Market volatility has Granholm calling for oil supply boost
Energy Secretary Jennifer Granholm has renewed calls for increased oil supplies to counter prevailing...
Energy Secretary Jennifer Granholm has renewed calls for increased oil supplies to counter prevailing oil market volatility and reaffirmed the Biden administration's commitment to bringing down energy costs. "There is a lot of emotion in these markets and so we have deep concern about trajectories of where things are headed," Granholm said.
Chevron Corp. hit record oil and gas production in the Permian...
Chevron Corp. hit record oil and gas production in the Permian Basin during the second quarter — and blew past some analysts’ expectations — according to preliminary results the U.S. supermajor released prior to its July 28 earnings report.
Chevron’s Permian Basin production of 772,000 boe/d set a new quarterly record—11% higher than the same quarter a year ago, the company disclosed in a surprise filing on July 23.
The company’s Permian oil and gas output increased by about 55,000 boe/d quarter-over-quarter, crushing some predictions. TD Cowen’s second-quarter forecast Chevron production growth was around 12,000 boe/d, the firm wrote in a July 24 report.
The tax agency will no longer make unannounced visits to taxpayers’ homes or businesses to collect payments due (at least in most cases). The IRS said it was halting the controversial practice, which has been around since at least the 1950s, to protect its agents’ safety. Instead, the agency will send letters requesting that the taxpayer schedule an appointment. In specific cases, such as to deliver a summons or subpoena or seize assets, an unannounced visit may still occur, but there are only a few hundred of those each year compared to tens of thousands of more routine visits, according to Reuters.
S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +50.00. Equity...
S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +50.00.
Equity futures have pulled back from their best levels. The S&P 500 futures are up 3 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 50 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are down 1 point and are trading roughly in line with fair value.
Microsoft and Alphabet are trading up in pre-open action in front of their earnings reports after the close today. Other mega caps are also trading up, supporting the broader market.
The U.S. Dollar Index has been climbing, up 0.1% to 101.4
