U.S. initial jobless claims rise by 21,000 to 218,000 in latest week
The numbers: New U.S. jobless claims rose to a four-month high of 218,000 last week,...
The numbers: New U.S. jobless claims rose to a four-month high of 218,000 last week, but most of the increase appeared tied to just a few states such as Kentucky and California. The number of people applying for unemployment benefits was still extremely low.
Economists polled by the Wall Street Journal forecast initial jobless claims to total 200,000 in the seven days ended May 14. The figures are seasonally adjusted.
Applications for unemployment benefits fell to a 54-year low of 166,000 in March and have hovered around 200,000 since the beginning of the year.
Big picture: The labor market is still extremely strong. Job openings are at record highs and many companies complain they can’t find enough workers.
Seneca Resources Exits California in Deal for Cash, Fewer Emissions
After more than three decades in California, National Fuel Gas Co. said its E&P...
After more than three decades in California, National Fuel Gas Co. said its E&P segment will exit the state, noting the deal would add to its financial flexibility and offer a considerable reduction in emissions.
Under the terms of the deal, buyer Sentinel Peak Resources California LLC will pay $280 million in cash at closing and up to three annual contingent payments, potentially totaling $30 million, from 2023 to 2025. The assets produce about 40 MMcfe/d of which 92% is oil.
National Fuel noted that it will receive about $47,000 per boe/d for what it called “primarily higher cost, steam flood heavy oil production.”
Tallgrass Energy plans gas-to-CO2 pipeline conversion
Tallgrass Energy will convert its Trailblazer natural gas pipeline to transport carbon dioxide from an...
Tallgrass Energy will convert its Trailblazer natural gas pipeline to transport carbon dioxide from an Archer-Daniels-Midland corn-processing plant in Nebraska to Tallgrass' CO2 sequestration hub in eastern Wyoming, which is expected to begin operations in 2024. The CO2 pipeline system will stretch 400 miles across Nebraska, Colorado and Wyoming and have the capacity to transport more than 11 million short tons per year.
U.S. stocks mostly lower after worst day for equities in nearly two years
U.S. stocks extended their slump on Thursday, following the worst slide in close to...
U.S. stocks extended their slump on Thursday, following the worst slide in close to two years for the S&P 500 index in the previous session.
The Dow Jones Industrial Average DJIA was down 152 points, or 0.5%, at 31,337, after falling more than 300 points at the opening bell.
The S&P 500 SPX was off 8 points, or 0.2%, at 3,916.
The Nasdaq Composite COMP ticked up 36 points, or 0.3%, at 11,455.
On Wednesday, the Dow Jones Industrial Average fell 1,165 points, or 3.6%, the S&P 500 declined 4%, and the Nasdaq Composite dropped 4.7%. The drop on Wednesday for the Dow and S&P 500 was the most since June 11, 2020. The intraday low of the year of 3,858.87 is in danger of being tested.
Energy stocks are set to open lower, tracking further falls in the broader market indices, with the S&P...
Energy stocks are set to open lower, tracking further falls in the broader market indices, with the S&P 500 down again and oil and natural gas prices also declining. Financial markets remain under duress, with yesterday’s sharp sell-off set to continue, as the environment of tightening lending, persistent inflation, and a consumer that is signaling it is beginning to spend more conservatively, is maintaining pressure on risk assets.
Oil prices fell on Thursday, following earlier gains, on concerns that high fuel prices could hurt economic growth, but planned easing of restrictions in Shanghai and a tight supply outlook capped losses. Front-month prices for both benchmarks fell about 2.5% on Wednesday. "Slumping stocks led by the US retail sector raised concerns about growth, and with that, demand for fuels," Saxo Bank analyst Ole Hansen said.
Natural gas futures are lower by ~2%, trading around $8.15, ahead of weekly inventory data. Analysts expect an injection of 83 bcf.
