Oil up as Israel says ceasefire violated, OPEC+ delays meeting
LONDON, Nov 28 (Reuters) - Oil prices ticked up Thursday after Israel...
LONDON, Nov 28 (Reuters) - Oil prices ticked up Thursday after Israel said its ceasefire with Lebanese armed group Hezbollah was violated and Israeli tanks fired on south Lebanon and OPEC+ delayed by a few days a meeting likely to extend production cuts.
Brent crude futures edged up 41 cents, or 0.6%, to $73.24 a barrel by 1251 GMT, while U.S. West Texas Intermediate crude futures were up 35 cents, 0.5%, at $69.07. Trading is expected to be light on Thursday because of the U.S. Thanksgiving holiday.
Israel's military said on Thursday the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal took effect on Wednesday and was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
S&P 500 snaps 7-day win streak, stocks fall ahead of Thanksgiving
Major U.S. indexes slid ahead of tomorrow's holiday...
Major U.S. indexes slid ahead of tomorrow's holiday closure, hurt again by rotation out of info tech that put mega caps back on defense. By late in the day, the majority of S&P 500® index (SPX) stocks posted gains, but mega-cap weakness pushed the actual index lower.
Today's pullback followed inflation data that lacked a surprise punch but didn't show progress toward the Federal Reserve's 2% annual goal either. Personal Consumption Expenditure (PCE) prices climbed 0.2% monthly and 2.3% annually. Core PCE excluding food and energy increased 0.3% and 2.8% for the month and the year, respectively. Those figures matched analysts' expectations but were flat to slightly above September's tallies.
"The PCE report came in as expected across the board," said Collin Martin, director of fixed income strategy at the Schwab Center for Financial Research. "The 0.3% monthly increase in core PCE suggests inflation is still a bit sticky." Here's where the major benchmarks ended:
The SPXfell 22.89 points (–0.38%) to 5,998.74; the Dow Jones Industrial Average®($DJI) lost 138.25 points(–0.31%) to 44,722.06; and the Nasdaq Composite®($COMP) dropped 115.10 points(–0.60%) to 19,060.48.
The 10-year Treasury note yield dropped six basis points to 4.24%, a one-month low close.
The CBOE Volatility Index®(VIX)was close to flat at 14.14.
LandBridge Closes Deal for 5,800 Acres in New Mexico's Delaware Basin
LandBridge Co. announced that it has closed its acquisition of approximately...
LandBridge Co. announced that it has closed its acquisition of approximately 5,800 largely contiguous surface acres in Lea County, New Mexico, expanding into a new area of the Delaware Basin.
LandBridge said the land supports existing water infrastructure with the potential to distribute water supply into New Mexico by WaterBridge, LandBridge’s midstream water management affiliate.
The company recently announced its acquisition of approximately 46,000 largely contiguous surface acres in the Southern Delaware’s Wolf Bone Ranch for $245 million in cash.
Proposed Colo. rules target ozone pollution from O&G ops
The Colorado Air Quality Control Commission will weigh tighter controls...
The Colorado Air Quality Control Commission will weigh tighter controls on ozone precursors from oil and natural gas operations at a February hearing. The proposed rules would mandate the use of zero-emission pneumatic controllers and expand requirements for leak detection technology and data collection during early production.
Emerging basins attract smaller E&Ps as Permian fills up
As big players take hold of the Permian Basin's prime acreage, smaller...
As big players take hold of the Permian Basin's prime acreage, smaller E&P companies are chasing new opportunities in underexplored US oil plays such as Utah's Uinta Basin and Oklahoma's Cherokee oil window, according to Jefferies' Pete Bowden. At the same time, advanced drilling techniques are unlocking resources in underdeveloped Permian formations such as the Wolfcamp D, Barnett Shale and Woodford intervals.
