U.S. oil futures settle lower after ending last week at the highest since November
Oil futures finished little changed Monday, down by just pennies, after ending last week at their highest...
Oil futures finished little changed Monday, down by just pennies, after ending last week at their highest since November. Oil bulls have been “drawing strength from rising demand hopes as China’s economy re-opens, while a softer dollar seems to be supporting upside gains,” said Lukman Otunuga, manager, market analysis at FXTM. U.S. benchmark oil prices may push higher “not only because of China’s improving outlook, but expectations around the [Federal Reserve] toning down its pace of rate hikes.” When factoring the pending restrictions on Russian oil that are due to commence in February, “the dynamics remain in favor of bulls, with $85 acting as the next key level of interest,” he said. The European Union’s ban on imports of Russian oil products begins on Feb. 5. U.S. benchmark West Texas Intermediate crude for March delivery CLH23, 0.05% fell 2 cents to settle at $81.62 a barrel on the New York Mercantile Exchange.
Gasoline prices continue to climb for the fourth straight week,...
Gasoline prices continue to climb for the fourth straight week, rising 32.7 cents over the last month as crude oil prices rise, data from AAA showed on Monday.
Gasoline prices are up 11.8 cents over a week ago, and are 9.4 cents higher than they were a year ago, before Russia’s “special military operation” in Ukraine. The national average for a gallon of gasoline is $3.423 per gallon as of Monday, according to AAA data.
Gasoline prices are rising along with the rise in WTI crude oil prices, which are up $3 per barrel from a week ago, and up $2 per barrel from a month ago.
Oilfield services giant SLB, formerly Schlumberger, reported net earnings of $1.03 billion, excluding...
Oilfield services giant SLB, formerly Schlumberger, reported net earnings of $1.03 billion, excluding items, for the fourth quarter, surpassing analyst expectations, while revenues from its North America and international businesses increased by 27% and 26%, respectively. "The macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling in oil and gas and in low-carbon energy resources," said SLB CEO Olivier Le Peuch.
U.S. stocks finish higher as Nasdaq's 2% gain paces advance
U.S. stocks finished at their highest level in a month on Monday as strong performances by consumer-technology...
U.S. stocks finished at their highest level in a month on Monday as strong performances by consumer-technology giant Apple Inc. AAPL, +2.35% and chipmaker NVIDIA Inc. NVDA, +7.59% pushed the Nasdaq Composite COMP, +2.01% further into the lead. The Nasdaq gained roughly 223 points, or 2%, to finish at around 11,364, bringing the tech-heavy index’s year-to-date gain to 8.6%, according to FactSet data. The Dow Jones Industrial Average DJIA, +0.76% gained 254 points, or 0.8%, to close at roughly 33,630. The S&P 500 SPX, +1.19% gained 47 points, or 1.2%, to 4,020. The Dow is up approximately 1.5% since the start of the year, while the S&P 500 is up roughly 4.7%. The tech-heavy Nasdaq has outperformed the other major U.S. indexes since the start of 2023, a reversal of the trend from 2022, when the value-heavy Dow outperformed the Nasdaq by the widest margin since 2000, according to Dow Jones Market Data. Investors await a batch of earnings from mega cap technology stocks this week, including Microsoft Corp MSFT, +0.98%.
Midland Basin E&P HighPeak Energy Exploring Possible Sale
Independent E&P HighPeak Energy Inc. is exploring a potential sale of the company among strategic...
Independent E&P HighPeak Energy Inc. is exploring a potential sale of the company among strategic alternatives, the company said in a Jan. 23 press release. The Fort Worth, Texas-based operator, with acreage in the Midland Basin and a market capitalization of about $3 billion, said its board had voted to initiate a “evaluate certain strategic alternatives to maximize shareholder value.”
