The energy sector is off to a mixed to lower start, driven by weakness...
The energy sector is off to a mixed to lower start, driven by weakness in the underlying commodities and in the major equity futures which fell this morning as the markets continue to digest earnings.
After two-straight days of strong gains, WTI and Brent crude oil futures slid lower this morning, pressured by global economic outlook concerns and strength in the dollar which outweighed optimism about growing demand in China and expectations of a drop in U.S. crude inventories. Traders remain wary about central banks potentially raising interest rates further to curb inflation, a move that would further dampen economic growth and dent energy demand. Futures found a floor thanks to investor optimism that holiday travel in China would boost fuel demand and by expectations that the latest EIA report will show U.S. crude dropped 1.7 million barrels last week.
Natural gas futures dropped ~2.6% this morning, erasing yesterday’s gains amid moderating weather forecast that should stunt demand.
FERC OKs Tellurian’s $1.4 B Driftwood Pipeline Project
After a variety of woes, including financing difficulties with its signature Driftwood LNG project,...
After a variety of woes, including financing difficulties with its signature Driftwood LNG project, Tellurian Inc. is making headway on a $1.4 billion pipeline natural gas transmission system to supply its terminal.
Tellurian said on April 24 that the Federal Energy Regulatory Commission (FERC) issued a certificate granting authorization for Driftwood Pipeline LLC’s Line 200 and Line 300. The natural gas transmission project is proposed to be located in Beauregard and Calcasieu Parishes, Louisiana. FERC made its decision on April 21, according to Tellurian.
First Republic Bank lost $102 billion in deposits last month
The regional lender that got swept up in March’s bank turmoil said that deposits plunged ...
The regional lender that got swept up in March’s bank turmoil said that deposits plunged nearly 41% last quarter, and they would have fallen by more than 50% if 11 large banks hadn’t plugged it with $30 billion to shore up confidence. But what little faith was restored seems to have evaporated, not least because execs ended their earnings call yesterday after just 12 minutes. The bank’s stock, already down 87% this year, dropped by another ~18% after it released its results.
US stock futures fall early Tuesday, as investors await the next round of corporate...
US stock futures fall early Tuesday, as investors await the next round of corporate earnings from Big Tech companies. Meanwhile, consumer confidence data for April is also due to be released later today. Here are the latest market moves.
On the docket: Alphabet, Microsoft, Bank of America, all reporting.
