Crude oil inventories in the United States saw another significant increase, with a 6.203 million...
Crude oil inventories in the United States saw another significant increase, with a 6.203 million barrel increase last week, the American Petroleum Institute (API) data showed on Tuesday, bringing the total number of barrels gained so far this year to nearly 59 million barrels.
Gasoline inventories fell by 1.774 million barrels after last week’s API data showed the fuel inventories rising by 894,000 barrels. Distillates fell 341,000 barrels after rising by 1.374 million bpd in the week prior.
Inventories at Cushing, Oklahoma, increased by 483,000 barrels on top of the 781,000 barrel hike reported last week.
Oil futures finished at their highest in more than a week on Tuesday, underpinned by...
Oil futures finished at their highest in more than a week on Tuesday, underpinned by optimism over demand from China, but booked losses for the month of February.
West Texas Intermediate crude for April delivery CL.1 rose $1.37, or 1.8%, to settle at $77.05 a barrel on the New York Mercantile Exchange, the highest finish for a front-month contract since Feb. 16, according to Dow Jones Market Data. For the month, prices lost 2.3%, down for the fourth month in a row.
AprilBrent crudeBRNJ23 the global benchmark, gained $1.44, or nearly 1.8%, to settle at $83.89 a barrel on ICE Futures Europe on the contract’s expiration day, with prices down 0.7% for the month. May Brent BRNK23 the new front-month contract, climbed $1.41, or 1.7%, to $83.45 a barrel.
Back on Nymex, March gasolineRBH23 added 2.8% to $2.4343 a gallon, losing 4.3% for the month, while March heating oilHOH23 ended little changed at $2.8209 a gallon, posting a loss of more than 11% for February. The March contracts expired at the session’s end.
April natural gasNGJ23 rose 0.6% to $2.747 per million British thermal units, ending nearly 2.4% higher for the month.
Major U.S. stock indexes close out volatile February in the red
U.S. stocks closed lower Tuesday, with the S&P 500 finishing February with the worst monthly performance...
U.S. stocks closed lower Tuesday, with the S&P 500 finishing February with the worst monthly performance since December amid heightened worries over sticky inflation. The Dow Jones Industrial Average DJIA closed 0.7% lower Tuesday, while the S&P 500 SPX fell 0.3% and the technology-heavy Nasdaq Composite COMP edged down 0.1%, according to preliminary data from FactSet. For the month, the Dow shed 4.2%, while the S&P 500 slid 2.6% and the Nasdaq slipped 1.1%, preliminary FactSet data show. Stocks sold off in February after bond-market concerns over stubbornly high inflation sparked a rise in Treasury yields. Information technology was the sole sector of the S&P 500 to finish the month in the green, up around 0.3%.
A milestone year. A record year. It’s what leaders at Denver-based Ovintiv Inc. described...
A milestone year. A record year. It’s what leaders at Denver-based Ovintiv Inc. described the financial results for Q4'22 and all of 2022.
Net earnings for the full year totaled $3.6 billion and the cash from the operating activities was $3.9 billion. The company also reduced its total long-term debt by nearly $1.2 billion and returned $958 million to shareholders through base dividend payments and share buybacks.
In 2023, Ovintiv plans to run three rigs in the Permian Basinand bring on up to 80 net wells for the remainder of the year.
In the Anadarko Basin where Ovintiv had huge success with large producing wells in the STACK play, the company intends to run only one rig but still bring on 25 to 35 net wells.
US shale firms to see tougher business conditions in 2023
Higher capital spending plans announced by US shale operators for 2023 are unlikely to translate into...
Higher capital spending plans announced by US shale operators for 2023 are unlikely to translate into significant gains in US oil and natural gas production and profits, due to constraints caused by cost inflation and maturing shale fields. Analysts predict a challenging environment for oil and gas producers this year and increased dealmaking activity, as companies resort to acquiring rivals to expand fast-depleting drilling inventories.
