Dow, S&P 500 clinch 4-day win streak, energy stocks jump on oil production cuts
The Dow and S&P 500 both closed higher on Monday to kick off April with a 4th straight session...
The Dow and S&P 500 both closed higher on Monday to kick off April with a 4th straight session of gains, after a group of major global oil nations on Sunday announced surprise production cuts. The Dow Jones Industrial Average DJIA, +0.98% climbed about 326 points, or 1% on Monday, to end near 33,600, according to preliminary FactSet data. The S&P 500 index SPX, +0.37% gained 0.4%, while its energy component outperformed with a 4.9% climb. The Nasdaq Composite Index COMP, -0.27% shed 0.3%. Investors piled into energy stocks after the Organization of the Petroleum Exporting Countries and its allies said Sunday they would in May cut production by more than 1 million barrels a day in an effort to support oil-market stability, including with Saudi Arabia slashing its output by 500,000 barrels a day. May WTI oil future contract CLK23, +6.30% climbed more than 6% to trade above $80 a barrel, the biggest daily gain in more than a year. The Energy Select Sector SPDR FundXLE, +4.53% rose 4.6%.
Haynesville producers balance risk and reward amid volatility
Haynesville Shale natural gas producers are facing the challenge of balancing short-term and long-term...
Haynesville Shale natural gas producers are facing the challenge of balancing short-term and long-term plans in the face of volatile gas and oilfield services markets. While some drillers are idling rigs, delaying well completions and even curbing production, others are applying strategic hedging tactics to sustain growth and navigate the volatility.
EIA: Texas, N.D. lead US oil production growth in Jan.
The Energy Information Administration has reported that US crude oil production reached 12.46 million...
The Energy Information Administration has reported that US crude oil production reached 12.46 million barrels per day in January, a level not seen since March 2020, with Texas and North Dakota leading the increase. Meanwhile, gross natural gas production in the contiguous US rose to 112.3 Bcf/d, the highest since November, fueled by gains in Pennsylvania and Texas.
Spring holidays: Kitchens all over the world are going to smell really good this week...
Spring holidays: Kitchens all over the world are going to smell really good this week because Passover starts Wednesday night, and Easter is on Sunday. The stock market will be closed for Good Friday.
Everything else…
McDonald’s is temporarily closing its offices this week ahead of expected corporate layoffs, the WSJ reports.
Today, NASA will reveal the four astronauts selected to take a trip around the moon for the Artemis 2 mission. It’s slated for November 2024 at the earliest.
The Masters tees off in Augusta, GA, on Thursday. Tiger Woods will be competing.
Following his indictment last week, former President Trump is expected to turn himself into authorities...
Following his indictment last week, former President Trump is expected to turn himself into authorities on Tuesday in lower Manhattan. He’ll be fingerprinted and have his mug shot taken, but he isn’t expected to be handcuffed or led on a “perp walk.” We’ll also learn the specific charges filed against him, which for now remain under seal.
