Non-market forces are strangling Appalachian gas supply
Fierce opposition, along with political and legal barriers, is hindering access to global markets for...
Fierce opposition, along with political and legal barriers, is hindering access to global markets for Appalachian Basin natural gas, even as demand for US liquefied natural gas continues to grow, according to RBN Energy President and CEO David Braziel, who estimates that the region's gas production could rapidly grow to 40 Bcf/d if more pipelines came online. "The degree to which we're able to or limited in our ability to unleash more northeast production is going to have a profound impact on the global energy landscape for years to come," Braziel said.
Israel officials said its forces had advanced into the center of Khan Younis, the largest city in the...
Israel officials said its forces had advanced into the center of Khan Younis, the largest city in the southern Gaza Strip. As of yesterday evening, troops had encircled the home of Yahya Sinwar, the leader of Hamas within Gaza who helped plan the Oct. 7 attack, which left around 1,200 civilians dead and included multiple instances of sexual violence.
The Biden administration proposed a framework to seize the patents for pricey medicines whose development was partially funded with taxpayer dollars in order to increase competition and bring prices down.
Republicans in Congress commenced an investigation into Harvard, Penn, and MIT after the universities’ presidents appeared to waffle on whether they would discipline students who called for a genocide of Jews. And financier Ross Stevens threatened to cancel a $100 million donation to Penn unless its president steps down.
Elon Musk, still smarting over Disney’s decision to pull ads from X in the wake of a report that found ads next to pro-Nazi content, tweeted that Disney CEO Bob Iger should be “fired immediately” and that “Walt Disney is turning in his grave over what Bob has done to his company.”
Journalists and staff at the Washington Post staged a one-day strike to protest layoffs amid stalled contract negotiations. Other media companies are also letting people go, including Condé Nast, where job cuts at The New Yorker included satirist Andy Borowitz.
Benchmark U.S. crude oilfor January delivery fell 4 centsto $69.34 per barrel Thursday. Brent crudefor February delivery fell 25 cents to $74.05 per barrel.
Wholesale gasolinefor January delivery fell 3 centsto $2 a gallon. January heating oilfell 3 centsto $2.55 a gallon. January natural gasrose 2 centsto $2.59 per 1,000 cubic feet.
U.S. stocks end higher, Dow closes less than 2% from record
U.S. stocks closed higher Thursday ahead of Friday’s jobs report...
U.S. stocks closed higher Thursday ahead of Friday’s jobs report for November, with the equity rally lifting the Dow Jones to less than 2% from its last record finish. The Dow Jones Industrial AverageDJIA, +0.17% gained about 63 points, or 0.2%, closing near 36,117. That put the equity benchmark on the doorstep of its Jan. 4, 2022 closing record of 36,799.65. The S&P 500 IndexSPX ended 0.8% higher, while the outperformer was the Nasdaq Composite Index’s COMP 1.4% gain. Stocks were extending a sharp rally from last month that was fueled by a sharp drop in rates used to finance the economy. The 10-year Treasury yieldsTMUBMUSD10Y edged up to 4.129% on Thursday, but was well below its 5% peak in October. November’s jobs report will be watched for signs that the labor market continues to ease, helping the Federal Reserve in its fight to keep inflation receding toward its 2% yearly target.
Energy stocks are set to regain some of their recent losses, though the psyche remains fragile around oil and energy stocks following crude’s drop below $70 to a fresh 6-month low yesterday. Crude prices are rebounding, and are back above $70, currently trading around $75. News flow is fairly light, though a handful of operational updates were released, with Chevron issuing 2024 capex of $15.5-$16.5 billion, while Shell was upgraded by a research arm.
Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day, but investors remained concerned about sluggish demand in the U.S. and China. "With the largest global importer of oil (China) shuttering its thirst for crude, pressure remains on prices as the largest producer, the United States, continues with headline output," PVM Oil analyst John Evans said.
Natural gas futures are down 1% after falling 5% yesterday. Weekly inventory data expects a draw of 105 bcf vs the 5-year average of -48 bcf.