Oil prices plunge from 14-year highs; Exxon, Chevron slip after eight straight gains
Energy stocks (...
Energy stocks (XLE-3.1%) comprise Wednesday's five biggest losers on the S&P 500, as crude futures plunged by the most since November after the United Arab Emirates and Iraq signaled OPEC may have greater willingness to raise production, as well as hopes for a de-escalation of the Russia-Ukraine conflict.
April WTI crude oil(CL1:COM) closed -12.1% to settle at $108.70/bbl, after ending Tuesday at its highest since August 2008, and May Brent crude (CO1:COM)-13.2%to $111.14/bbl, after closing at its best level since July 2008.
At the close:PSX-5.9%, XOM-5.7%, SLB-5.6%, HAL-5.2%, VLO-3.7%.
Dow ends 650 points higher as investors track Russia-Ukraine war developments
U.S. stocks ended sharply higher Wednesday, bouncing as investors continued to track the Russia-Ukraine...
U.S. stocks ended sharply higher Wednesday, bouncing as investors continued to track the Russia-Ukraine war and its potential economic fallout. The Dow Jones Industrial AverageDJIA, +2.15%rose around 653 points, or 2%, to end near 33,285, while the S&P 500SPX, 2.57%gained 2.6% to finish near 4,278. The Nasdaq Composite COMP, 3.59% jumped 3.6% close near 13,256. The bounce came as news reports said foreign ministers from Russia and Ukraine plan to meet Thursday in Turkey. Oil futures retreated, pulling back from nearly 14-year highs amid volatile activity across financial markets.
Oil underinvestment in focus at OPEC-US shale meeting
The oil industry is suffering from "massive underinvestment" that calls for a rethink...
The oil industry is suffering from "massive underinvestment" that calls for a rethink of the current focus on returns over growth, asserted OPEC Secretary-General Mohammad Barkindo during a meeting with US shale executives on the sidelines of the CERAWeek conference in Houston. "This is up to the companies themselves and their boards ... but there's this general realization that something needs to be done," Barkindo said, warning,"The world is gradually but dangerously running out of spare capacity which is the insurance buffer which is absolutely necessary for industry and for the world."
Oxy CEO: Supply chain woes holding back output growth
Supply chain problems are crippling the US oil industry's ability to quickly ramp up production in response...
Supply chain problems are crippling the US oil industry's ability to quickly ramp up production in response to soaring prices, said Occidental Petroleum CEO Vicki Hollub at CERAWeek, calling the situation "dire." "The call for incremental production in the United States, at this point, especially with the supply chain challenges, can't happen at the level that's needed not only for our country but for the world," Hollub added.
