Stocks end higher after job revisions, Fed minutes set the stage for rate cut
Stocks finished with modest gains Wednesday, buoyed after...
Stocks finished with modest gains Wednesday, buoyed after the S&P 500 snapped an eight-day winning streak in the previous session.
A revision of U.S. jobs data in the 12 months through March showed the U.S. economy added 818,000 fewer jobs than previously estimated over that period -- a large change that underlined worries over the state of the jobs market but was less than the 1 million figure some economists had forecast.
Minutes of the Federal Reserve's July meeting affirmed that most policymakers were prepared to cut rates in September if data remained on track.
According to preliminary figures, the Dow Jones Industrial Average rose 55 points, or 0.1%, to close at 40,894. The S&P 500 gained 0.4% to end near 5,621, while the Nasdaq Composite advanced 0.6%, finishing near 17,919.
TMX expansion offers limited relief to West Coast refiners
The expanded Trans Mountain pipeline has delivered less benefit than...
The expanded Trans Mountain pipeline has delivered less benefit than anticipated to US West Coast refiners so far. Counter to expectations, most of the additional Canadian crude barrels were shipped to Asia instead of to the US. However, the influx of Canadian heavy crude is starting to push down prices for Alaskan North Slope and other crudes, signaling potential cost savings for West Coast refiners in the near future.
NextDecade backs away from Rio Grande LNG CCS plans
NextDecade is no longer pursuing a Federal Energy Regulatory Commission...
NextDecade is no longer pursuing a Federal Energy Regulatory Commission permit to build a carbon capture and storage facility at its proposed Rio Grande LNG export facility in Texas. NextDecade CEO Matt Schatzman said project development hasn't progressed enough to justify continuing the FERC review process.
U.S. Added 818,000 Fewer Jobs Than Reported Earlier
The U.S. economy added far fewer jobs...
The U.S. economy added far fewer jobs in 2023 and early 2024 than previously reported, a sign that cracks in the labor market are more severe — and began forming earlier — than initially believed.
On Wednesday, the Labor Department said that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent.
Chevron Corp. plans to pump 1 MMboe/d from its Permian...
Chevron Corp. plans to pump 1 MMboe/d from its Permian Basin footprint by 2025. But less than a decade ago, the supermajor’s legacy assets in West Texas and New Mexico produced fewer than 100,000 boe/d.
Chevron has more than 2 million net acres in the Permian Basin today, with a weighting more toward the Delaware Basin than the Midland Basin, CEO Mike Wirth said Aug. 20 during the 2024 EnerCom Denver conference.
