Norway to Ramp Up Offshore Wind in Drive to Go Green
Norway unveiled plans on May 11 for a major expansion in offshore wind energy by 2040,...
Norway unveiled plans on May 11 for a major expansion in offshore wind energy by 2040, aiming to turn a country that has built its wealth on oil and gas into an exporter of renewable electricity.
The center-left government, which has come under fire from environmentalists for continuing to support the oil and gas industry, set a target to develop 30 gigawatts (GW) of offshore wind capacity by 2040.
“This would nearly double our power output,” Prime Minister Jonas Gahr Stoere told a news conference.
MarketWatch: U.S. stocks bounce in choppy trade after CPI shows inflation slows less than expected
Major stock indexes were higher in choppy price action after an eagerly awaited consumer price...
Major stock indexes were higher in choppy price action after an eagerly awaited consumer price index reading showed U.S. inflation slowed less than expected in April.
The Dow Jones Industrial Average DJIA rose 263 points or 0.8%, to 32,423, after swinging between gains and losses after the opening bell.
The S&P 500 SPX was up 34 points, or 0.9%, at 4,035.
The Nasdaq Composite COMP ticked up 68 points, or 0.6%, to 11,806.
On Tuesday, the Dow industrials fell 0.3% to close at 32,160.74, a fourth straight day of losses that marked its largest four-day percentage decline since the stretch ending Oct. 29, 2020. The S&P 500 snapped a three-day losing streak with a gain of 0.2%, while the Nasdaq Composite advanced 1%.
The energy sector is off to a higher start, supported by strength in the underlying commodities despite...
The energy sector is off to a higher start, supported by strength in the underlying commodities despite weakness in the major market futures. U.S. stock futures turned negative as investors digested the release of the CPI data, which showed consumer prices rose more than expected in April, fueling concerns about a more hawkish Federal Reserve. As earnings season continues, U.S. oil and gas producer Occidental Petroleum Corp beat Wall Street's earnings estimates and swung to a profit from a year-ago loss, supported by soaring oil prices.
Natural gas futures rose this morning on forecasts for higher demand next week and as Russian gas flows to Europe via Ukraine fell by a quarter, the first-time exports via Ukraine have been disrupted since the invasion.
Oil Price Fundamental Daily Forecast – Rebounding Ahead of EIA Data after Shrugging Off Unexpected API Build
U.S. West Texas Intermediate and international benchmark Brent crude oil futures are edging higher...
U.S. West Texas Intermediate and international benchmark Brent crude oil futures are edging higher early Wednesday as traders shrugged off a potentially bearish private industry inventories report released late Tuesday. The focus now shifts to the official weekly inventory data from the U.S. Energy Information Administration (EIA), due to be released at 14:30 GMT.
Houston-based company Occidental Petroleum is the latest oil producer to benefit from...
Houston-based company Occidental Petroleum is the latest oil producer to benefit from high commodity prices, despite lower production volumes. Fuel prices have jumped following sanctions on Russia over its invasion of Ukraine in February.
Occidental’s plan to produce oil while it develops technology to tap carbon emissions from fossil fuels gained a renewed vote of confidence after Warren Buffett’s Berkshire Hathaway Inc. raised its stake in the company to about 15.2%.
Occidental reported a $2.1 billion adjusted profit—or $2.12 per diluted share—above the $2.03 per share estimates.
Occidental used some of the extra cash from oil sales to pay another $3.3 billion in debt. And confirmed its previous plan to cut debt to $20 billion in the short term.
