Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery fell $1.88 to $79.49 a barrel Wednesday. Brent crudefor October delivery fell $1.71 to $83.20 a barrel.
Wholesale gasolinefor September delivery fell 9 cents to $2.78 a gallon. September heating oil fell 2 cents to $3 a gallon. September natural gas fell 8 cents to $2.48 per 1,000 cubic feet.
S&P 500 books biggest drop since April after U.S. loses AAA ratings
Stocks fell on Wednesday, a day after Fitch Ratings lowered its...
Stocks fell on Wednesday, a day after Fitch Ratings lowered its U.S. debt ratings to AA+ from the top AAA category, pointing to its growing debt burden and “erosion of governance” over the past two decades. The S&P 500SPX fell about 63 points, or 1.4%, ending near 4,513, booking its biggest daily percentage decline since April 25, according to preliminary Dow Jones Market Data. The Dow Jones Industrial AverageDJIA shed about 1%, while the Nasdaq Composite Index COMP closed 2.2% lower. Stocks already had been taking a breather from their march toward record levels when Fitch on Tuesday evening made good on a threat to downgrade its U.S. debt rating a notch to AA+.
Venture Global's proposed 22-million-short-ton-per-year CP2 liquefied natural gas export facility in Cameron Parish, La., would have some adverse effects on the environment, but most could be lowered to less-than-significant levels with mitigation measures, according to a final environmental impact statement published by the Federal Energy Regulatory Commission. "This is a major regulatory milestone for the project that puts us on track for a Commission vote and the commencement of construction later this year," said Venture Global CEO Mike Sabel.
SPR replenishment put on hold amid higher oil prices
The Biden administration has retracted an offer to acquire 6 million barrels of oil for the Strategic...
The Biden administration has retracted an offer to acquire 6 million barrels of oil for the Strategic Petroleum Reserve, citing market conditions influenced by Saudi Arabia's oil production cut and rising oil prices. Crude oil prices have topped $80 per barrel in recent weeks, surpassing the administration's $67 to $72 per barrel target price range for its SPR refill program.
Pemex Accelerating Development of New Fields, Reducing Debt
State-owned Petróleos de Mexico (Pemex) is sticking with an...
State-owned Petróleos de Mexico (Pemex) is sticking with an accelerated production strategy of new field developments, which has allowed the company to arrest overall declines in crude oil and condensates production.
The strategy depends on Pemex taking advantage of nearby existing infrastructure while incorporating early production from exploratory wells. The approach is meant to offset natural declines at its mature onshore and offshore fields, the company said during its second-quarter 2023 financial press release from Friday.
