Fed chief Jerome Powell tells Congress to expect higher interest rates
Federal Reserve Chair Jerome Powell on Wednesday told Congress that, with U.S. inflation well above target,...
Federal Reserve Chair Jerome Powell on Wednesday told Congress that, with U.S. inflation well above target, more interest rates are likely this year, although he did not shed any new light on the timing of the moves. Powell was vague on the timing.
“Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year, ” Powell said, in testimony prepared for delivery to the House Financial Service Committee on Wednesday.
Benchmark U.S. crude oil for July delivery fell $1.28 to $70.50 a barrel Tuesday. Brent crudefor August delivery fell 19 cents to $75.90 a barrel.
Wholesale gasolinefor July delivery fell 7 cents to $2.61 a gallon. July heating oilfell 7 cents to $2.48 a gallon. July natural gasfell 14 cents to $2.49 per 1,000 cubic feet.
Dow ends down nearly 250 points as rally pauses ahead of Fed testimony
U.S. stocks closed lower on Tuesday, the first day of trading...
U.S. stocks closed lower on Tuesday, the first day of trading after thelong federal Juneteenth holiday. The Dow Jones Industrial AverageDJIA fell about 245 points, or 0.7%, ending near 34,053, while the S&P 500 index SPX closed about 0.5% lower and the Nasdaq Composite Index COMP shed 0.2%, according to preliminary FactSet figures. Stocks were lower to start the week after the S&P 500 on Friday booked a fifth straight week of gains and stocks recently touched their highest level in more than a year. Investors were waiting on Federal Reserve Chairman Jerome Powell’s congressional testimony on monetary policy, which kicks off Wednesday, for more insights into the central bank’s thinking on interest rates after senior officials penciled in two more potential hikes this year while skipping a rate increase at its June meeting.
Capstone Receives More Business from Marcellus E&P
A Capstone Green Energy Corp. subsidiary will supply a Marcellus...
A Capstone Green Energy Corp. subsidiary will supply a Marcellus Shale E&P microturbines that generate electricity from piped gas, according to a recent June press release. Capstone did not name the E&P.
Capstone’s distributor, E-Finity Distributed Generation, will supply 10 additional C65 microturbines to be deployed in the Marcellus after the E&P submitted a follow-on order, Capstone said. The order will be commissioned this summer.
The microturbines are fueled by wellhead natural gas that has been extracted directly from the pipeline. The turbines, upon installation, will provide electrical power at a variety of wellhead sites where it is now unavailable.
Civitas Enters Permian in $4.7B in Deals for Tap Rock, Hibernia
Civitas Resources has signed two definitive agreements to enter the Permian’s...
Civitas Resources has signed two definitive agreements to enter the Permian’s Midland and Delaware Basins through the acquisition of private E&Ps Hibernia Energy III LLC and Tap Rock Resources LLC for cash and stock totaling $4.7 billion, according to a June 20 press release.
Both companies are backed by NGP Energy Capital Management LLC and the transactions come as Permian Basin pure players scramble for inventory. Civitas’ production base is currently anchored by the Denver-Julesburg Basin (D-J Basin).
The Permian entry adds immediate scale for Civitas gaining 68,000 net acres, 90% of which are HBP, and proved reserves of approximately 335 MMboe as of year-end 2022.
