Oil prices settled down 2% on expectations for US-Iran nuclear deal
(Reuters)—Oil prices settled lower on Thursday on expectations of a...
(Reuters)—Oil prices settled lower on Thursday on expectations of a U.S.-Iran nuclear deal that could ease sanctions and release more barrels onto the global market.
Brent crude futures settled down $1.56, or 2.36%, to $64.53 a barrel. U.S. West Texas Intermediate crude futures settled down $1.53, or 2.42%, to $61.62.
U.S. President Donald Trump said on Thursday that the U.S. was getting close to securing a nuclear deal with Iran, and Tehran had "sort of" agreed to the terms.
An Iranian official told NBC News in an interview published on Wednesday that Iran was willing to agree to a deal with the U.S. in exchange for lifting economic sanctions.
"(Any) immediate sanctions relief stemming from a nuclear agreement could unlock an additional 0.8 million barrels per day of Iranian crude for the global market – an undeniably bearish development for prices," SEB analyst Ole Hvalbye said.
S&P 500 logs four-day win streak as stocks shake off earlier weakness
U.S. stocks closed mostly higher on Thursday, shaking...
U.S. stocks closed mostly higher on Thursday, shaking off earlier weakness. Economic data pointed to easing inflation and other positive signs for the economy.
Longer-term bond yields also eased back from recent highs, helping foster a more risk-on tone in markets.
According to preliminary data, the Dow Jones Industrial Average gained about 272 points, or 0.7%, closing near 42,322.
The S&P 500 rose about 0.4%, scoring a four-session win streak.
The Nasdaq Composite slipped about 0.2%.
Of note, missing from the rally in stocks were the "Magnificent Seven," which ended lower on Thursday.
PPI shows sharpest drop in wholesale-level inflation since 2020
The numbers: Wholesale prices posted the biggest drop...
The numbers: Wholesale prices posted the biggest drop in April since the pandemic in 2020, but the decline in inflation appeared to be a one-off tied to falling egg and gasoline prices and a quirky category that measures certain business profit margins.
The big reversal in the producer price index was unexpected. Economists polled by the Wall Street Journal had forecast a 0.3% increase last month.
Meanwhile, the wholesale inflation rate in the past year slowed to 2.4% from 3.4%.
Wholesale prices fell a slight 0.1% if the volatile categories of food, energy, and retail trade margins are omitted. The so-called core rate is seen as a better predictor of future inflation.
Bakken Beast: Chord Plans Seven More 4-Mile Bakken Wells in ‘25
Chord Energy has drilled three 4-mile laterals in the middle Bakken and...
Chord Energy has drilled three 4-mile laterals in the middle Bakken and is closely tracking the results from the first, which is now online. Seven more are planned for the rest of this year.
The first 4-mile Bakken well was spud in late 2024 and completed in February. Chord reached a total depth (TD) exceeding 30,400 ft, vertical and lateral combined, while cleaning out frac plugs.
Chord remained tight-lipped about production from the first 4-mile well, noting that the well is choked back restrictively to minimize sand flow back and protect the pumping equipment.
Compared to 2-mile wells, Chord’s 4-mile wells are expected to produce 90% to 100% more EUR for 40% to 60% more investment per well. That helps lower the breakeven cost for a 4-mile well by between $8/bbl to $12/bbl versus a 2-mile well.
Walmart extends to 12 its streak of Wall Street–beating earnings reports
Shares of Walmart Inc. surged 2.9% in premarket trading...
Shares of Walmart Inc. surged 2.9% in premarket trading Thursday, after the discount retail giant’s fiscal first-quarter results beat on every key metric, and the full-year outlook was maintained in the face of economic and tariff-related uncertainties.
Adjusted earnings per share for the quarter to April 30 rose to 61 cents from 60 cents a year ago, and beat the average analyst EPS estimate compiled by FactSet of 58 cents. That marked the 12th straight quarter of bottom-line beats, according to FactSet data.
Total revenue grew 2.5% to $165.6 billion, above the FactSet revenue consensus of $165.69 billion, as comparable sales for Walmart U.S. stores increased 4.5% to beat expectations of 3.8%.
For the full-year of fiscal 2026, Walmart said it still expects net sales growth of 3% to 4% and adjusted EPS of $2.50 to $2.60.
