Natural gas futures continued to trend higher for the third-straight session, surging a further ...
Natural gas futures continued to trend higher for the third-straight session, surging a further +51 cents at $7.99 as of 9:48 AM ET,as the country transitioned from colder to warmer temperatures which could increase cooling demand, while expectations of higher demand for U.S. liquefied natural gas also buoyed prices.
Noble reported first-quarter 2022 results. Contract drilling services revenue for the first quarter of 2022 totaled $195 million compared to $192 million in the fourth quarter of 2021. Marketed fleet utilization was 75 percent in the three months ended March 31, 2022 compared to 77 percent in the fourth quarter of 2021. Contract drilling services costs for the first quarter were $166 million, down from $183 million in the fourth quarter of 2021. Adjusted EBITDA for the three months ended March 31, 2022 was $27 million compared to $12 million in the fourth quarter of 2021. Capital expenditures totaled $45 million in the first quarter, which includes $11 million of client reimbursable investments.
WTI(-$1.22 at $103.95) and Brent crude oil(-$1.12 at $106.46) futures turned lower this morning, sliding as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine. Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in and some apartment blocks were sealed shut. The European Commission is expected to finalize today's work on the next package of EU sanctions against Russia, which would include a ban on buying Russian oil. Next in focus will be the latest round of U.S. inventory and supply reports.
MarketWatch: U.S. stocks edge upward with Fed set to convene monetary-policy meeting
Stocks were mostly higher after the opening bell Tuesday as the Federal Reserve prepared...
Stocks were mostly higher after the opening bell Tuesday as the Federal Reserve prepared to kick off a two-day policy meeting that's expected to result in a half-point rate increase and the beginning of the wind-down of the central bank's balance sheet. The Dow Jones Industrial Average rose 117 points, or 0.4%, while the S&P 500 edged up 0.2%. The Nasdaq Composite weakened in early action, but trimmed losses to trade less than 0.1% lower on the day.
US Shale Producers Coterra, Devon, Diamondback Top Wall Street Estimates
U.S. shale producers Devon Energy, Diamondback Energy and Coterra Energy...
U.S. shale producers Devon Energy, Diamondback Energy and Coterra Energy on May 2 reported sharp increases in profit that beat Wall Street estimates but held production plans steady as they stressed a focus on shareholder returns.
U.S. oil and gas producers are facing a windfall from higher energy prices, as Russia’s invasion of Ukraine has stoked global supply concerns and sent oil futures to their highest levels in years. On May 2, WTI was trading around $105/bbl.
Devon and Coterra reported more than a four-fold rise in quarterly income on May 2, while Diamondback's profit rose more than three-fold. All three increased their dividends.
