Benchmark U.S. crude oilfor June delivery rose $1.82 to $73.16 a barrel Monday. Brent crudefor July delivery rose $1.71 to $77.01 a barrel.
Wholesale gasolinefor June delivery rose 8 cents $2.46 a gallon. June heating oilrose 7 cents $2.38 a gallon. June natural gasrose 10 cents to $2.24 per 1,000 cubic feet.
Yellen warns debt-ceiling breach would have ‘adverse impact’ on U.S. dollar’s status
Treasury Secretary Janet Yellen on Monday warned a breach of the U.S. debt ceiling could cause “financial...
Treasury Secretary Janet Yellen on Monday warned a breach of the U.S. debt ceiling could cause “financial chaos” and downgrade the status of the U.S. dollar as the world’s reserve currency.
Yellen spoke in a CNBC interview a day before President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet at the White House to discuss the debt ceiling. McCarthy, a California Republican, is insisting on spending cuts in exchange for raising the $31.4 trillion borrowing limit. Biden wants the debt ceiling to be raised without conditions.
Yellen said there’s a “very large gap” between Biden and Republicans on fiscal matters, and urged that the debt ceiling be raised and that the parties negotiate spending.
Devon Energy's profit rose slightly in the first quarter from a year earlier after sales inched higher....
Devon Energy's profit rose slightly in the first quarter from a year earlier after sales inched higher. The Oklahoma City-based oil and gas producer reported net income of $995 million, compared with $989 million in the same period of 2022. Earnings per share increased to $1.53 from $1.48 cents, while adjusted earnings per share reached $1.46. Total revenue rose slightly to $3.82 billion from $3.81 billion.
The sales and profit figures outperformed market expectations. The consensus compiled by FactSet was for revenue of $3.27 billion and for net income of $914 million.
The company said its oil production reached a record high of 320,000 barrels per day during the first quarter.
U.S. stocks closed mixed Monday, showing little improvement after the Federal Reserve’s senior...
U.S. stocks closed mixed Monday, showing little improvement after the Federal Reserve’s senior loan officer opinion survey on bank lending practices showed a tightening in credit conditions in the first quarter. The Dow Jones Industrial Average DJIA, -0.17% ended 0.2% lower, while the S&P 500 SPX, +0.05% edged up 0.1% and the Nasdaq Composite COMP, 0.18% rose 0.2%, according to preliminary data from FactSet. The Fed’s survey, released Monday afternoon, said “banks cited a less favorable or more uncertain economic outlook, reduced tolerance for risk, deterioration in collateral values, and concerns about banks’ funding costs and liquidity positions.” The survey found weaker demand for commercial and industrial loans, real estate loans, and auto and consumer loans, but demand was “basically unchanged” for credit cards.
Despite declining natural gas prices, gas operators are...
Despite declining natural gas prices, gas operators are opting to keep drilling activity steady, counting on demand from upcoming liquefied natural gas facilities and improved balance sheets to help them weather the current oversupply and subdued price environment. Executives and analysts caution that scaling back activity too quickly could hurt drillers' competitive edge and ability to keep up with future demand.
