📈Dow rises for fifth day as U.S. stocks close out best week in a month
U.S. stocks finished mostly lower on Friday, with only the Dow...
U.S. stocks finished mostly lower on Friday, with only the Dow logging a fifth-straight daily gain, as an early advance by the S&P 500 and Nasdaq Composite faded in afternoon trade. But all three benchmarks powered higher this week, with the S&P 500 logging its best such gains since June. The S&P 500 SPX, -0.10% shed 4.36 points, or 0.1%, to 4,506.66 on Friday, according to preliminary closing data from FactSet. It rose 2.3% for the week. The Nasdaq Composite COMP, -0.18% fell 24.87 points, or 0.2%, to 14,113.70 on Friday, but gained 3.3% on the week. The Dow Jones Industrial Average DJIA, +0.33% rose 114.75 points, or 0.3%, to 34,509.69, bringing its weekly gain to 2.3%.
The energy sector is off to a mixed to higher start, looking past mild weakness in the crude complex and supported by strength in the major equity futures. U.S. stock index futures turned positive as JPMorgan Chase and Wells Fargo commenced second-quarter earnings for big U.S. banks on a strong note.
Following three-consecutive sessions of gains, WTI and Brent crude oil futures are trading slightly lower but remain on course for a weekly gain, with bullish sentiment over U.S. demand bolstered by supply disruption in Libya and Nigeria. During the previous session, some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.
Natural gas futures are trading higher as preliminary estimates for EIA storage data week-ending today have a build of +46 to +56 Bcf vs the 5-year average of +45 Bcf.
ExxonMobil's senior vice-president, Peter Clarke, has defended the firm's continued capital investment...
ExxonMobil's senior vice-president, Peter Clarke, has defended the firm's continued capital investment in hydrocarbon fuels such as liquified natural gas alongside its move into carbon capture and alternative energy sources. "The offer that we have to LNG customers is clear and builds the confidence that they can invest now in LNG and know that down the road we'll be able to further decarbonize LNG value chains to accommodate the hydrogen and really help them achieve their net zero emissions goals."
Appalachian Basin gas output steady despite challenges
Natural gas production in the Appalachian Basin, the...
Natural gas production in the Appalachian Basin, the largest gas-producing region in the United States, remained steady throughout last year despite a 3% decrease in output from 4 key Pennsylvania counties, according to a report by the Energy Information Administration. The EIA attributes the flatline in production to productivity declines, constraints on takeaway capacity, and a drop in drilling efficiency for the first time since 2013.
🌞Texas oil, gas operators grapple with extreme heat
Temperatures of up to 103F have forced some Texas oil and...
Temperatures of up to 103F have forced some Texas oil and gas operators to alter their working patterns to mitigate potential disruptions through equipment breakdowns and to shield drilling crews. "Many crews were instructed to start an hour earlier in the day so they could shut down earlier in the afternoon to avoid so much of a duration in the extreme heat, to take more breaks, and hydrate," says the president of the Texas Independent Producers and Royalty Owners Association Ed Longanecker.
