The energy sector is off to a higher start, supported by strength in the crude complex and the major equity futures, as the S&P 500 is looking to build on fresh all-time highs.
WTI and Brent crude oil futures are edging higher as geopolitical tensions in the Middle East come back into focus, outweighing concerns over higher oil production and a weaker growth outlook in China and Europe. The U.S. conducted more strikes against anti-ship missiles in Yemen while Houthi rebels today reiterated their pledge to attack ships in the Red Sea until there is "an end to the aggression against Gaza". U.S. freeze-offs which resulted in roughly 10M barrels of US crude production being offline last week with Permian losses at around 6M and Bakken losses at around 3.5M, are also lending support. Elsewhere, Libya's National Oil Corporation on Sunday announced it lifted force majeure at the 300K bpd capacity El Sharara oilfield.
Natural gas futures are down as last week’s updated forecasts show warmer-than-normal temperatures are to be expected in key consuming regions at the end of January and into February.
DALLAS - Sunoco LP (NYSE:SUN) and NuStar Energy L.P. (NYSE:NS) announced the signing of a definitive agreement that will see Sunoco acquire NuStar in an all-equity transaction. The deal, valued at approximately $7.3B, includes the assumption of debt.
Under the agreement terms, NuStar common unitholders will receive 0.400 Sunoco common units for each NuStar common unit they hold, representing a 24% premium based on the 30-day volume-weighted average prices (VWAP) of both companies as of January 19, 2024. Sunoco has arranged a $1.6B bridge term loan to refinance various NuStar debt instruments.
Deal flow in a budding market for clean-energy tax breaks, created in the 2022 climate law, has been...
Deal flow in a budding market for clean-energy tax breaks, created in the 2022 climate law, has been strong. A Wall Street Journal review of Treasury Department figures indicates that some 100 companies expect to sell tax credits in the new market. The market likely saw between $7 billion and $9 billion worth of transactions last year, according to the online marketplace Crux.
The winter deep freeze across the US Gulf Coast has knocked out some 15% of the region's oil-refining...
The winter deep freeze across the US Gulf Coast has knocked out some 15% of the region's oil-refining capacity – equivalent to 1.5 million barrels a day – leading to temporary fuel production outages. While the disruptions are expected to be brief, some may extend into the planned maintenance season.
Markets: The world may be on edge, but investors...
Markets:The world may be on edge, but investors haven’t noticed. The S&P 500 enters the week at an all-time high, buoyed by a resilient US economy, lower inflation, and hype around tech advances. Netflix shares have been surging ahead of its earnings report tomorrow.
Movie musicals are so back, as Mean Girls topped the box office for the second straight week.
Nick Dunlap, a University of Alabama sophomore, became the first amateur to win a PGA Tour event since Phil Mickelson in 1991. Unfortunately, he is not eligible to collect the $1.5 million first-place check.
Chicago’s infamous rat hole was filled by an unknown assailant early Friday, but residents banded together to restore the hole later that day. If you know who vandalized the hole, reporting them to authorities would make you a—well—you know.
A study found a strong correlation between Bigfoot sightings and the local black bear population.
