Oil-price gains intensify on report of potential Iranian attack on Saudi Arabia
Oil futures climbed toward session highs on Tuesday after The Wall Street Journal reported that Saudi...
Oil futures climbed toward session highs on Tuesday after The Wall Street Journal reported that Saudi Arabia shared intelligence with the U.S. warning of a possible Iranian attack on targets in the kingdom. In response to the warning, Saudi Arabia, the U.S. and several other neighboring states raised alert levels for their military forces, the report said. Iran was poised to carry out attacks on Saudi Arabia, as well as Erbil, Iraq, to distract attention from domestic protests in the nation that began in September, the report said, citing Saudi officials.
ExxonMobil and Chevron have revised their full-year forecasts for Permian...
ExxonMobil and Chevron have revised their full-year forecasts for Permian Basin oil and natural gas production as declining well productivity weighs on volume growth. Pioneer Natural Resources, meanwhile, plans to shake up its drilling portfolio next year to focus on more productive assets after recording a roughly 9% year-over-year decline in oil volumes during the third quarter.
Permian drillers go mobile to fulfill frack sand needs
Permian Basin producers are saving hundreds of thousands of dollars, mitigating supply chain...
Permian Basin producers are saving hundreds of thousands of dollars, mitigating supply chain risk and cutting emissions by deploying mobile in-basin frack sand mines, which have come to account for more than one-third of the 24 sand mines operating in West Texas, according to Rystad Energy. Devon Energy's mobile sand mine, launched in April in the Delaware Basin with help from frack sand company Hi-Crush, produces around 2,200 tons of sand per day and helped the company cut costs per fracked well by about $250,000, said Devon's John Raines.
The energy sector kicked off November higher, backed by strength in the crude complex and in the major equity futures which roseas rates fell ahead of the FOMC’s rate decision as investors hope for a sign that the Fed will ease its tightening stance in the months ahead.
WTI and Brent crude oil futures jumped higher this morning,recouping yesterday’s declines amid weakness in the U.S. dollar which offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand. The greenback sank this morning from a one-week high against a basket of major peers, as traders weighed the odds of a less aggressive Federal Reserve at Wednesday's monetary policy meeting. Traders also noted that OPEC+'s upcoming oil output cuts and record US oil export data also support oil prices. The markets will be looking to the supply reports as the next major catalysts which analyst expect to show a rise in U.S. crude stocks.
Natural gas futures are in retreat this morning after rallying over 10% rally, sliding ahead of Thursday’s storage report while forecasts for more demand this week than previously expected buoyed prices.
U.S. stocks open higher amid declining Treasury yields as Fed kicks off policy meeting
U.S. stocks opened higher amid a drop in Treasury yields as the Federal Reserve kicks off its two-day...
U.S. stocks opened higher amid a drop in Treasury yields as the Federal Reserve kicks off its two-day policy meeting. The Dow Jones Industrial Average DJIA, -0.16% was up 0.6% soon after the opening bell, while the S&P 500 index SPX, -0.09% rose around 1% and the tech-heavy Nasdaq Composite COMP, -0.20% gained 1.5%, according to FactSet data, at last check. The yield on the 10-year Treasury note was down about 13 basis points at around 3.95%.This morning investors will digest U.S. economic reports that include readings on manufacturing and jobs openings. They're also looking ahead to the outcome of the Fed's policy meeting on Wednesday, when they'll be searching for clues on the central bank's future path of interest rate hikes.
