ConocoPhillips remains faithful to Alaska's oil potential
Despite the departure of oil majors such as BP and Shell...
Despite the departure of oil majors such as BP and Shell due to environmental, operational, and regulatory issues, ConocoPhillips is determined to continue drilling in Alaska, buoyed by the Biden administration's recent approval of the $7 billion Willow oil project. The state has been a lucrative investment for ConocoPhillips, representing around 25% of its annual earnings from 2012 to 2022, and ongoing investments have cemented the company's position as Alaska's biggest oil producer.
API report: US petroleum demand, exports ticked up in Feb.
US petroleum demand climbed by 45,000 barrels per day month over month to 19.8 million bpd in February,...
US petroleum demand climbed by 45,000 barrels per day month over month to 19.8 million bpd in February, the highest since November, although the figure marked a 3.1% decrease from February 2022, shows the American Petroleum Institute's latest monthly statistical report. The US also witnessed a 400,000-bpd jump in petroleum exports to 10 million bpd, while petroleum imports rose marginally, making the country a petroleum net exporter of 1.1 million bpd in February, the second-highest monthly level since 1947.
French Industrial Strikes Limit Fuel Supply, Hit Crude Prices
Industrial action over the past three weeks has seen every French refinery debilitated to some extent,...
Industrial action over the past three weeks has seen every French refinery debilitated to some extent, hindering fuel deliveries throughout the country and hurting European crude prices as market players look to sell.
About 17% of all fuel stations throughout the country were missing at least one product as of Monday night, France's petroleum association UFIP said, citing French energy ministry data.
Benchmark U.S. crude oil for May delivery rose $3.55 to $72.81 a barrel Monday. Brent crude for May delivery rose $3.13 to $78.12 a barrel.
Wholesale gasoline for April delivery rose 9 cents to $2.68 a gallon. April heating oil rose 7 cents to $2.77 a gallon. April natural gas fell 13 cents to $2.09 per 1,000 cubic feet.
U.S. stocks finish mostly higher as bank shares rebound
U.S. stocks closed mostly higher Monday, as bank shares climbed after First Citizens BancShares Inc. ...
U.S. stocks closed mostly higher Monday, as bank shares climbed after First Citizens BancShares Inc. FCNCA, +53.74% agreed to buy failed Silicon Valley Bank’s deposits and loans. The Dow Jones Industrial AverageDJIA, +0.60% finished 0.6% higher, while the S&P 500SPX, +0.16% gained 0.2% and the technology-heavy Nasdaq CompositeCOMP, -0.47% slipped 0.5%, according to preliminary data from FactSet. Regional and big banks helped buoy the S&P 500, with First Republic Bank FRC, +11.97% among the index’s top-performing stocks, FactSet data show. Shares of major Wall Street banks such as Bank of America Corp. BAC, +5.01%, Citigroup Inc. C, +3.83%, Wells Fargo & Co. WFC, +3.48% and JPMorgan Chase & Co. JPM, +2.92% also saw sharp gains in Monday’s trading session.
