Oil prices tally their first weekly loss in 5 weeks
Oil futures tallied their first weekly loss in five weeks...
Oil futures tallied their first weekly loss in five weeks on Friday as recent comments from President Donald Trump suggested he would pressure major oil producers to boost crude output.
Prices, however, ended slightly higher for the trading session, a day after settling at their lowest in two weeks, as traders continued to weigh uncertainty surrounding the president’s energy policies.
West Texas Intermediate crude for March delivery edged up by 4 cents, or nearly 0.1%, to settle at $74.66 a barrel on the New York Mercantile Exchange. Prices based on the front month ended 3.5% lower for the week, according to Dow Jones Market Data.
March Brent crude the global benchmark, added 21 cents, or 0.3%, at $78.50 a barrel on ICE Futures Europe, settling 2.8% lower for the week.
February gasoline shed 0.8% to $2.05 a gallon, for a weekly loss of 3%, while February heating oil gained 1.8% to $2.52 a gallon, ending down by 4% for the week.
Natural gas for February delivery added 2.1% to $4.03 per million British thermal units, for a 2% weekly rise.
U.S. stocks end lower but book weekly gains after Trump returns to White House
The U.S. stock market closed lower Friday as the technology sector slumped, but all three...
The U.S. stock market closed lower Friday as the technology sector slumped, but all three major benchmarks booked weekly gains after President Donald Trump returned to the White House.
The Dow Jones fell 0.3% Friday, while the S&P 500 shed 0.3% and the tech-heavy Nasdaq Composite dropped 0.5%, according to preliminary data from FactSet. All three indexes booked back-to-back weekly gains, following Trump’s inauguration on Monday.
For the week, the Dow rose 2.2%, the S&P gained 1.7% and the Nasdaq climbed 1.7%, the preliminary data show.
Shutdown of LyondellBasell's Houston refinery on track
LyondellBasell's 263,776-barrel-per-day refinery will begin shutting...
LyondellBasell's 263,776-barrel-per-day refinery will begin shutting down this weekend as planned, a process expected to conclude by late February and affect 400 employees. The company plans to repurpose the site for recycling plastic into pellets after 2027.
Venture Global has cut the price range for the 70 million shares it plans to market in an initial public offering by over 40% to between $23 and $27 each, lowering its potential valuation from $110 billion to about $65 billion at the top of the revised range. The sharp adjustment underscores challenges in reviving energy IPO activity, which hit a 21-year low in 2024.
Kinder Morgan eyes 2027 launch for $1.7B Texas gas line
Kinder Morgan has announced a final investment decision to proceed with...
Kinder Morgan has announced a final investment decision to proceed with the 216-mile, $1.7 billion Trident Intrastate natural gas pipeline, designed to deliver 1.5 Bcf/d from Katy, Texas, to the Port Arthur area. The pipeline is expected to become operational in the first quarter of 2027, pending permits and approvals.
