The energy sector is off to a higher start supported by strength in the crude complex, meanwhile, the major equity futures are mostly unchanged the day after the Nasdaq reached highs last touched since November 2021.
WTI and Brent crude oil futures are higher as market participants wait for OPEC’s decision on a supply agreement for the second quarter and digest Chinese economic data. According to Reuters, three OPEC+ sources said the organization is considering extending voluntary oil output cuts in the second quarter, which may take effect until the end of the year. China’s February manufacturing PMI was in line with expectations at 49.1, contracting for a fifth straight month.
Natural gas futures are modestly lower on forecasts for seasonally warmer weather and expectations for a lower-than-expected draw in storage. Preliminary estimates for EIA storage data week ending today has a draw of (35) to (45) Bcf vs the 5-year average of (93) Bcf.
China and Europe will fuel global liquefied natural gas demand growth...
China and Europe will fuel global liquefied natural gas demand growth in 2024, although potential constraints may sustain price pressure and volatility, according to TotalEnergies Senior Vice President Asia Pacific Exploration & Production Thomas Maurisse. Separately, Petronas Vice President of LNG Marketing and Trading Shamsairi Ibrahim warned that persistent market tightness could amplify the risk of price spikes in the event of supply disruptions.
Devon Energy will continue to prioritize oil operations in liquids-rich formations such as the Delaware Basin due to oil's higher profitability compared to natural gas, CEO Rick Muncrief said. Additionally, Devon plans to invest $100 million this year to expand Delaware Basin gas gathering and processing infrastructure amid expectations of sustained growth in gas and natural gas liquids volumes.
Putin threatened the West with nuclear war over Ukraine intervention
In his annual speech on Thursday, the Russian leader warned that if NATO...
In his annual speech on Thursday, the Russian leader warned that if NATO countries send their own troops to help Ukraine fend off Russia’s invasion, it could lead to a nuclear conflict. “All this truly threatens a conflict with the use of nuclear weapons, and therefore the destruction of civilization,” Putin warned. “We also have weapons that can strike targets on their territory. Do they not understand this?” His warning appeared to be in response to French President Emmanuel Macron earlier this week saying that the possibility of NATO countries sending troops to Ukraine should not be ruled out.
The deadly Texas wildfire is now the largest in the state’s...
The deadly Texas wildfire is now the largest in the state’s history. The Smokehouse Creek Fire, which has scorched 1 million acres in the Texas Panhandle and another 31.5k in Oklahoma, is also the second-largest in US history. At least one person died, several homes and ranches were destroyed, and many others were left without power. As of Thursday, the fire was only 3% contained, CNN reported. Experts warned that the combination of dry air and turbulent wind expected this weekend could make the situation worse. One state official said that thousands of cattle will die.
Neuralink, the brain-chip company co-founded by Elon Musk, was cited by the FDA over animal testing issues, Reuters reported.
Tesla, the auto company co-founded by Elon Musk, can be sued by over 6,000 Black factory workers over its alleged failure to address racism at a California plant, a judge ruled.
President Joe Biden and Donald Trump both visited the southern border yesterday as immigration remains one of the key issues of the 2024 election.
The SEC is reportedly investigating the internal communications of OpenAI CEO Sam Altman to see if the company misled investors.
The Brothers Winklevii agreed to return more than $1 billion to customers as part of a settlement between their crypto exchange, Gemini, and the New York Department of Financial Services.
Reckitt, the company that owns Durex condoms, is testing livestream shopping in China to boost sales.
