U.S. durable-goods orders fell 1% in February, led by drops in transportation
The numbers: Orders for U.S. manufactured goods fell 1% in February because of less...
The numbers: Orders for U.S. manufactured goods fell 1% in February because of less demand for passenger planes and new cars. Yet business investment rose for the second month in a row in a sign the industrial side of the economy is still growing.
Economists polled by the Wall Street Journal had forecast a 0.3% drop in orders. Durable goods are products like cars, appliances and computers meant to last at least three years.
Orders rise in an expanding economy and shrink in a contracting one. They are still rising but at a slower pace compared to last year. Orders are up 2.3% over the past 12 months, marking the smallest year-over-year increase since 2020.
Lower energy prices raise odds of US shale drilling slump
An up to 20% drop in US shale drilling activity is possible over the next year if current energy prices...
An up to 20% drop in US shale drilling activity is possible over the next year if current energy prices persist, private equity player Quantum Energy Partners has warned. Maintaining the present rate of drilling and fracking work would require crude oil prices of $80 per barrel and gas prices of $3 per million British thermal units, Quantum CEO Wil VanLoh estimated.
Oil, gas permitting activity up sequentially in Feb.
Evercore ISI has reported that 2,929 permits for...
Evercore ISI has reported that 2,929 permits for oil and natural gas exploration were approved in the contiguous US in February, marking an increase of 211 from January but a decrease of 8.8% from February 2022. Permitting activity fell by 26% in the Powder River Basin and by 18% in smaller plays, while gains were recorded in the Marcellus Shale, Denver-Julesburg/Niobrara and the Eagle Ford Shale.
Major U.S. stock indexes end volatile session in positive territory
U.S. stocks ended modestly higher Thursday in choppy trade as...
U.S. stocks ended modestly higher Thursday in choppy trade as worries about potential weakness in the banking system resurfaced a day after the Federal Reserve increased hikes by 25 basis points.The Dow Jones Industrial Average DJIA rose about 73 points, or 0.2%, ending near 32,103, down about 400 points from the session’s high. The S&P 500 index SPX gained 0.3% and the Nasdaq Composite IndexCOMP closed up 1%, according to preliminary figures from FactSet. Stocks closed off the session’s highs but gained ground after Treasury Secretary Janet Yellen told a Senate committee that the federal government would take extra steps to stabilize the U.S. banking system, if necessary.
Calif. bill to combat price gouging clears first hurdle
A bill passed by California's Senate Energy, Utilities,...
A bill passed by California's Senate Energy, Utilities, and Communications Committee on Wednesday aims to prevent price gouging by oil companies by giving the California Energy Commission the power to impose a maximum gross gasoline refining margin and penalize refiners who violate it. The bill, which has received pushback from the industry, would also require refiners to report their net gasoline refining margin per barrel, create a Division of Petroleum Market Oversight and allow violations to be referred to the California attorney general for prosecution.
