Stat: Your family may have aired a lot of grievances around the Thanksgiving table,...
Stat: Your family may have aired a lot of grievances around the Thanksgiving table, but one thing they probably didn’t complain about was gas prices. The national average price for a gallon of regular ($3.47) is now lower than it was in February when Russia invaded Ukraine, which caused oil and gas prices to spike. While lower gas prices are a welcome holiday gift for drivers, they’re also a pessimistic sign for the economy: Demand for fuel is dropping as the world hunkers down for a potential recession.
Markets: Stocks were a mixed bag as this ultra-busy week for economic data wraps up....
Markets: Stocks were a mixed bag as this ultra-busy week for economic data wraps up. Yesterday brought some hopeful news: The inflation gauge Fed Chair Jerome Powell has said is the “most important” for understanding price growth slowed down in October for its smallest increase in three months. Today is all about the jobs report. A softening labor market could give Powell more justification to reduce the size of rate increases at the upcoming Fed meeting.
Stock spotlight: Salesforce stock tanked after Wednesday’s announcement that one of its co-CEOs, Bret Taylor, will leave by January.
Benchmark U.S. crude oil for January delivery rose...
Benchmark U.S. crude oil for January deliveryrose 67 cents to $81.22 a barrel Thursday. Brent crude for February delivery fell 9 cents to $86.88 a barrel.
Wholesale gasoline for January delivery fell 4 cents to $2.34 a gallon. January heating oil fell 10 cents to $3.26 a gallon. January natural gas fell 19 cents to $6.74 per 1,000 cubic feet.
Dow, S&P 500 finish lower ahead of Friday's jobs report
U.S. stocks finished mostly lower on Thursday, kicking off the final month of a brutal year for investors...
U.S. stocks finished mostly lower on Thursday, kicking off the final month of a brutal year for investors on a downbeat note. The Dow Jones Industrial Average DJIA, -0.56% fell about 194 points, or 0.6%, ending near 34,395. The S&P 500 index SPX, -0.09% fell 0.1%, while the Nasdaq Composite Index COMP, 0.13% rose 0.1%, according to FactSet. Stocks rallied sharply on Wednesday after Federal Reserve Chairman Jerome Powell indicated the central bank may soon downsize its pace or rate hikes after a series of jumbo increases of 75 basis points to the Fed's policy rate. That has brought the benchmark rate to a range of 3.75% to 4%, its highest level in 15 years. But signs that U.S. inflation may be falling after being stuck near a 40-year high have encouraged Fed officials and investors, with the 10-year Treasury rate falling to 3.6% Thursday, its lowest yield in about two months, according to Dow Jones Market Data. The next big economic item for investors will be the release on Friday of October jobs data, which could help determine the size of the Fed's next rate hike during its Dec. 13-14 Federal Open Market Committee meeting. The odds currently favor a 50 basis point increase.
Deepwater Production Set to Reach Astronomical Heights by 2030
Global deepwater oil and gas production is expected to increase...
Global deepwater oil and gas production is expected to increase by 60% between 2022 and 2030, according to new projections by Wood Mackenzie. Deepwater is the fastest-growing area of upstream oil and gas, according to the consultancy firm known as WoodMac.
“We are seeing growth in production in Brazil, Guyana, potentially Suriname and Namibia,” Marcelo de Assis, director of upstream research for Wood Mackenzie, told Hart Energy. “Only a few companies have resources and knowledge for developments this huge and only a few countries have the combined conditions of the right reserves and well productivity to justify it.”
At year-end, WoodMac expects deepwater production to hit 10.4 million boe/d, up from 300,000 boe/d in 1990. By 2030, that figure is forecast to reach 17 million boe/d.
