U.S. stocks end mostly higher as tech propels gains amid AI enthusiasm
U.S. stocks closed mostly higher Thursday, as technology companies fueled gains amid investor enthusiasm...
U.S. stocks closed mostly higher Thursday, as technology companies fueled gains amid investor enthusiasm surrounding artificial intelligence. The S&P 500SPX finished 0.9% higher, while the tech-heavy Nasdaq CompositeCOMP climbed 1.7% and the Dow Jones Industrial AverageDJIA slipped 0.1%, according to preliminary data from FactSet. Chip maker Nvidia Corp. NVDA was the top-performing stock in the S&P 500, surging as the index’s tech sector closed with sharp gains of more than 4%, preliminary FactSet data show. Communication services was the second strongest sector in the S&P 500 on Thursday, rising a modest 0.4%. Nvidia shares have skyrocketed as investors anticipate the company will benefit from generative AI.
Draft rules for drilling on public lands due out soon
Ahead of the forthcoming release of the Interior Department's highly anticipated draft regulations governing...
Ahead of the forthcoming release of the Interior Department's highly anticipated draft regulations governing oil and natural gas drilling on public lands and waters, the Biden administration in recent weeks held private discussions with both environmental groups and oil companies to gather insights and feedback. The proposed rules, expected to be unveiled by next month, have been shaped by the Inflation Reduction Act and will include provisions bonding, fees, and other economic considerations related to drilling, sparking debate about whether the department will seize the opportunity to pursue more ambitious climate measures beyond those outlined in the climate bill.
Midstream firm to build new cryogenic gas plant in Permian
Western Midstream Partners is adding a new 250-MMcfd cryogenic...
Western Midstream Partners is adding a new 250-MMcfd cryogenic natural gas processing plant to its gathering, processing and treating complex in the Permian Basin's Delaware portion, with commissioning expected by the end of 2024. The expansion is underpinned by a surge in firm long-term processing commitments from regional producers, the company said.
Limited demand growth, midstream infrastructure constraints in the Permian Basin and elevated drilling costs in the Haynesville Shale amid low gas prices are among the factors contributing to a slowdown in US natural gas production growth, experts said recently at Hart Energy's Super Dug conference. They anticipate a temporary stagnation in gas production until additional liquefied natural gas export capacity becomes operational later in the decade.
Limited pipeline capacity may fuel rise in Permian flaring
Insufficient natural gas infrastructure is expected to lead to increased gas flaring in the Permian Basin...
Insufficient natural gas infrastructure is expected to lead to increased gas flaring in the Permian Basin next year, potentially constraining shale oil production, according to a new report from East Daley Analytics. The report predicts that in-basin gas production could exceed pipeline takeaway capacity by an average 200 MMcf/d in 2023 and the first half of 2024 and by about 500 MMcf/d in May 2024, a deficit that could grow larger if pipeline projects face delays.
