🔥From Twitter: Marathon Petroleum sheds Russian oil for Ecuadorian crude
Marathon Petroleum, previously the largest...
Marathon Petroleum, previously the largest U.S. buyer of Russian oil, just beefed up supplies of Ecuadorian crude after sanctions cut off its supplies from Moscow https://t.co/7TPpAwvDM5
MarketWatch: U.S. oil futures end at lowest in a week; natural-gas prices down over 8%
U.S. oil prices declined...
U.S. oil prices declined on Tuesday to finish at their lowest level in a week, pressured by strength in the U.S. dollar and worries about Chinese energy demand. "Lower growth forecasts and slower Chinese growth at the end of the first quarter amid lockdowns appear to have driven the bulk of the move," said Craig Erlam, senior market analyst at OANDA. West Texas Intermediate crude for May delivery CLK22, 0.08% fell $5.65, or 5.2%, to settle at $102.56 a barrel on the New York Mercantile Exchange. That was the lowest front-month finish since April 12, FactSet data show. Natural-gas futures, meanwhile, ended lower after settling a day earlier at the highest since September 2008. May natural gas NGK22, -7.21% fell 64 cents, or 8.2% to settle at $7.176 per million British thermal units.
Oil and gas tycoon Bud Brigham is exploring an IPO of Atlas Sand, people...
Oil and gas tycoon Bud Brigham is exploring an IPO of Atlas Sand, people familiar with the matter said, in what would be the first U.S. listing of an oilfield services company since 2018 as the industry makes a comeback.
Atlas and its peers were hit hard when shale producers slammed the brakes on drilling at the onset of the COVID-19 pandemic two years ago. Their business is now booming as the energy industry ramps up production in the wake of soaring prices that have been driven up by Russia’s war in Ukraine.
Austin, Texas-based Atlas has hired Goldman Sachs Group Inc. to lead preparations for the IPO, which could value the company at between $2 billion and $3 billion including debt, the sources said.
MarketWatch: Dow finishes up over 500 points as stocks rally, oil prices tumble
Stocks finished sharply higher Tuesday as energy prices pulled back and investors combed through another...
Stocks finished sharply higher Tuesday as energy prices pulled back and investors combed through another batch of corporate earnings. The Dow Jones Industrial Average DJIA, 1.45% gained about 502 points, or 1.5%, to end near 34,912, marking its biggest daily percentage climb since March 16, according to FactSet. The S&P 500 index SPX, 1.61% rose 1.6% and the Nasdaq Composite Index COMP, 2.15% advanced 2.2%. The rally on Wall Street came despite warnings from the International Monetary Fund that Russia's war in Ukraine will lead to a significant pullback in global economic growth in 2022. A top IMF official on Tuesday also told MarketWatch that financial markets have yet to anticipate how high the Federal Reserve will need to raise interest rates to get a grip on inflation at a 40-year high. U.S. crude prices CL00, -5.08% fell more than 5% to settle near $102 a barrel.
The energy sector is off to a lower start, pulling back from its recent...
The energy sector is off to a lower start, pulling back from its recent string of gains amid volatility in the underlying commodities and in the major equity futures. Markets retreated this morning and treasury yields hit new highs on expectations of aggressive interest rate hikes, while investors awaited more earnings reports to assess the impact of soaring inflation and the Ukraine war.
Earnings season kicked off this morning with Halliburton reporting better-than-expected 1Q’22 results. The company posted an 85% rise in adjusted profit as a rally in crude prices boosted demand for its services and equipment and said margins in its Drilling and Evaluation division eclipsed 15% for the first time since 2010, despite weather and supply chain disruptions. The company also noted it anticipates the supply chain issues that have plagued the industry since demand rebounded from coronavirus-related lockdowns to continue.
