Expert: Next US oil release could flip crude curve
The oil market is at its smallest premium since January and US emergency oil reserves that are expected...
The oil market is at its smallest premium since January and US emergency oil reserves that are expected to hit the market in May risk creating a temporary glut that could send the crude oil futures curve into contango. PVM Oil Associates analyst Tamas Varga says the "coordinated and unprecedented SPR release puts pressure on the front-end."
A filing with the Securities and Exchange Commission revealed Devon Energy Executive...
A filing with the Securities and Exchange Commission revealed Devon Energy Executive Vice President and Chief Operating Officer Clay Gaspar recently sold nearly $2 million in Devon shares.
The filingshowed his sale of 30,000 Devon shares at a price of $63.75 each, totaling $1,912,500.
The SEC document stated the sale occurred on April 13 of this year.
Gaspar was appointed executive vice president and chief operating officer in January 2021 following Devon’s merger with WPX Energy. He is responsible for Devon’s geosciences, reservoir, production, drilling, completions, facilities, field operations, environmental, health and safety, and ESG functions. ~Source: OK Energy Today
Excelerate Energy Soars in First Big US Market Debut Since Ukraine Invasion
(Reuters) Excelerate Energy Inc (EE) jumped 17.5% in its market debut on Wednesday, riding on investor demand for companies with exposure to liquefied natural gas (LNG) amid the Russia-Ukraine conflict and ending a lull in U.S. capital markets since the invasion. By the close of the market Thursday, it was up $1.15 closing at $28.00 per share.
The company is a provider of floating LNG terminals and owned by Oklahoma-based energy tycoon George Kaiser. Excelerate is also the first LNG-related IPO in the United States since 2019, indicating a reversal in fortunes for fossil fuel companies as crude oil and natural gas prices bounced back from pandemic lows.
WASHINGTON — The Biden administration announced on Friday that it...
WASHINGTON — The Biden administration announced on Friday that it would resume selling leases for new oil and gas drilling on public lands, but would also raise the federal royalties that companies must pay to drill, which would be the first increase in those fees in more than a century.
The Interior Department said in a statement that it planned to open up 145,000 acres of public lands in nine states to oil and gas leasing next week, the first new fossil fuel permits to be offered on public lands since President Biden took office.
MarketWatch: What Good Friday and the Easter holiday mean for markets in the U.S. and abroad
It’s a shorter week for markets heading into Easter weekend, with U.S. stock exchanges...
It’s a shorter week for markets heading into Easter weekend, with U.S. stock exchanges closed. The beginning of Passover, a roughly weeklong holiday, also coincides this year with Good Friday. In Europe, stock exchanges will be closed on Good Friday, April 15, through Easter Monday, April 18, and reopening on Tuesday.
This Easter holiday comes during a difficult stretch for both Wall Street and Main Street, with the S&P 500 index SPX,Dow Jones Industrial AverageDJIA and Nasdaq Composite Index COMP each down in a range of around 6% to 13% so far in 2022, according to FactSet.
After the Easter pause, investors will turn their focus back to quarterly earnings to gauge the effects of high inflation on companies and their customers. They also will be gearing up for the Fed’s two-day meeting from May 3 to 4, when the fed funds rate may be raised by a half-point, instead of the more typical quarter-point move. The start of significant Fed balance sheet reduction also could kick-off when the meeting concludes.
