The energy sector is experiencing a mixed to higher start supported by...
The energy sector is experiencing a mixed to higher start supported by mild strength in the crude complex and in the major equity futures. U.S. stock index futures climbed, as chip and megacap stocks continued their ascent, while the ongoing corporate earnings season and hints on the timing of interest-rate cuts dominated investors' watch list.
WTI and Brent crude oil futures are trading near the flatline after two consecutive sessions of gains as Middle East tensions and oil output disruptions caused by cold weather in the U.S. balanced concerns about the health of the Chinese and global economies.Although the Middle East tensions have not shut down any oil production, supply outages continue in Libya and about 40% of oil output in North Dakota remained shut due to extreme cold.
Natural gas futures are extending their slide for the fourth-straight day as record demand and shut-in production due to freeze-offs is more than offset by seasonally warmer forecasts for the back third of January.
In earnings news, SLB kicked off earnings for the oilfield services and beat analysts' estimates for...
In earnings news, SLB kicked off earnings for the oilfield services and beat analysts' estimates for quarterly profit as resilient offshore and overseas drilling activity buoyed demand for its oilfield services and equipment. The company reported net income, excluding charges and credits, of 86 cents per share, for the three months ended Dec. 31, compared with analysts' average estimate of 84 cents per share. Revenue from international operations rose 18% to $7.29 billion in the year's final quarter while North America remained flat. Results benefited from the acquisition of a subsea equipment business, which accounted for 70% of the quarter's sequential revenue gain.
U.S. government shutdown averted as Congress extends funding into March
U.S. lawmakers on Thursday approved a measure funding the federal government through early March, avoiding...
U.S. lawmakers on Thursday approved a measure funding the federal government through early March, avoiding a partial shutdown that would have begun Saturday morning and buying themselves more time to hash out a bigger funding package.
After passing through both the Senate and the House of Representatives, the bill now goes to President Joe Biden for signature.
The bill funds some departments — including Agriculture, Transportation, and Energy — through March 1, while the rest of the government, including the Pentagon, would be funded through March 8. Shutdowns would ensue after those dates without further spending measures.
Panama Canal officials announced they would reduce the daily number of vessels allowed to transit the shipping passage to 24, down from the average of 36 this time last year, amid severe drought conditions. Estimated losses from the cutbacks are expected to cost Panama nearly $700M this year and have domino effects on global shipping.
All LNG diverted from Red Sea due to conflict threats
All shipments of liquefied natural gas have been diverted...
All shipments of liquefied natural gas have been diverted from the Red Sea to routes including the Cape of Good Hope due to threats from Houthi rebel attacks. LNG prices are relatively stable, with Reuters analyst Clyde Russell noting that "current market dynamics are flexible enough to compensate without putting significant upward pressure on spot prices."
