Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran
Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations...
Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the U.S. could boost fuel demand.
Brent futures rose $1.08, or 1.5%, to settle at $74.49 a barrel. U.S. West Texas Intermediate crude rose $1.27, or 1.8%, to settle at $71.29.
That was Brent's highest close since Nov. 22 and put the contract up 5% for the week. WTI posted a 6% gain for the week and closed at its highest since Nov. 7.
"This strength is being driven by ... expectations of tighter sanctions against Russia and Iran, more supportive Chinese economic guidance, Mideast political havoc and prospects for a Fed (U.S. Federal Reserve) rate cut next week," analysts at energy advisory firm Ritterbusch and Associates said in a note.
Delek to Acquire Permian's Gravity Water Midstream for $285MM
Delek Logistics has bolstered its presence in the Permian...
Delek Logistics has bolstered its presence in the Permian Basin through an agreement to acquire Gravity Water Midstream in a deal combining cash and stock, totaling $285 million. This marks Delek's second acquisition of water infrastructure assets since September.
The deal was made public on Dec. 12, with an anticipated closure in the first quarter of 2025. Delek will pay $200 million in cash for Gravity Oilfield Services, with Gravity Water Midstream being one of its divisions. The remaining $85 million will be covered by issuing Delek shares.
Gravity's midstream operations span the Midland Basin in Texas and the Williston Basin in North Dakota, featuring over 200 miles of permanent pipeline and 46 saltwater disposal facilities, as per the press release.
Leading US oil players benefit from productivity gains
An Energy Information Administration analysis of 34 public US oil companies...
An Energy Information Administration analysis of 34 public US oil companies shows that well productivity gains have kept production costs steady at around $21 per barrel of oil equivalent since mid-2022, even as crude output rose by 21%. Improved efficiency has pushed average production to a record 13.1 million barrels per day in the first eight months of 2024 and enabled companies to continue to prioritize shareholder returns and debt reduction.
Biden’s record-breaking day of clemency. In one of...
Biden’s record-breaking day of clemency. In one of his last acts as US president, Joe Biden commuted the sentences of 1,500 Americans convicted of nonviolent crimes yesterday, which the White House said was the most ever in a single day. Biden also pardoned 39 others. He had been under pressure to use his clemency powers (beyond pardoning his son, Hunter) before Donald Trump takes office in January. Trump, meanwhile, said yesterday he intends to pardon Jan. 6 participants within the “first hour” of his upcoming presidency.
The CFPB announced a new rule limiting how much banks can charge on overdraft fees that would take effect in October of next year if President-elect Trump’s CFPB appointees do not repeal it.
Hamas reportedly conceded to Israel on two key demands for a Gaza ceasefire, raising hopes that the sides are finally closer to an agreement.
Nasdaq’s diversity rules for company boards were rejected by an appeals court in another blow to DEI.
Ev Williams, the co-founder of Twitter and creator of Medium, unveiled a new app called Mozi that’s designed to help you make in-person plans with your friends.
