Lower energy prices raise odds of US shale drilling slump
An up to 20% drop in US shale drilling activity is possible over the next year if current energy prices...
An up to 20% drop in US shale drilling activity is possible over the next year if current energy prices persist, private equity player Quantum Energy Partners has warned. Maintaining the present rate of drilling and fracking work would require crude oil prices of $80 per barrel and gas prices of $3 per million British thermal units, Quantum CEO Wil VanLoh estimated.
Oil, gas permitting activity up sequentially in Feb.
Evercore ISI has reported that 2,929 permits for...
Evercore ISI has reported that 2,929 permits for oil and natural gas exploration were approved in the contiguous US in February, marking an increase of 211 from January but a decrease of 8.8% from February 2022. Permitting activity fell by 26% in the Powder River Basin and by 18% in smaller plays, while gains were recorded in the Marcellus Shale, Denver-Julesburg/Niobrara and the Eagle Ford Shale.
Major U.S. stock indexes end volatile session in positive territory
U.S. stocks ended modestly higher Thursday in choppy trade as...
U.S. stocks ended modestly higher Thursday in choppy trade as worries about potential weakness in the banking system resurfaced a day after the Federal Reserve increased hikes by 25 basis points.The Dow Jones Industrial Average DJIA rose about 73 points, or 0.2%, ending near 32,103, down about 400 points from the session’s high. The S&P 500 index SPX gained 0.3% and the Nasdaq Composite IndexCOMP closed up 1%, according to preliminary figures from FactSet. Stocks closed off the session’s highs but gained ground after Treasury Secretary Janet Yellen told a Senate committee that the federal government would take extra steps to stabilize the U.S. banking system, if necessary.
Calif. bill to combat price gouging clears first hurdle
A bill passed by California's Senate Energy, Utilities,...
A bill passed by California's Senate Energy, Utilities, and Communications Committee on Wednesday aims to prevent price gouging by oil companies by giving the California Energy Commission the power to impose a maximum gross gasoline refining margin and penalize refiners who violate it. The bill, which has received pushback from the industry, would also require refiners to report their net gasoline refining margin per barrel, create a Division of Petroleum Market Oversight and allow violations to be referred to the California attorney general for prosecution.
The Ukraine war and the global energy crisis sent profits from commodities trading to record levels last...
The Ukraine war and the global energy crisis sent profits from commodities trading to record levels last year, but some traders told a commodities summit in Switzerland that 2023 will not repeat the windfall figures due to more conservative price volatility, profitability, and margins. Trafigura chief financial officer Christophe Salmon says he believes the volatility is here to stay, noting that the energy transition "intrinsically will trigger more volatility in a number of markets."
