US liquefied natural gas exports jumped from 7.63 million short tons in April to 8.03 million short tons...
US liquefied natural gas exports jumped from 7.63 million short tons in April to 8.03 million short tons in May, the second-highest on record, amid strong demand from Europe and Latin America, Refinitiv Eikon data show. Europe received nearly 66% of shipments, while Asia accounted for 15% of the exported volumes.
U.S. stocks edging lower Thursday after Microsoft lowers fourth-quarter guidance
Stocks were slightly lower in early trade Thursday after Microsoft Corp. cut its fourth-quarter...
Stocks were slightly lower in early trade Thursday after Microsoft Corp. cut its fourth-quarter guidance ahead of the opening bell, citing the toll taken by a surging U.S. dollar.
Investors were also digesting data on weekly jobless benefit claims and private sector employment for May.
The Dow Jones Industrial Average DJIA fell 86 points, or 0.3%, to 32,728.
The S&P 500 SPX was down 14 points, or 0.3%, at 4,087.
The Nasdaq Composite COMP shed 55 points, or 0.5%, to trade at 11,939.
On Wednesday, the Dow fell 176.89 points, or 0.5%, to 32,813.23, while the S&P 500 index and Nasdaq Composite each shed 0.7%.
Ranger Oil announced that its borrowing base under its...
Ranger Oil announced that its borrowing base under its revolving credit facility was increased 20% to $875 million. Ranger's elected commitment under the facility remains at $400 million. This is the second announced increase this year for a total of approximately 45%.
OPEC+ agrees to boost output by 648,000 barrels a day in July and August
MARKETWATCH. The Organization of the Petroleum Exporting Countries and its allies agreed...
MARKETWATCH. The Organization of the Petroleum Exporting Countries and its allies agreed Thursday to boost production in July and August by 648,000 barrels a day. That exceeds the 432,000 barrel-a-day monthly increases the group has been approving in keeping with its agreement last year to unwind production cuts put in place after the onset of the COVID-19 pandemic in 2020. The move comes as Russian oil production is expected to fall sharply in response to sanctions targeting the country's energy exports, but is seen falling short of making up the gap. Oil futures moved higher following the announcement, with West Texas Intermediate crude for July delivery CL.1, 0.79%CLN22, 0.79%, the U.S. benchmark, up 94 cents, or 0.8%, at $116.20 a barrel on the New York Mercantile Exchange. August Brent crude BRN00, 0.52%, the global benchmark was up 0.7% at $117.10 a barrel on ICE Futures Europe.
Energy stocks are set to open modestly lower this morning, as a reprieve...
Energy stocks are set to open modestly lower this morning, as a reprieve in the rise in oil prices is encouraging investors to consolidate some gains and positions. Corporate news flow is fairly light, while the oil market is digesting news of the JMMC meeting that OPEC+ is “highly likely to agree to an output hike in the range of 600K bpd for July”.
Oil prices fell on Thursday on speculation that Saudi Arabia and other OPEC members may boost crude output to compensate for a drop in Russian production. The benchmarks have marched higher for several weeks as Russian exports have been squeezed by U.S. and EU sanctions against Moscow over its invasion of Ukraine, action Moscow calls a "special operation".
Natural gas futures are trading just below $9, as summer heating demand is set to pick up and the recent injection season failed to bring storage levels to historical averages.
