Dow ends up nearly 480 points, S&P 500 books new record as stocks end 3-day skid
All three major U.S. stock indexes closed higher on Wednesday as investors...
All three major U.S. stock indexes closed higher on Wednesday as investors appeared to position for upcoming rate cuts this year by the Federal Reserve, pushing the Dow Jones Industrial Average and S&P 500 toward their longest streak of monthly gains in years.
The Dow Jones rose 1.2% to finish around 39,761, based on preliminary figures.
The S&P 500 advanced 0.9% to end at roughly 5,249.
The Nasdaq Composite rose 0.5% to close around 16,400.
The Russell 2000 Index of small-cap stocks jumped 1.8% to close at around 2,108.
The Dow Jones and S&P 500 each snapped a three-day losing streak, and are heading toward their fifth consecutive month of gains. With only one additional trading day left in March, a monthly gain would match the longest streak of advances for the Dow Jones and S&P 500 respectively since August 2020 and January 2018.
Phillips 66 explores sale of REX pipeline stake worth $1B-plus
Phillips 66 is exploring a sale of its 25% stake in the Rockies Express...
Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1B including debt, Reuters reported Tuesday. REX is a 1,700-mile interstate natural gas pipeline stretching from Wyoming and Colorado to eastern Ohio.
The company is working with its advisors on talks with potential buyers, which include P-E firms and infrastructure funds, according to the report.
Phillips 66 (NYSE:PSX), which is aiming to raise ~$3B from asset sales this year, hopes to get a premium to the stake's current book value of $451M, the report said, adding bidders would need to assume debt obligations worth more than $500M associated with the stake.
Texas drilling activity, typically concentrated in Martin and Midland counties, is extending into different areas of the Midland Basin such as Dawson County, where horizontal well completions have increased roughly fivefold since 2021, driven by companies including Birch Operations, SM Energy and IKE Operating, according to Enverus Intelligence Research Managing Director Dane Gregoris. These companies have achieved increased productivity by drilling longer laterals and targeting the Dean and Middle Spraberry formations, Gregoris noted.
Crude oil inventories in the United States rose this week by...
Crude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22, according to The American Petroleum Institute (API). The API reported a 1.519-million-barrel drop in crude inventories in the week prior.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by another 0.7 million barrels as of March 22. Inventories are now at 363 million barrels—the highest point since last April.
Cushing inventories also rose this week, gaining 2.392 million barrels after climbing by 325,000 barrels in the previous week.
Macquarie: More growth ahead for US oil production
Cost reductions and efficiency gains will push US oil production to a...
Cost reductions and efficiency gains will push US oil production to a record of around 14 million barrels per day by the end of 2024 and about 14.5 billion bpd by the end of 2025, Macquarie Group analysts predicted. "This year's headwinds could flip to tailwinds in a scenario where the growth impulse from private companies recharges and public companies attack high-graded resource bases next year," the analysts said.
