Dow ends 300-plus points higher, Treasury yields fall ahead of Apple earnings
U.S. stocks ended higher on Thursday after Federal Reserve Chairman Jerome...
U.S. stocks ended higher on Thursday after Federal Reserve Chairman Jerome Powell on Wednesday downplayed stagflation fears and said a rate hike at the central bank’s next policy meeting was unlikely.
The Dow Jones Industrial Averagerose 322.37 points or 0.9% on Thursday to end at 38,225.66. The S&P 500went up 45.81 points or 0.9% to finish at 5064.20. The Nasdaq Compositewent up 235.48 points or 1.5% to close at 15,840.96.
O&G firms push drilling boundaries in the Delaware
Geological complexities, infrastructure constraints and regulatory hurdles...
Geological complexities, infrastructure constraints and regulatory hurdles make the Delaware Basin a more difficult place to drill compared to the Midland Basin, yet many oil and natural gas companies are undeterred, lured by the region's vast reserves and long-term production potential. Companies such as Continental Resources, APA Corp and Devon Energy are applying lessons learned in other shale plays and investing in strategic acquisitions, new technologies and infrastructure development to overcome these challenges and unlock the basin's resources.
Subdued distillates demand due to mild winter weather in the US Northeast and Europe has spurred a storage space race that pushed demand for distillates storage at the New York Harbor from zero in March to about 300,000 barrels in April, according to data from storage firm The Tank Tiger. The oversupply has cut diesel crack spreads by more than 30% this year to less than $25 per barrel, prompting East and West Coast refiners to increase gasoline production.
The U.S. Energy Information Administration reported stocks ...
The U.S. Energy Information Administration reported stocks rose by more than 7 million barrels while the Cushing oil hub also saw a gain.
Nationally, according to the EIA, crude stocks soared from 453.6 million barrels as of April 19 to 460.9 million barrels as of April 26. On March 15, the US crude oil supply stood at 445 million barrels; a year ago, it was 459.6 million barrels.
Cushing’s crude stocks rose more than 1 million barrels, from 32.4 million barrels as of April 19 to 33.5 million barrels on April 26. The amount held at the Northern Oklahoma hub on March 15 was 32.4 million barrels.
The US and Saudi Arabia are reportedly nearing a historic security pact
The deal, a key priority for the Biden administration, could ...
The deal, a key priority for the Biden administration, could reshape the Middle East and lead to a path for Israel to enter into formal diplomatic ties with Saudi Arabia for the first time, Bloomberg reported. Secretary of State Antony Blinken met with Saudi leaders earlier this week and Israeli Prime Minister Benjamin Netanyahu yesterday to discuss the framework of the deal, which would see Saudi Arabia recognize Israel in exchange for a defense relationship with the US. Israel would need to end its war in Gaza and agree to a path for Palestinian statehood.
