Energy stocks opened higher despite weaker broader index futures and softer oil prices as traders move...
Energy stocks opened higher despite weaker broader index futures and softer oil prices as traders move back into well-performing commodity-levered companies amid expectations of higher rates. Heightening turmoil between Russia and Ukraine is also encouraging risk aversion among investors. Earnings continue to flow in across the sector.
Oil prices fell on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were capped by heightened tensions between top energy exporter Russia and the West over Ukraine. Both contracts fell more than 2% earlier in the session. "(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions," said Stephen Brennock at brokerage PVM Oil.
Futures Movers: Oil falls as traders weigh Ukraine fears versus progress on Iran nuclear talks
Oil futures were lower Thursday but were expected to remain subject to a tug of war between fears of...
Oil futures were lower Thursday but were expected to remain subject to a tug of war between fears of a Russian invasion of Ukraine and signs of progress toward restoring a nuclear agreement with Iran.
West Texas Intermediate crude for March delivery CL.1, -2.06%CL00, -2.04%CLH22, -2.05% fell $1.15, or 1.2%, to $92.51 a barrel on the New York Mercantile Exchange.
April Brent crudeBRN00, -2.08%BRNJ22, -2.07% was down $1.26, or 1.3%, at $93.55 a barrel on ICE Futures Europe. Both WTI and Brent ended Monday at their highest since September 2014.
March natural-gas futures NGH22, -1.95% fell 0.8% to $4.678 per million British thermal units.
March gasolineRBH22, -2.29% fell 1.2% to $2.6442 a gallon, while March heating oil HOH22, -2.45% was down 1.5% at $2.8173 a gallon.
Pioneer Natural Resources profit rises on higher oil prices
U.S. shale producer Pioneer Natural Resources Co ...
U.S. shale producer Pioneer Natural Resources Co (PXD.N) reported a rise in quarterly profit on Wednesday, as a sustained recovery in energy demand from the pandemic-driven lows lifted oil prices to multi-year highs.
The company said fourth-quarter net income attributable to common stockholders rose to $763 million, or $2.97 per share, for the three months Dec. 31, from $43 million, 26 cents per share, a year earlier.
Pioneer said its average fourth-quarter sales volume rose to 687,143 barrels of oil equivalent per day (boepd) from 364,482 boepd a year earlier.
Housing starts ebb at start of 2022, as home builders continue to ramp up permitting activity
U.S. homebuilders started construction on homes at a seasonally-adjusted annual rate of roughly 1.64...
U.S. homebuilders started construction on homes at a seasonally-adjusted annual rate of roughly 1.64 million in January, representing a roughly 4% decrease from the previous month, the U.S. Census Bureau reported Thursday. Compared with January 2021, however, housing starts were up nearly 1%. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.9 million, up nearly 1% compared with December and the pace recorded a year ago. Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.69 million and building permits to come in at a median pace of 1.75 million.
Venture Global has reached an agreement to procure 18.25 billion cubic feet of natural gas per year over...
Venture Global has reached an agreement to procure 18.25 billion cubic feet of natural gas per year over three years for its Plaquemines liquefied natural gas export plant in Louisiana from a subsidiary of Spanish energy company Repsol. The $8.9 billion plant will have a capacity of up to 22 million short tons per year of LNG and is expected to begin operations in 2024.
