Natural gas now a prized resource in the US shale patch
US natural gas drilling has expanded by more than 50% this year, compared with 25% growth in oil drilling,...
US natural gas drilling has expanded by more than 50% this year, compared with 25% growth in oil drilling, as the energy crisis and surging global demand turn gas from an unwanted byproduct of oil drilling into a valuable commodity, pushing domestic prices up more than 80% this year. Bloomberg data show several US shale producers, including Continental Resources and Pioneer Natural Resources, have increased their exposure to gas production.
German officials reportedly believe the crucial Nord Stream natural-gas pipelines connecting Russia to Europe were sabotaged near a Danish island
German officials reportedly believe the crucial Nord Stream natural-gas...
German officials reportedly believe the crucial Nord Stream natural-gas pipelines connecting Russia to Europe have been sabotaged.
Der Tagesspiegel, a newspaper in Germany, where the pipelines land from Russia, reported a government source as saying: "We can't imagine a scenario that isn't a targeted attack. Everything speaks against a coincidence."
The Danish Navy has sent an Absalon-class frigate to site of the leaks for monitoring purposes and to warn ships to stay away, the Danish Broadcasting Corporation reported. A no-fly zone is in operation over the affected area, a German government official told Insider.
Dow, S&P 500 end lower for sixth straight session on recession fears
The Dow and S&P 500 booked a sixth straight day of declines...
The Dow and S&P 500 booked a sixth straight day of declines on Tuesday, as bond yields rose and stocks gave up earlier gains. The Dow Jones Industrial Average DJIA, -0.43% fell about 123 points, or 0.4%, to end near 29,136, its lowest closing level since November 2020, according to Dow Jones Market Data. The S&P 500 index SPX, -0.21% shed 0.2% to record its longest losing streak since Feb. 28, 2020. The technology-heavy Nasdaq Composite Index COMP, +0.25% eked out a 0.3% gain, after flipping between modest gains and losses. Recent turbulence in stocks has been attributed to fears about the Federal Reserve potentially inducing a "hard landing" for the U.S. economy as it looks to tame high inflation through sharply higher interest rates and tighter monetary policy. The rate on the 10-year Treasury bond almost touched 4% on Tuesday, with the benchmark rate spotted at 3.963% at 3 p.m. Eastern, its highest since April 2010, according to Dow Jones Market Data. Investors also could pick up yields of 4.3% on Tuesday on 2-year Treasurys, another factor that has weighed on stocks.
Benchmark U.S. crude oil for November delivery rose $1.79 to $78.50 a barrel Tuesday. Brent crude for November delivery rose $2.21 to $86.27 a barrel.
Wholesale gasoline for October delivery rose 11 cents to $2.49 a gallon. October heating oilrose 13 cents to $3.26 a gallon. October natural gas fell 25 cents to $6.65 per 1,000 cubic feet.
Strike Halts Supplies from TotalEnergies’ French Refineries
Strike action is stopping refined products from leaving all five...
Strike action is stopping refined products from leaving all five of TotalEnergies SE’ refineries in France, and one of its fuel storage depots, a CGT union official told Reuters on Sept. 27.
No product is leaving TotalEnergies’ 240,000 bbl/d Gonfreville oil refinery, the 119,000 bbl/d Feyzin oil refinery, the 230,000 bbl/d Donges refinery and La Mede biorefinery, CGT union delegate Thierry Defresne said.
Very little product is currently leaving the 102,000 bbl/d Grandpuits refinery, and distribution will be halted on Sept. 28, a union official at Grandpuits told Reuters.
