Shell blames oil, gas margin calls for billions in cash outflows
LONDON (Reuters) - Shell said on Thursday it diverted $7 billion of its cash flows partly...
LONDON (Reuters) - Shell said on Thursday it diverted $7 billion of its cash flows partly to cover hefty oil and gas margin calls, becoming the first company to publicly acknowledge the pressure commodities traders have faced in 2022 from extreme price rises and volatility.
Shell, together with other majors, utility companies, trading houses and banks, signed a letter in March urging governments and financial institutions such as central banks to set up an emergency liquidity mechanism to help energy markets cope with the extreme volatility caused by Russia's invasion of Ukraine.
The rig count in the Permian Basin was up nine this week, the latest count Friday by...
The rig count in the Permian Basin was up nine this week, the latest count Friday by Baker Hughes shows, with 332 rigs active in the region. A year ago, 224 rigs were active in the region.
Nationally, the oil and gas rig count is up 16 from last week at 689 rigs. A year ago, 432 rigs were active. The count shows that 546 rigs sought oil,up 13 from the previous week, and 141 explored for natural gas, up three from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.
The regional benchmarkPlains-West Texas Intermediate Posting ended Friday at $94.74 per barrel, down $1.01 from last Friday’s close. National benchmarkWest Texas Intermediate crude ended at $98.26 per barrel, down $1.01 from the previous week.
🔥From Twitter: Oil prices settle up 2%, post weekly loss - Nat gas falls too
Benchmark U.S. crude oil for May delivery rose $2.23 to $98.26 a barrel Friday. Brent crude for June...
Benchmark U.S. crude oil for May delivery rose $2.23 to $98.26 a barrel Friday. Brent crude for June delivery rose $2.20 to $102.78 a barrel. Wholesale gasoline for May delivery rose 9 cents to $3.13 a gallon. May heating oil rose 5 cents to $3.32 a gallon. May natural gas fell 8 cents to $6.28 per 1,000 cubic feet.
For the week,the Dow, the S&P 500, and the Nasdaq fell 0.3%,1.3%, and more than 3%, respectively. Friday marked a continuation for the Nasdaq, which slipped 3.9% the week ended April 1.
Frontline and Euronav Merge to Create Tanker Giant in $4.2 Billion Stock Deal
Two of shipping’s biggest names,...
Two of shipping’s biggest names, Norway-based Frontline Ltd. and Belgium’s Euronav NV, have agreed to merge in a move that would create one of the world’s biggest tanker owners.
The all-stock deal announced Thursday, which has been approved by both the companies’ boards, involves an exchange of 1.45 Frontline shares for each Euronav share. The exchange will result in Euronav shareholders owning 59% of the merged entity and Frontline investors controlling 41%.
It will have a market capitalization of around $4.2 billion, based on trading levels as of Wednesday, and a combined fleet of 69 very large crude carriers and 77 smaller tankers.
