S&P, Dow post first weekly loss out of three after U.S. downgrade
US. stocks closed lower Friday, capping off a volatile week that...
US. stocks closed lower Friday, capping off a volatile week that finished with losses after Fitch took away its top AAA ratings for the U.S. and government bond yields embarked on a wild ride. The Dow Jones Industrial Average DJIA fell about 150 points, or 0.4% on Friday, ending near 35,065, according to preliminary FactSet data. The S&P 500 IndexSPX shed 0.5% and the Nasdaq Composite Index closed 0.4% lower. For the week, the Dow posted a 1.1% decline, the S&P 500 a 2.3% drop and the Nasdaq shed 2.9% since Monday, according to FactSet. Investors were focused on July jobs data released on Friday for clues to the health of the economy and potential next moves by the Federal Reserve on rates.
Better-than-expected well performance recorded in recent months has prompted leading US shale producers...
Better-than-expected well performance recorded in recent months has prompted leading US shale producers such as Diamondback Energy and Pioneer Natural Resources to lift their production forecasts, marking a turnaround from last year's productivity dip. Technical innovations such as extended horizontal drilling have enhanced production efficiency, but some industry insiders are wary of the heightened risks associated with these drilling practices.
ConocoPhillips has secured agreements to purchase 2.42 million short tons of liquefied natural gas annually...
ConocoPhillips has secured agreements to purchase 2.42 million short tons of liquefied natural gas annually from Mexico Pacific's Saguaro LNG export facility over 20 years, contingent on a final investment decision for the project. The Saguaro plant will produce LNG from gas sourced from the Permian Basin via a dedicated pipeline and export it primarily to Asia.
Project delays put La. LNG sector's resilience to the test
Regulatory hurdles, financing difficulties and mounting competition have led to setbacks for multiple...
Regulatory hurdles, financing difficulties and mounting competition have led to setbacks for multiple liquefied natural gas export projects planned in Louisiana, raising questions about the industry's future expansion in the state. However, American Petroleum Institute Vice President of Natural Gas Markets Rob Jennings isn't worried about a slowdown, pointing out that five final investment decisions have been made since Russia's invasion of Ukraine.
The energy sector is off to a mixed to higher start, supported by strength in the crude complex and in the major equity futures.U.S. stock index futures turned higher as data showed July job growth in the United States was softer-than-expected, but retained enough momentum to likely shield the economy from a recession amid aggressive tightening by the Federal Reserve.
WTI and Brent crude oil futures are trading higher for the second-straight session after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through September. Following the meeting of an OPEC+ ministerial panel, the group made no changes to the current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further. The group's output cuts, excluding the additional voluntary reductions from the three producers, amount to 3.66 million bpd, roughly 3.6% of global demand. The JMMC will hold its next meeting on Oct. 4.
Natural gas futures are down in early trading,retreating from yesterday’s gains while the NOAA's 6-10 day outlook shows above-normal temps across most of the western and southern US, especially over southeastern NM and western TX.
