Mortgage rates hit 6% for first time since 2008 with applications at 23-year low
The numbers: A surge in mortgage rates to 6% is giving home shoppers chills, pushing...
The numbers: A surge in mortgage rates to 6% is giving home shoppers chills, pushing them to wait to refinance or buy a home.
With rates doubling from where they were a year ago, demand from buyers continues to weaken, as reflected in the Market Composite Index, a measure of mortgage application volume.
The index is now at its lowest level since December 1999, the Mortgage Bankers Association (MBA) said on Wednesday.
The market index fell 1.2% to 255 in the week ending September 9. A year ago, the index stood at 707.9.
Citizen Energy reports completion of Canadian County wells
Two of the latest Canadian County producers were wells on a single pad that had combined...
Two of the latest Canadian County producers were wells on a single pad that had combined oil production of more than 600 barrels of oil a day.
Citizen Energy III LLC, of Tulsa drilled the Kolar 1h-35 and the Kolar 2h-35, drilled on a pad in Section 2-10N 6W, a site about 3 miles west of Mustang. The Kolar 1-h-35 produced 326 barrels of oil a day and 1,358 Mcf of natural gas from a depth of 14,584 feet. The completion report showed a late March spud date.
The Kolar 2h-35 produced 314 barrels of oil a day and 1,674 Mcf of natural gas. It had a drilled depth of 14,758 feet and the completion report showed a spud date in March 2022.
Total combined production was 640 barrels of oil a day.
Benchmark U.S. crude oil for October delivery fell 47 cents to $87.31 a barrel Tuesday. Brent crudefor November delivery fell 83 cents to $93.17 a barrel. Wholesale gasolinefor October delivery rose 4 cents to $2.48 a gallon. October heating oilfell 6 cents to $3.54 a gallon. October natural gas rose 3 cents to $8.28 per 1,000 cubic feet.
The American Petroleum Institute (API) reported a build this week for crude...
The American Petroleum Institute (API) reported a build this week for crude oil of 6.035 million barrels, while analysts predicted a draw of 200,000 barrels.
In the week prior, the API reported a surprise build in crude oil inventories of 3.645 million barrels after analysts had predicted a draw of 733,000 barrels.
Distillate stocks saw a build of 1.75 million barrels for the week, on top of last week's 1.833-million-barrel increase.
Cushing inventories were up by 101,000 barrels this week. Last week, the API saw a Cushing decrease of 772,000 barrels. Official EIA Cushing inventory for the week ending September 2 was 24.783 million barrels, down from 25.284 million barrels in the prior week.
Dow posts near 1,300-point drop Tuesday, stocks book worst day since June 2020
U.S. stocks finished sharply lower Tuesday, with all three major...
U.S. stocks finished sharply lower Tuesday, with all three major indexes posting their worst daily drop since June 2020 as high U.S. inflation has proven hard for the Federal Reserve to tame through rate hikes. The Dow Jones Industrial Average DJIA, -3.94% fell about 1,276 points, or 3.9%, ending near 31,104. The S&P 500 index SPX, -4.32% shed 4.3% and the Nasdaq Composite Index COMP, -5.16% tumbled 5.2%. While off the session's worst levels, the plunge for stocks still was the worst daily percentage drop for all three indexes since June 11, 2020, according to Dow Jones Market Data. Investors hit the sell button on equities after the August consumer-price index, or CPI, rose 0.1% in August, though the year-over-year rate slowed to 8.3% from 8.5% in July. That was a higher reading than many on Wall Street expected, spurring some to warn the Fed could raise its benchmark policy rate by as much as 1% at its meeting next week, something the central bank hasn't done since the 1980s.
