The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major market futures which traded lower as rising geopolitical tensions between Russia and the West posed compounded lingering investor worries about aggressive policy tightening by the Federal Reserve to combat surging inflation. Market participants will be looking to the producer prices data for January and minutes from the U.S. central bank's most recent monetary policy meeting later this week.
Oil majors face backlash as era of big profits returns
Soaring energy prices have brought massive profits to oil majors -- along with fierce criticism from...
Soaring energy prices have brought massive profits to oil majors -- along with fierce criticism from environmentalists and politicians at a time when consumers are left with rising bills.
US firm ExxonMobil, France's TotalEnergies, and UK giants Shell and BP announced in the past week 2021 profits totaling a whopping $66.7 billion.
ExxonMobil went from a $22.4 billion loss in 2020 to a $23 billion profit in 2021.
Shell was $20.1 billion in the green last year after a $21.7 billion loss in 2020.
TotalEnergies went from a historic $7.2 billion loss to a 15-year high profit of $16 billion.
BP's recovery was not as big, going from $20.3 billion in the red to $7.6 billion in the green.
(World Oil) — Baker Hughes rig count released Friday shows the United States has added 22 rigs since...
(World Oil) — Baker Hughes rig count released Friday shows the United States has added 22 rigs since last week, bringing its total count to 635. This shows an increase of 238 rigs from last year and brings North America’s total rig count to 854.
Compared to a record low U.S. count of 244 in August 2020, the rig count is up 160%.
Of the 22 rigs added in the United States, 13 are in Texas. Utah, Pennsylvania, Oklahoma, and North Dakota all saw rig increases, while Louisiana and West Virginia both decreased by one.
In the U.S., 617 rigs are on land, 16 are offshore and two are in inland waters, Baker Hughes shows. The majority of U.S. rigs, 516, are oil rigs.
Dow sheds 500 points Friday, stocks book weekly declines on Ukraine and inflation concerns
U.S. stocks closed sharply lower Friday as heightened concern that Russia may soon invade...
U.S. stocks closed sharply lower Friday as heightened concern that Russia may soon invade Ukraine sent oil prices spiking and investors to dump risky assets like equities. Investors also weighed a sharp drop in consumer sentiment and a pickup in near-term inflation expectations.
All three major stock benchmarks saw a weekly decline, halting a two-week advance. The tech-laden Nasdaq Composite suffered the biggest drop.
FROM MARKETWATCH:
The Dow Jones Industrial AverageDJIA dropped 503.53 points, or 1.4%, to close at 34,738.06.
The S&P 500SPX fell 85.44 points, or 1.9%, to end at 4,418.64.
The Nasdaq CompositeCOMP fell 394.49 points, or 2.8%, to finish at 13,791.15.
Friday’s fall turned the S&P 500 lower for the week, down 1.8%. The Nasdaq saw a weekly drop of 2.2%, while the Dow fell 1% for the week.
On Thursday,the Dow fell 526 points, or 1.5%, while the S&P 500 dropped 1.8% and the Nasdaq dropped 2.1%.
IEA warns of 'small cushion' in oil markets, expects supply shortfall to deepen
The oil market has "only a small cushion" due to dwindling spare capacity and shrinking...
The oil market has "only a small cushion" due to dwindling spare capacity and shrinking stocks, the International Energy Agency said Feb. 11, cautioning that the supply shortfall could deepen if OPEC+ continues to struggle to raise output.
"If the persistent gap between OPEC+ output and its target levels continues, supply tensions will rise, increasing the likelihood of more volatility and upward pressure on prices," the IEA said in its monthly oil market report.
