U.S. stocks close lower Friday as S&P 500 snaps 3 straight weeks of gains
U.S. stocks closed lower Friday, with the S&P 500 snapping three...
U.S. stocks closed lower Friday, with the S&P 500 snapping three straight weeks of gains.
According to preliminary FactSet data, the Dow Jones Industrial Average closed 0.1% lower, the S&P 500 shed 0.4%, and the Nasdaq Composite fell 0.7%.
For the week, Dow declined 0.1%, the S&P 500 edged down 0.1% and the Nasdaq Composite rose 0.2%, the preliminary data show. All three indexes rose in June, with the S&P 500 finishing the first half of 2024 with a gain of around 14.5%.
2023 US energy output tops consumption, sets new record
US energy production increased by 4% to a record of nearly 103 quadrillion British thermal units, surpassing...
US energy production increased by 4% to a record of nearly 103 quadrillion British thermal units, surpassing consumption by 9 quads, the widest margin in records dating back to 1949, according to the Energy Information Administration. Oil and natural gas were the primary drivers of this increase, with dry gas production reaching 39 quads and crude oil production hitting 27 quads in 2023, both records, the EIA said.
Phillips 66's Rodeo refinery optimizes for renewable fuel
Phillips 66's refinery...
Phillips 66's refinery in Rodeo, Calif., is ready to meet "ample" short-term demand for renewable fuels after completing a billion-dollar conversion that gives it the capacity to produce 50,000 barrels per day of renewable diesel and sustainable aviation fuel. "We're confident placing all those [renewable product] barrels locally. And if there's demand outside of the region, we will surely supply that if the market supports it," said refinery manager Jolie Rhinehart.
Barclays CEO: Finance industry can't ditch O&G overnight
Barclays is moving away from financing oil and gas companies but the...
Barclays is moving away from financing oil and gas companies but the sector will remain relevant for quite some time and banks "cannot go cold turkey" on it, says CEO CS Venkatakrishnan. The finance major recently established a team dedicated to energy transition opportunities and has pledged to stop financing new oil and gas projects directly.
Sempra, Saudi Aramco enter non-binding LNG supply deal
Under a newly announced non-binding agreement, Sempra Energy would provide...
Under a newly announced non-binding agreement, Sempra Energy would provide Saudi Aramco with 5.51 million short tons per year of liquefied natural gas from the proposed Phase 2 expansion of its Port Arthur LNG project in Texas. The Saudi energy giant would also buy a 25% stake in the expansion to further grow its gas portfolio and boost its footprint in the US LNG market.
