ChampionX exec: US metals tariffs to hurt oilfield firms
New US tariffs on steel...
New US tariffs on steel and aluminum imports could add cost pressures on oilfield service firms, as many components used in oilfield equipment come from China, ChampionX Regional Business Development Director Steve Davoren. The company hopes to finalize its $8 billion merger with SLB in the current quarter, pending regulatory approvals in the UK and Australia.
US oil, gas production defies falling rig activity
The Energy Information Administration has lifted its US oil production...
The Energy Information Administration has lifted its US oil production forecast for 2025 to 13.59 million barrels per day while keeping its domestic demand outlook unchanged at 20.5 million bpd. Dry gas output is also expected to climb from an average 103.7 Bcf/d in the first quarter to nearly 106 Bcf/d in the fourth quarter. These growth projections contrast with expectations for continued rig activity declines.
Crude oil stockpiles in the U.S., the world's biggest...
Crude oil stockpiles in the U.S., the world's biggest oil producer and consumer, rose by 9.4 million barrels in the week ending February 7, according to sources citing American Petroleum Institute data on Tuesday.
Gasoline inventories fell by 2.51 million barrels, and distillate stocks dropped by 590,000 barrels, the sources said the API data showed.
Data from the Energy Information Administration will be released later on Wednesday.
Federal Reserve Chair and famed Deadhead Jerome Powell spoke to the Senate...
Federal Reserve Chair and famed Deadhead Jerome Powell spoke to the Senate Banking Committee yesterday as part of his semiannual address to Congress—and he said a lot without saying much. He...1) confirmed the Fed is in no hurry to cut interest rates again 2) encouraged lawmakers to cut the deficit 3) acknowledged it’s “possible” Trump’s tariffs will worsen inflation 4) denied the Fed will develop its own digital currency as long as he’s in charge and 5) defended his staff, saying they’re “overworked,” not overstaffed.
Ford CEO says tariffs could “blow a hole” in the auto industry. Today’s...
Ford CEO says tariffs could “blow a hole” in the auto industry. Today’s panicked tariffs quote goes to Ford Motor CEO Jim Farley, who said President Trump’s plan to impose 25% tariffs on steel and aluminum is already sowing “chaos” in the car industry. Though most of Ford’s steel is sourced in the US, some of its suppliers source the materials from abroad, which Farley said could hurt costs, CNBC reported. In other tariff news, Coca-Cola might start selling more drinks in plastic bottles, since it imports the aluminum in its soda cans from Canada.
The Gaza ceasefire is in jeopardy after Israeli Prime Minister Benjamin Netanyahu threatened to resume fighting if Hamas does not release hostages by Saturday. Hamas accused Israel of violating the agreement by delaying the entry of aid into Gaza. Meanwhile, Jordan’s King Abdullah met with President Trump at the White House after Trump said he could withhold aid to the country if it doesn’t agree to take in displaced Palestinians as part of Trump’s plan for the US to control Gaza.
The 2025 Super Bowl averaged 126 million viewers across TV and streaming, a 2% increase from last year’s game and a new all-time record.
Italy performed its biggest crackdown on the Sicilian mafia in decades, arresting 160 members of Cosa Nostra following a wiretap investigation, the Financial Times reported.
Netflix is looking into expanding to video podcasts, and at one point pursued a deal with Call Her Daddy host Alex Cooper, Business Insider reported.
BuzzFeed is launching a new AI-powered social platform “to spread joy and enable playful creative expression,” CEO Jonah Peretti said.
