higher than normal for this time of year, analysts noted gas prices have soared about 30% over the past four days due in part to a jump in U.S. liquefied natural gas (LNG) exports.
On its first day as the front-month, gas futures for April delivery rose 15.6 cents, or 6.1%, from where the April contract traded in the prior session to $2.704 per million British thermal units at 9:27 a.m. EST putting the contract on track for its highest close since Jan. 27.
Foothills Exploration Acquires 545 Wells in Kansas, Oklahoma
Foothills Exploration Inc. has added 545 wells to its oil and gas inventory with the closing of its Jubilee...
Foothills Exploration Inc. has added 545 wells to its oil and gas inventory with the closing of its Jubilee Exploration LLC acquisition in January, the company announced in a Feb. 24 press release. The financial terms of the deal were not disclosed.
Anaconda Energy, a Foothills subsidiary, acquired 100% membership interest in Jubilee Exploration, an independent oil and gas producer with shut-in or stranded oil and gas wells across multiple leases in Oklahoma and Kansas. Jubilee Exploration is now an indirect subsidiary of Foothills.
Foothills said it will immediately begin gas production at 139 well sites in Oklahoma’s Craig and Nowata counties. The wells are expected to deliver average production of 1.5 MMcf/d to 2.5 MMcf/d by reconnecting wellheads, maintaining facilities, and repairing electrical and flowlines.
Oil, gas well sealing startup BioSqueeze raises $7.4M
BioSqueeze, a startup that offers an environmentally friendly technique for sealing methane leaks in...
BioSqueeze, a startup that offers an environmentally friendly technique for sealing methane leaks in oil and gas wells, raised $7.4 million in its Series A funding round. The company will use the new capital to support growth in North America.
Pioneer Natural Resources Denies Report of Acquisition Interest
Oil and gas explorer Pioneer Natural Resources said on Feb. 24 that it was not pursuing any business...
Oil and gas explorer Pioneer Natural Resources said on Feb. 24 that it was not pursuing any business combinations after Bloomberg News reported that the oil and gas explorer was considering an acquisition of smaller U.S. rival Range Resources Corp.
"The company is not contemplating a significant business combination or other acquisition transaction," Pioneer said in a statement.
Bloomberg, citing sources familiar with the matter, had reported that deliberations were ongoing, though there was no certainty the companies would reach an agreement. Bloomberg said that Texas-based Pioneer was seeking further consolidation in the shale industry with the deal.
