Switch from Gas Boosts Oil Demand, but Economic Headwinds Loom: IEA
Sweltering summer temperatures and...
Sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation, the International Energy Agency (IEA) said on Aug. 11, increasing demand but masking weakness in economies beset by recession fears.
"Natural gas and electricity prices have soared to new records, incentivizing gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report in which it raised its outlook for 2022 demand by 380,000 bbl/d.
"These extraordinary gains, overwhelmingly concentrated in the Middle East and Europe, mask relative weakness in other sectors," the IEA warned.
You can likely forget about another 75-basis-point rate hike from the Fed
So far this year, the central bank has increased benchmark rates four times, starting with 25 basis points,...
So far this year, the central bank has increased benchmark rates four times, starting with 25 basis points, ramping up further to 50 and finally two 75 basis point bumps in June and July.
Investors are now betting that the Fed will tone it down, with the next rate hike to be 50 basis points when the FOMC meets in September. Fed funds futures show that investors think the odds of another 75 basis point hike have come down significantly.
U.S. stocks on track for multi-month highs after latest sign of easing inflation
U.S. stock-index futures rose to their highest in three months on Thursday after another batch of inflation...
U.S. stock-index futures rose to their highest in three months on Thursday after another batch of inflation data appeared to confirm that price pressures eased by a larger-than-expected degree in July.
S&P 500 futures ES00, 0.67% rose 32 points, or 0.8%, to 4,242.
Dow Jones Industrial Average futures YM00, 0.73% climbed 270 points, or 0.8%, to 33,545.
Nasdaq-100 futures NQ00, 0.67% added 113 points, or 0.9%, to 13,505.
U.S. first-time weekly jobless claims rise less than forecast
The numbers: Initial jobless benefit claims rose 14,000 to 262,000 in the week ended...
The numbers: Initial jobless benefit claims rose 14,000 to 262,000 in the week ended Aug. 6, the Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would rise 4,000 from last week’s initial estimate of 260,000.
Key details: The four-week average of claims rose 4,500 to 252,000.
The number of people already collecting jobless benefits rose by 8,000 to 1.43 million.
Big picture: Although moving in fits and starts, claims have been slowly trending higher, consistent with some softening in demand for workers. The Federal Reserve wants to cool the labor market in order to get the inflation rate under control.
Oklahoma City’s Ascent Resources Utica Holdings, LLC says it’s accelerating its drilling activity n the Utica play following the results of its second-quarter earnings.
The company reported $285 million in net income, adjusted net income of $277 million and adjusted EBITDAX of $477 million. It also incurred $272 million of total capital expenditures including $236 million for well costs and $12 million for capitalized interest.
Ascent generated $160 million of adjusted free cash flow during the quarter despite a realized hedge loss of nearly $604 million.
