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Energy, Oil, Financing, Banks, Wall Street, Lending, Fossil Fuel

Energy, Oil, Financing, Banks, Wall Street, Lending, Fossil Fuel

Energy Lending Shrinks as Upstream Spending Declines

Presidio, SPAC, Merger, Panhandle

Presidio, SPAC, Merger, Panhandle

Presidio Targets Public Debut in $660M SPAC Deal

Chevron, Exxon, Europe, Oil, Production

Chevron, Exxon, Europe, Oil, Production

Exxon, Chevron Raise Production as Europe Falls Behind

At least four tankers discharged millions of barrels of Russian crude at Indian refineries over the weekend, even as pressure ramps up by USA

At least four tankers discharged millions of barrels of Russian crude at Indian refineries over the weekend, even as pressure ramps up by USA

Tankers Deliver Russian Crude to India Despite USA and EU Pressure

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Lucid’s stock drops more than 5% as losses mount for the EV startup
Lucid Group Inc. shares fell nearly 5% in the extended session Wednesday...
Lucid Group Inc. shares fell nearly 5% in the extended session Wednesday after the EV maker reported a mixed fourth quarter, with revenue below Wall Street estimates, and production guidance also disappointed.

Lucid LCID lost $654 million, or 29 cents a share, in the fourth quarter, compared with a loss of $473 million, or 28 cents a share, in the year-ago period.

The EV maker’s revenue fell to $157.2 million, from $258 million a year ago. Lucid shares have lost about 63% in the past 12 months, which contrasts with gains of around 24% for the S&P 500 index SPX.

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Closing Oil & Gas Prices
Benchmark U.S. crude oil for April delivery ...
Benchmark U.S. crude oil for April delivery rose 87 cents to $77.91 per barrel Wednesday. Brent crude for April delivery rose 69 cents to $83.03 per barrel.

Wholesale gasoline for March delivery rose 1 cent to $2.29 a gallon. March heating oil fell 2 cents to $2.71 a gallon. March natural gas rose 19 cents to $1.77 per 1,000 cubic feet.

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Dow, S&P 500 squeak by with slight gains, avert third straight session of losses
U.S. stocks finished mostly higher on Wednesday, with the Dow Jones Industrial...
U.S. stocks finished mostly higher on Wednesday, with the Dow Jones Industrial Average and S&P 500 advancing within the final half-hour of trading. Still ahead on Wednesday are after-hours earnings results from Nvidia Corp.

The Dow Jones Industrial Average closed up by 48.44 points, or 0.1%, at 38,612.24, based on preliminary figures. It had been down by more than 200 points at its intraday session low.

The S&P 500 ended higher by 6.29 points, or 0.1%, at 4,981.80.

The Nasdaq Composite finished down by 49.91 points, or 0.3%, at 15,580.87. It was the Nasdaq's third consecutive trading day of losses.

Minutes of the Federal Reserve's most recent gathering in January, released on Wednesday, revealed lingering concerns about inflation.

"The Fed still has a few more meetings to see how the labor market and inflation are progressing to make any decisions, though expectations for a short-term bump in inflation in the next few months could make their job a bit more difficult," said Rob Swanke of Massachusetts-based Commonwealth Financial Network.

"Markets are still looking for the June meeting as the likely time for the first rate cut," Swanke wrote in an email.
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Energy Sector Commentary
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the crude complex and the major equity futures which are extending yesterday's declines ahead of the release of the FOMC minutes this afternoon.

WTI and Brent crude oil futures are edging lower as traders continue to focus on forecasts for weak demand and expectations U.S. interest rate cuts may take longer than expected to begin. The losses come despite supply disruptions in the Red Sea and increasing geopolitical tensions. Market participants will be keeping an eye out for any new resolution to the conflict abroad after the U.S vetoed a ceasefire draft, API numbers set to release later today, FOMC minutes and tomorrow's DOE Weekly Petroleum Status report.

Natural gas futures are higher by 12% with the boost coming from CHK's announcement to cut its 2024 capex guidance by 20%.
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Chesapeake Slashing Drilling Activity, Output Amid Low NatGas Prices
Chesapeake Energy plans to start slashing drilling activity next month...
Chesapeake Energy plans to start slashing drilling activity next month as natural gas markets remain oversupplied.

Oklahoma City-brd Chesapeake is currently operating nine drilling rigs, with five in the Louisiana Haynesville Shale and four in the Pennsylvania Marcellus Shale. The company also has two frac crews operating in each region.

But “given current market dynamics,” Chesapeake plans to defer placing wells on production and reduce drilling and completion activity, the E&P reported in fourth-quarter earnings after markets closed on Feb. 20.

Chesapeake is planning to drop a rig in the Haynesville in March and another rig in the Marcellus around mid-year. The company also said it would drop a frac crew in each play next month.

Those activity levels will be maintained through the end of 2024, Chesapeake said.
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