Major U.S. stock indexes finished mostly higher Friday, eking out gains with a dramatic rally...
Major U.S. stock indexes finished mostly higher Friday, eking out gains with a dramatic rally into the closing bell. The bounce allowed the S&P 500 index SPX, +0.01% to narrowly avoid a bear-market finish, while ending the session virtually flat around 3,901. The Dow Jones Industrial Average DJIA, +0.03% rose less than 0.1% and the Nasdaq Composite Index COMP, -0.30% shed 0.3%. Stocks have been under sharp pressure this week as a string of big-box retailers from Walmart Inc. WMT, +0.11% to Ross Stores, Inc. ROST, -22.47% reported disappointing quarterly results, raising fears about a potential pullback in spending from consumers as the Federal Reserve looks to cool high inflation by raising rates and reducing its near $9 trillion balance sheet, but without sparking a recession.
Earlier in the session, the S&P 500 traded into bear-market territory but required a close below 3,837.25 to make the status official, marking a fall of 20% or more from its Jan. 3 record close. For the week, the Dow recorded a 2.9% decline, its eighth straight weekly decline, and its longest stretch since April 1932, according to Dow Jones Market Data. The S&P 500 shed 3% for the week, while the Nasdaq lost 3.8%.
Natural gas futures are trading lower (-24 cents...
Natural gas futures are trading lower(-24 cents at $8.06 as of 10:25 AM ET)as NOAA's 6-10 day outlook shows near- to above-normal temps across much of the western US and High Plains, and near- to below-normal temps for the Pacific Northwest and parts of the Central MS Valley. Above-normal temps are seen across the southern Plains extending to the east.
After two days of drops in prices, crude oil saw a rebound in Thursday’s trading....
After two days of drops in prices, crude oil saw a rebound in Thursday’s trading. Analysts credited a bolstering by weakness in the dollar and the possibility that China might ease coronavirus lockdown restrictions.
West Texas Intermediate crude for June delivery went up $2.62 or 2.39% and finished the day at $112.21 a barrel while global benchmark Brent crude finished up $2.93 or 2.69% to $112.04 a barrel.
June natural gas fell 6 cents to $8.31 per 1,000 cubic feet.
EnLink Moves Forward with Permian-Houston Natgas Pipeline Project
EnLink Midstream on May 19 said it would move forward with the construction of a Permian-to-Houston...
EnLink Midstream on May 19 said it would move forward with the construction of a Permian-to-Houston natural gas pipeline after the company secured sufficient transportation agreements with shippers.
The Matterhorn Express Pipeline is designed to transport up to 2.5 billion cubic feet per day (bcfd) of natural gas through about 490 miles from Waha, Texas, to near Houston, with supply sourced from connections in the Permian Basin.
The Matterhorn Express, a joint venture between infrastructure company WhiteWater, EnLink, Devon Energy and MPLX, is expected to be in service in the third quarter of 2024.
Abu Dhabi National Oil Co. on May 19 announced three oil discoveries that will...
Abu Dhabi National Oil Co. on May 19 announced three oil discoveries that will add more than 650 million barrels of oil to the country’s hydrocarbon reserves.
The discovery in Bu Hasa—Abu Dhabi’s biggest onshore field—includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers "substantial additional premium-grade Murban oil resources".
ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental with around 100 million barrels of oil in place.
In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC said
