Stocks finish lower, led by 411-point decline in Dow Jones Industrial Average
All three major U.S. stock indexes ended lower on Wednesday as Treasury...
All three major U.S. stock indexes ended lower on Wednesday as Treasury yields climbed to four-week highs. The S&P 500 and Nasdaq were down for the first time in three straight sessions.
The Dow Jones Industrial Average finished down by 411.32 points, or almost 1.1%, at 38,441.54 or the lowest closing level since May 2, based on preliminary data. It closed lower for the second straight day and the fourth time in the past five trading sessions.
The S&P 500 closed down 39.09 points, or 0.7%, at 5,266.95, its lowest closing level since May 14.
The Nasdaq Composite ended lower by 99.3 points, or 0.6%, at 16,920.58. It finished off its record close of 17,019.88, reached on Tuesday.
OPEC+ said to have little interest in bringing additional oil to market
Oil futures rose Wednesday, with investors anticipating an extension...
Oil futures rose Wednesday, with investors anticipating an extension of production cuts that expire at the end of the quarter.
OPEC+ officials are scheduled to meet via videoconference on Sunday. Analysts said the decision to forgo an in-person meeting was being taken as a sign the gathering isn’t expected to be contentious, with traders looking for an extension of roughly 2.2 million barrels a day in voluntary cuts beyond June 30.
“We see no appetite at this juncture to add more barrels to the market and trigger another price move to the downside. The current level is already causing several producers to take on additional debt and push out timelines for some high-profile projects,” said Helima Croft, head of global commodity strategy at RBC Capital Markets, in a note.
”Adding more barrels at this moment would likely yield a suboptimal price environment that would not be offset by additional market share advantages,” she wrote.
New unit boosts Piñon's sour gas treating capacity
Piñon Midstream has increased sour natural gas treating capacity at...
Piñon Midstream has increased sour natural gas treating capacity at its Dark Horse sour gas treating and carbon capture facility in Lea County, N.M., to around 270 Mcf/d by adding a third 450-gallon-per-minute amine treating unit. The company has also secured a New Source Review air permit, which enables it to build larger amine plants to meet rising Delaware Basin demand.
N.M. cave system made off-limits to drilling, mining
The Bureau of Land Management has moved to protect the 28,513-acre Guadalupe...
The Bureau of Land Management has moved to protect the 28,513-acre Guadalupe Cave Resource Protection Area in New Mexico from oil and natural gas drilling and other mineral extraction for the next 20 years. The decision, finalized last week, aims to preserve the area's recreational value and sensitive cave ecosystems.
Aethon to Aquire Tellurian Haynesville Shale Assets for $260MM
Aethon Energy will acquire Tellurian Inc.'s...
Aethon Energy will acquire Tellurian Inc.'s Haynesville Shale assets for $260 million, allowing Aethon to continue growing as the basin's top private producer and for financially struggling Tellurian to prioritize its flagship Driftwood LNG project, the companies announced on May 29.
The deal expands Aethon's growing Haynesville footprint with integrated upstream assets in the Louisiana Haynesville and Bossier ShaleBasins with 31,000 net acres, including gathering and treating systems with the capacity of about 100 MMcf/d, bringing Aethon’s pro forma gathering and treating capacity to more than 3 Bcf/d.
