Record Permian Well Permits Point to Growing U.S. Oil Supply - Bloomberg
Drilling permits for new wells have spiked to unprecedented levels in the Permian Basin,...
Drilling permits for new wells have spiked to unprecedented levels in the Permian Basin, signaling crude oil suppliers in America are finally responding to higher prices, according to Rystad Energy.
A total of 904 horizontal drilling permits were awarded last month in the shale patch that lies beneath Texas and New Mexico, an all-time-high, Rystad said. The four-week average of 210 approved permits for the week ending April 3 was also a record.
World’s Largest Oil Trader To Completely Phase Out Russian Crude
Commodity major Vitol plans to wind down its activities involving Russian crude oil by the end of the...
Commodity major Vitol plans to wind down its activities involving Russian crude oil by the end of the year, Bloomberg has reported, citing a spokesman for the company. Trade with Russian oil "will diminish significantly in the second quarter as current term contractual obligations decline," the spokesman said, adding, "we anticipate this will be completed by end of 2022".
Crude rebounds on latest China COVID-19 lockdown news
China’s move to ease its COVID-19 lockdown of Shanghai sent crude oil prices up by more than 6% in...
China’s move to ease its COVID-19 lockdown of Shanghai sent crude oil prices up by more than 6% in Tuesday’s trading. Both U.S. and global benchmark crude posted their highest finish in a week.
West Texas Intermediate crude for May delivery rose $6.31 or 6.85% and settled at $100.60 a barrel in trading on the New York Mercantile Exchange. WTI had dropped 4% on Monday and the front prices had not been above $100 since April 5.
Global benchmark Brent crude rose 6.3% or $6.16 a barrel to finish at $104.64 on ICE Futures Europe, the highest finish in a week.
Natural gas for May delivery went up 0.6% to finish the day at $6.68 per MMBtu.
MarketWatch: U.S. stocks end lower Tuesday, surrendering earlier gains
Stocks recorded their biggest blown lead in more than a month on Tuesday, as investors...
Stocks recorded their biggest blown lead in more than a month on Tuesday, as investors debated if the latest rise in the consumer price index could mean peak inflation. The Dow Jones Industrial Average DJIA, -0.26% fell around 88 points, or 0.3%, to close near 34,220, according to preliminary figures, after rising 362 points, or 1.1%, at its session high. That marks its biggest blown lead since March 11, according to Dow Jones Market Data. The S&P 500 SPX, -0.34% fell 0.3% after previously rising as much as 1.3%, while the Nasdaq CompositeCOMP, -0.30% gave up a 2% gain to end 0.3% lower. That's the biggest erased gains for those two indexes since March 8. Bond yields retreated after U.S. consumer prices rose 1.2% in March, for an 8.5% yearly gain, the fastest pace since January 1982.
Delek Logistics Partners has agreed to pay $624.7 million for 3BearDelaware Holding-NM's oil and natural gas gathering, processing and transportation assets, as well as water disposal and recycling operations in the Delaware Basin in New Mexico. 3Bear's portfolio includes a 485-mile pipeline network, 120,000 barrels of crude storage capacity, 88 million cubic feet per day of cryogenic natural gas processing capacity and 200,000 barrels per day of water disposal capacity.
