Forbes – Oil service companies are struggling as French giant Schlumberger announced on Wednesday that it will book a $1.4 billion charge against its...
Roger Conrad – Forbes – The whole thing took almost a year and a half from start to finish. But Atlantic Coast...
By: Christopher M. Matthews and Andrew Scurria – The Wall Street Journal – Banks are slashing credit lines to shale drillers, as...
Houston Chronicle – More than 100,000 U.S. oil and gas jobs have been lost during the economic downturn brought on by the...
Houston Chronicle – Global spending on oil and gas drilling this year is forecast to fall to the lowest level in 15...
S&P Global Platts – Natural Gas is on the move as the massive drawdown in active rigs in Oklahoma’s SCOOP/STACK plays has...
Adrian Hedden – Carlsbad Current Argus – Oil and gas in the Permian Basin could be headed for recovery as prices rebuild...
Bloomberg – Chesapeake Energy is preparing a potential bankruptcy filing that could hand control of one of the leading lights of the...
Barrons – Falling fossil fuel demand coupled with mounting risk for investors could slash the value of oil, gas and coal reserves...
Reuters – U.S. shale oil producers are reversing production cuts as prices recover from historic lows, underscoring shale’s ability to quickly adjust...
Oil prices rebounded on Wednesday, rising more than 2% after data showed U.S. crude and gasoline inventories fell unexpectedly last week and on reports that OPEC+ may delay a planned oil output increase.
After falling more than 6% earlier in the week on the reduced risk of wider Middle East war, Brent crude futures settled up $1.43, or 2.01%, at $72.55 a barrel. U.S. West Texas Intermediate crude rose $1.4, or 2.08%, to $68.61.
U.S. gasoline stockpiles fell unexpectedly last week to a two-year low on strengthened demand, the Energy Information Administration said, while crude inventories also posted a surprise drawdown as imports slipped.
U.S. imports of crude oil from Saudi Arabia fell to their lowest point last week since January 2021, at just 13,000 bpd, down from 150,000 bpd the previous week. Crude imports from Canada, Iraq, Colombia, Brazil all slipped on the week, the EIA said.
Reuters reported that OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could delay a planned oil production increase in December by a month or more because of concerns over soft oil demand and rising supply.
All three major stock indexes ended lower on Wednesday after gains from earlier in the session vanished and some investors came away from the third-quarter GDP report with expectations for a further economic slowdown by year-end.
Based on preliminary data, the Dow Jones Industrial Average closed down by 91.51 points, or 0.2%, at 42,141.54. It had jumped by as much as 224.87 points earlier in the day.
The S&P 500 finished down by 19.25 points, or 0.3%, at 5,813.67.
The Nasdaq Composite ended down by 104.82 points, or 0.6%, at 18,607.93. It missed the level needed to reach another closing high after ending Tuesday's session at 18,712.75. Nonetheless, Wednesday's closing level was the third-highest in the Nasdaq's history.
"There has been a lot for investors to digest since yesterday’s close, including many earnings, economic data, and other macro updates. As the headlines piled up this morning, it felt like trying to drink from a firehose," said Michael Reinking, a senior market strategist for the New York Stock Exchange.
Despite Alphabet's solid earnings report on Tuesday, "the other earnings reports within the sector and more broadly were much more mixed," the strategist wrote in a note.
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