Dow ends 400 points lower Tuesday after historic Taiwan visit defies China
U.S. stocks closed lower for a second straight day on Tuesday, after U.S. House Speaker Nancy...
U.S. stocks closed lower for a second straight day on Tuesday, after U.S. House Speaker Nancy Pelosi defied China with a historic visit to Taiwan. The blue chip Dow Jones Industrial Average [djia] shed about 401 points, or 1.2%, ending near 32,396, while the S&P 500 index SPX, -0.66% closed 0.7% lower and the Nasdaq Composite Index COMP, -0.16% shed 0.2%. Stocks tumbled into the close, ended near the session's worst levels after Pelosi became the highest ranking elected U.S. official to visit the island in 25 years. Although, diplomatic tensions between the U.S. and China weren't the only focus for investors. Two top Federal Reserve officials also warned on Tuesday that expectations for the central bank to soon retreat from its aggressive rate-hiking stance, designed to curb high inflation, may be misguided, at least until U.S. costs of living start to retreat.
Hess Corporation has reported an oil reserve discovery at the Huron exploratory well...
Hess Corporation has reported an oil reserve discovery at the Huron exploratory well in the Gulf of Mexico drilled on the Green Canyon Block 69. The company said it had found "high quality, oil-bearing Miocene-aged reservoirs" in a "working petroleum system." Well results are still being evaluated and an appraisal sidetrack is planned.”
Hess is the operator with a 40% interest and Chevron and Shell each has 30%. The Green Canyon area hosts Hess’ Stampede tension-leg platform.
Crude oil prices trade modestly higher after Monday’s sharp decline
Crude oil prices traded modestly higher early Tuesday following sharp ...
Crude oil prices traded modestly higher early Tuesday following sharp losses on Monday as traders awaited an upcoming meeting of the Organization of Petroleum Exporting Countries and its allies due Wednesday.
October Brent crude, BRN00, +0.18%BRNV22, 0.19% the global benchmark, gained 44 cents, or 0.5%, to $100.48 per barrel.
Back on Nymex RBU22, +0.14%, September gasoline fell 2 cents, or 0.6%, to $2.98 per gallon, while September heating oil HOU22, -1.31% fell 5 cents, or 1.6%, to $3.34 per gallon.
September natural gas NGU22, -6.11% fell 22 cents, or 2.7%, to $8.06 per million British thermal units.
Russia says it can't do much to help with Nord Stream 1 gas pipeline repairs after it slashed flows to Europe again
Russia says it can't do much to help with repairs to the Nord Stream 1 natural gas pipeline, Kremlin...
Russia says it can't do much to help with repairs to the Nord Stream 1 natural gas pipeline, Kremlin spokesman Dmitry Peskov told Reuters on Monday.
"There are malfunctions which require urgent repairs and there are certain artificial difficulties which were caused by sanctions," Peskov said. "This situation needs a fix and Russia has little ability to help here," he added.
LONDON — U.K. oil giant BP on Tuesday raised its...
LONDON — U.K. oil giant BP on Tuesday raised its dividend and boosted share buybacks after tripling second-quarter profits on robust refining margins and trading.
The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $8.5 billion.
That compared with a profit of $6.2 billion in the first three months of the year and $2.8 billion for the second quarter of 2021. Analysts had expected BP to report a first-quarter profit of $6.3 billion, according to Refinitiv.
BP also announced a 10% increase in its quarterly dividend payout to shareholders, raising it to 6.006 cents per ordinary share. It also increased its share repurchases plan for the current quarter to $3.5 billion.
