U.S. stocks closed higher on Thursday, shrugging off early losses as commentary from Atlanta Fed President...
U.S. stocks closed higher on Thursday, shrugging off early losses as commentary from Atlanta Fed President Raphael Bostic appeared to help lift stocks in afternoon trading. The S&P 500 SPX, +0.76% gained 29.96 points, or 0.8%, to 3,981.35, according to preliminary data from FactSet. The Dow Jones Industrial Average DJIA, 1.05% gained 341.73 points, or 1.1%, to close at 33,003.57. The Nasdaq Composite COMP, +0.73% rose by 83.50 points, or 0.7%, to finish at 11,462.98. Atlanta Fed President Raphael Bostic on Thursday said he was firmly in support of a 25 basis point rate increase at the Fed’s late-March policy meeting, and that the central bank could be in a position to pause rate hikes by the summer. The market suffered earlier as the yield on the 10-year Treasury note moved meaningfully above 4%.
EIA reports a weekly decline of 81 billion cubic feet in U.S. natural-gas supplies
The U.S. ...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies fell by 81 billion cubic feet for the week ended Feb. 24. On average, analysts forecast a decline of 79 billion cubic feet, according to a survey conducted by S&P Global Commodity Insights. Total working gas stocks in storage for the latest week were at 2.114 trillion cubic feet, up 451 billion cubic feet from a year ago and 342 billion cubic feet above the five-year average, the government said. Following the data, April natural gas NGJ23, -2.88% was down 1.8 cents, or 0.6%, at $2.793 per million British thermal units on the New York Mercantile Exchange. Prices traded at $2.817 before the supply data.
Enbridge Buying Gulf Coast Gas Storage Facility for $335 Million
Enbridge is acquiring a natural gas storage facility in a deal with Crestwood Equity Partners...
Enbridge is acquiring a natural gas storage facility in a deal with Crestwood Equity Partners LP and Brookfield Infrastructure Partners.
The Calgary-based midstream company is purchasing the Tres Palacios gas storage facility in Matagorda County, Texas, for $335 million, Enbridge announced on March 1.
Tres Palacios is a salt cavern natural gas storage facility located in Markham, Texas, with a working gas capacity of around 35 Bcf across three storage caverns. A fourth storage cavern working its way through Federal Energy Regulatory Commission permitting would add another 6.5 Bcf of capacity.
The facility has a maximum injection rate of 1 Bcf/d and a maximum withdrawal rate of 2.5 Bcf/d, according to regulatory filings.
Oilfield servicer Atlas Energy seeks to raise $414M in IPO
Atlas Energy Solutions, a provider of logistics services to the oil and natural gas industry, has priced...
Atlas Energy Solutions, a provider of logistics services to the oil and natural gas industry, has priced its shares between $20 and $23 each to raise $414 million in its US initial public offering, aiming for a valuation of around $2 billion, according to a regulatory filing. Atlas Energy is among a slew of energy companies seeking to go public amid a global IPO market drought to capitalize on the oil and natural gas upswing caused by the war in Ukraine.
GreenFire joins effort to turn dry wells into electricity generators
GreenFire Energy has joined the Wells2Watts Geothermal...
GreenFire Energy has joined the Wells2Watts Geothermal Energy Consortium as an industrial affiliate and will contribute its closed-loop Advanced Geothermal System to the consortium's first project, which aims to demonstrate the technology in various reservoir and well scenarios using a test well at Baker Hughes' Energy Innovation Center in Oklahoma City. The short-term goal of the Wells2Watts initiative is to achieve electricity generation from barren geothermal and oil and natural gas wells using closed-loop geothermal tech.
