Crude prices struggle to build on Monday bounce as major oil field resumes output
Crude futures edged lower Tuesday after news reports...
Crude futures edged lower Tuesday after news reports said Equinor had resumed partial production at Norway’s massive Johan Sverdup oil field after it had been shut down by a power outage, though downside was limited by concerns around developments in the Russia-Ukraine war.
Russian President Vladimir Putin on Tuesday signed a revised nuclear doctrine declaring that a conventional attack on Russia by any nation that is supported by a nuclear power will be considered a joint attack on his country. It follows President Joe Biden’s weekend decision to allow Ukraine to use long-range missiles to strike deep into Russian territory.
Oil rose Monday over 3% on a combination of factors, including the outage at the Johan Sverdup field, which produces 755,000 barrels a day, as well as a softer U.S. dollar and concerns about intensified fighting between Ukraine and Russia, a major oil producer.
As of around 7:45 AM ET, Tuesday morning, here is a snapshot of prices:
West Texas Intermediate crude for December delivery down 33 cents to $68.83 a barrel on the New York Mercantile Exchange.
January Brent crude, the global benchmark, was down 18 cents at $73.12 a barrel on NYMEX.
The DOJ wants Google to sell Chrome. Google could be...
The DOJ wants Google to sell Chrome. Google could be without its industry-leading browser if the Department of Justice gets its way. On Wednesday, DOJ officials will ask a judge—who previously ruled Google Search was an illegal monopoly—to force the company to sell Chrome, in what would be a landmark moment for antitrust efforts in the US, Bloomberg reported. Why Chrome? Regulators view the browser, the world’s most popular, as a key beachhead for users to access Google’s search engine. There’s still a long way to go before a Chrome-less Google would be a reality: Google said it plans to appeal the case, and the judge won’t make a final call until August, 2025.
President-elect Trump nominated Wisconsin Rep. Sean Duffy, a former reality TV star who served in the House for almost nine years, as his transportation secretary.
45 pro-democracy activists in Hong Kong were sentenced to up to 10 years in prison in the biggest trial yet under a 2020 Beijing-imposed national security law.
Beyoncé will headline the halftime show at one of Netflix’s Christmas Day NFL games—the matchup between the Ravens and her hometown Texans. The Netflix IT team is already sweating.
Tropicana customers are revolting against the OJ brand after it redesigned its bottles (this isn’t the first time it’s happened).
U.S. stocks end mostly higher Monday, with Nasdaq leading gains
Of the major U.S. indexes, only the Dow Jones Industrial Average ($DJI)...
Of the major U.S. indexes, only the Dow Jones Industrial Average ($DJI) slid Monday, pulled down by names like Nike (NKE), Nvidia, and Goldman Sachs (GS). Nike has struggled most of the year thanks partly to strong competition and weakness in China, but Goldman Sachs' drop today diverged from what's been a roaring financial sector. Other big banks also faltered, perhaps a sign of profit taking after the election-related rally.
The small cap Russell 2000 (RUT) index, which dove Friday as Treasury yields ticked higher, barely got its head above water today despite a slight pullback in yields. The PHLX Semiconductor Index (SOX), however, managed a 1% gain today—despite Nvidia’stumble—after last week's sharp decline.
Sector-wise, energy led today with a 1.2% increase, due in part to a 3% rise in the price of WTI Crude Oil (/CL) following increased tensions in Ukraine. Crude remained below $70 per barrel, however, near the low end of its long-term range.
Here's where the major benchmarks ended:
The SPX was up 23.00 points (0.4%) to 5893.62; the Dow Jones Industrial Average® ($DJI) fell 55.39 points (0.1%) to 43,389.6; and the Nasdaq Composite®($COMP) was up 111.69 points (0.6%) to 18,791.81.
The 10-year Treasury note yield fell one basis point to 4.41%.
The US midstream industry is racing to expand storage capacity as liquefied...
The US midstream industry is racing to expand storage capacity as liquefied natural gas exports from the Gulf Coast are set to more than double by 2028, but balancing demand with economic viability remains a challenge. While major players like Williams and Enbridge are acquiring and upgrading facilities, new projects, including salt dome storage hubs in Texas and Louisiana, depend on customer commitments and targeted investments to move forward.
Vaulted Deep's CO2 removal solution gets $32M boost
Vaulted Deep, a US-based...
Vaulted Deep, a US-based climate tech startup, has secured $32 million in venture capital funding to expand its carbon removal business to Colorado and beyond. The company collects organic waste from municipal plants and livestock manure and uses oil industry techniques to inject it down wells.
