Benchmark U.S. crude oil for August delivery rose $1.34 to $72.53 a barrel Wednesday. Brent crudefor August delivery rose $1.22 to $77.12 a barrel.
Wholesale gasoline for July delivery rose 1 cent $2.62 a gallon. July heating oilrose 8 cents to $2.56 a gallon. July natural gasrose 11 cents to $2.60 per 1,000 cubic feet.
U.S. stocks fall for third day as Powell reaffirms the Fed is not done raising interest rates
U.S. stocks finished lower on Wednesday for a third straight day after Federal Reserve Chairman...
U.S. stocks finished lower on Wednesday for a third straight day after Federal Reserve Chairman Jerome Powell warned that policymakers still expect more interest-rate increases this year to combat inflation, doubling down on his hawkish tone that the central bank isn’t done with its aggressive monetary tightening campaign.
The Dow Jones Industrial Average DJIA, -0.30% was off 102.35 points, or 0.3%, to end at 33,951.52
The S&P 500 SPX, -0.52% dropped 23.02 points, or 0.5%, to finish at 4,365.69
The Nasdaq Composite COMP, -1.21% lost 165.09 points, or 1.2%, ending at 13,502.20.
Kodiak Gas Services Aims for $1.65B Valuation in US IPO
Oilfield services...
Oilfield services provider Kodiak Gas Services is looking to raise at least $300 million in an initial public offering that could value the firm at around $1.65 billion.The company anticipates a significant need for additional compression horsepower in the Permian Basin and Eagle Ford Shale, as the Gulf Coast liquefied natural gas industry's expansion drives gas production growth in those regions.
Phillips 66 Completes $3.8B Acquisition of DCP Midstream Interests
Phillips 66 completed an acquisition of publicly held common stock representing limited partner interests...
Phillips 66 completed an acquisition of publicly held common stock representing limited partner interests in DCP Midstream for $41.75 per common unit in cash, the company said in the press release.
Phillips 66’s economic interest in DCP Midstream is now raised to 86.8% as a result of this deal. DCP Midstream’s common units will no longer be listed on the New York Stock Exchange.
The Houston-based energy company holds interests in midstream, chemicals, refining and marketing, and specialties businesses. DCP Midstream is an MLP with a portfolio including a variety of assets, including gathering, processing, logistics, and marketing.
The energy sector is off to a flat to lower start, tracking modest gains in crude. U.S. stock futures are lower as investors await Chairman Powell’s semiannual monetary policy testimony before the House Financial Services Committee beginning at 10 a.m. ET.
WTI and Brent crude oil future steadied and turned higher while the market remains cautious ahead of Chairman Powell’s testimony later today, and on the prospect, the Bank of England will be hawkish in their monetary policy decision tomorrow. Two Fed policymakers and an economist are set to join Mr. Powell with their focus expected to remain on bringing down inflation. British inflation held at 8.7% in May, defying predictions of a drop and increasing expectations the Bank of England will raise interest rates by an estimated 50 basis points on Thursday. Analysts predict a drawdown in U.S crude stocks when the API figures are released later this afternoon, with estimates predicting inventories fell by about 400K barrels in the week ending June 16.
Natural gas futures edged lower this morning on forecasts for higher inventories as a consensus for EIA weekly storage data due tomorrow has a build of +93 Bcf vs the 5-year average of +86 Bcf.
