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Energy stocks are set to open lower, tracking declining broader index futures and oil prices. Weekly jobless claims of 264,000 were the highest in 19 months, while embattled regional bank PacWest shares are down over 20% after reporting that deposits fell 9.5% last week. A potentially weakening labor market and further troubles in the regional banks are weighing heavily on risk sentiment.
Oil prices erased earlier gains on Thursday during U.S. trading hours as a political standoff about the U.S. debt ceiling overshadowed a G7 finance leaders' meeting, raising jitters about a possible recession in the world's biggest oil consumer.
Natural gas futures are lower by 1% ahead of weekly inventory data.
First quarter earnings were posted by Tulsa’s Vital Energy, Inc. showing stronger oil production than predicted and nearly $114 million in net income from its operations in the Permian Basin.
The company reported oil and total production exceeded the high-end of its guidance, producing 38.5 thousand barrels of oil a day and 80.4 thousand barrels of oil equivalent a day.
Reported first-quarter net income was $113.9 million and cash flows from operating activities were $116.1 million. During the quarter, Vital generated consolidated EBITDAX of $214.2 million and a free cash flow of $3.9 million.
Source: OK Energy Today
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