Report identifies causes of Freeport LNG explosion
Poor operating and testing procedures, malfunctioning alarms and human error caused the June 8 explosion...
Poor operating and testing procedures, malfunctioning alarms and human error caused the June 8 explosion at the Freeport LNG export plant in Texas, the Pipeline and Hazardous Materials Safety Administration concluded in a report released Tuesday. The report identifies "severely damaged" electrical wiring as the likely ignition source for the blast.
Republicans will take over the U.S. House of Representatives two years into President Joe Biden’s term,...
Republicans will take over the U.S. House of Representatives two years into President Joe Biden’s term, though their narrow majority looks set to cause headaches for GOP leaders.
Republican hopes for a strong red wave have been dashed, but the Associated Press said Wednesday that the party won enough House seats — 218 — to control that chamber of Congress, as results from the midterm elections continue to be tabulated.
The battle for the U.S. Senate went to the Democrats late Saturday. Democrats will retain their hold on the Senate after winning a key race in Nevada, giving Biden’s party control of at least one chamber of Congress for the next two years.
“Republicans have officially flipped the People’s House!” Rep. Kevin McCarthy, R-Calif., the front-runner to become House Speaker, tweeted late Wednesday. “Americans are ready for a new direction, and House Republicans are ready to deliver.”
U.S. stocks finish lower as Target's results disappoint; Nasdaq off 1.5%
U.S. stocks closed lower on Wednesday for the second time in three days after a choppy session as a rally...
U.S. stocks closed lower on Wednesday for the second time in three days after a choppy session as a rally inspired by softening inflation data appeared to take a breather. Market strategists cited concerns about Target Corp.’s TGT, -13.14% earnings for helping to weigh on equity prices Wednesday. The S&P 500 SPX, -0.83% finished down 32.87 points, or 0.8%, to 3,958.86. The Dow Jones Industrial Average DJIA, -0.12% was off 39.22 points, or 0.1%, to 33,553.70. The Nasdaq Composite COMP, -1.54% closed off 174.75 points, or 1.5%, to 11,183.66.
Oil Sees Small Jump After EIA Confirms Significant Crude Draw
Crude oil prices inched higher today after the U.S. Energy Information Administration ...
Crude oil prices inched higher today after the U.S. Energy Information Administration reported an inventory decline of 5.4 million barrels for the week to November 11. This compares with an inventory build of 3.9 million barrels for the previous week, which pushed prices lower last week.
Gasoline inventoriesadded 2.2 million barrels over the week to November 11, with production averaging 9.8 million barrels per day, up slightly on the week.
This is compared with an inventory draw of 900,000 barrels for the previous week and production of 9.8 million barrels daily. Gasoline prices across most of the United States have continued trending lower despite inventory movements.
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major market futures. U.S. stocks opened in negative territory amid better-than-expected retail data and gloomy comments from Target, which was down nearly 14% in the pre-market.
WTI and Brent crude oil pulled back from earlier highs, as focus shifted back to rising COVID-19 cases in China. Oil futures initially rose amid reports of an attack on an oil tanker off the coast of Oman and as API data showed a bigger-than-expected drop in crude inventories. However, China’s COVID-19 policy continued to dim the demand outlook. In international news, Iraq's oil ministry is looking to increase oil production rates and raise baseline exports in line with global market demand and OPEC's decisions.
Natural gas futures are down as disruptions at the Freeport LNG export plant offset gains from colder weather forecasts. Federal pipeline safety regulators released on Tuesday a heavily redacted report that blamed inadequate operating and testing procedures, human error, and fatigue for the June 8 explosion at the Freeport LNG plant.
