Job creation bounced back in November after disruptions...
Job creation bounced back in November after disruptions from storms and a major strike, reinforcing an employment picture of modest expansion over the past few months.
The economy added 227,000 jobs last month, seasonally adjusted, the Labor Department reported on Friday. Revisions to the prior two months added 56,000 jobs.
Natural gas pulled back from session highs on Thursday as traders reacted...
Natural gas pulled back from session highs on Thursday as traders reacted to the EIA Natural Gas Storage report but quickly rebounded after the initial pullback. The storage draw missed analyst expectations, which is bearish for natural gas markets.
On December 5, 2024, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by -30 Bcf from the previous week, compared to an analyst forecast of -43 Bcf. Last week, working gas in storage decreased by -2 Bcf.
At current levels, stocks are 185 Bcf higher than last year and 284 Bcf above the five-year average for this time of the year. High storage levels serve as a negative catalyst for natural gas markets, although natural gas price fluctuations depend on a number of catalysts.
From the technical point of view, natural gas found support in the $3.00 – $3.05 range and closed Thursday at 3.07. If natural gas manages to rise above $3.10 despite the disappointing EIA report, it will move towards the nearest resistance level, which is located in the $3.20 – $3.25 range.
Global tensions are amplifying the Permian Basin's strategic importance,...
Global tensions are amplifying the Permian Basin's strategic importance, according to Jefferies Financial Group's Pete Bowden, who expects Permian oil production to peak at just over 7 million barrels per day by 2030. Strong demand for high-quality Lower 48 resources will continue to drive deal-making activity and renew exploration efforts in new and emerging plays in the Permian and beyond.
Matador Consolidates Midstream Subsidiary, JV in $600MM Deal
Matador (MTDR) is set to...
Matador (MTDR) is set to contribute its Pronto Midstream subsidiary to San Mateo Midstream, a joint venture with Five Point Energy, in a strategic move valued at approximately $600 million. The transaction involves Pronto's 45-mile natural gas gathering network in New Mexico and San Mateo's 140-mile natural gas gathering and processing assets in Texas. TD Cowen notes that the market currently undervalues these midstream assets.
Upon closing, Matador will receive around $220 million in cash from Five Point, which the company plans to use for debt reduction. The deal includes agreements for sour gas treatment in Lea County, with Pronto set to deliver sour gas to Northwind Midstream, a Five Point affiliate. TD Cowen highlighted the transaction's attractiveness, estimating a 2.4x return on invested capital and a 9x EBITDA multiple. The deal is expected to be completed before the end of the year.
California earthquake triggered brief tsunami warning. A...
California earthquake triggered brief tsunami warning. A 7.0-magnitude quake off the coast of Northern California caused authorities to issue a tsunami warning for nearby coastal areas, including San Francisco. Police in Berkeley, home to the founding campus of the University of California, ordered an evacuation, though the tsunami warning was canceled about an hour after it was announced when the National Tsunami Warning Center recorded only a small change in ocean height. Despite some power outages in the area, there have been no reports of major damage.
Waymo announced it will expand to Miami next year as it grows more confident in its self-driving vehicles.
McDonald’s confirmed it is bringing back the fan-favorite Snack Wrap to US locations in 2025.
Oura smart rings added a feature that can tell when you’re coming down with a respiratory illness.
Taylor Swift’s Eras Tour book sold more than 800,000 copies in its first weekend, making it the second best-selling nonfiction book launch behind only Barack Obama’s A Promised Land.
