Oil CEO John Hess: Oil Markets Close To Being Balanced
At the Goldman Sachs Energy, CleanTech, and Utilities Conference in Miami,...
At the Goldman Sachs Energy, CleanTech, and Utilities Conference in Miami, Hess CEO John Hess shared a positive outlook on the oil market for 2025, describing it as more balanced than oversupplied despite potential challenges from Chinese demand and increased production by U.S. and non-OPEC countries. He was particularly optimistic about the shale oil sector and Hess Corporation's expansion in Guyana, where they plan to enhance their operations with ExxonMobil and CNOOC. The venture expects to increase its vessel deployment, significantly tapping into the discovered reserves, with plenty of potential remaining.
Hess also noted substantial gains in shale oil drilling efficiency and production sustainability, particularly in the North Dakota Bakken Basin. Despite the maturing of shale sectors outside the Permian Basin, these advancements are poised to support ongoing production levels.
Furthermore, Hess highlighted the strategic need for the U.S. to replenish its Strategic Petroleum Reserve to bolster the domestic oil industry, a move he suggested should be a priority for the incoming U.S. administration. This commentary underscores the complexities of political risks, including those stemming from Iran and Venezuela, which may influence market volatility in the near term.
U.S. stocks tumble as Treasury yields surge after jobs, services-sector data
U.S. stocks finished lower on Tuesday as Treasury yields...
U.S. stocks finished lower on Tuesday as Treasury yields spiked after a pair of strong economic reports dampened hopes for aggressive Federal Reserve interest-rate cuts this year.
The Nasdaq Composite tumbled 375.30 points, or 1.9%, to end at 19,489.68. The tech-heavy index suffered its worst day since Dec. 18, according to Dow Jones Market Data.
The S&P 500 was off 66.35 points, or 1.1%, to finish at 5,909.03.
The Dow Jones Industrial Average fell 178.20 points, or 0.4%, ending at 42,528.36. It was the worst day for the blue-chip index since Dec. 30, according to Dow Jones Market Data.
A sharp selloff in the government-debt market weighed on U.S. technology stocks on Tuesday after the December ISM services and November job-openings reports beat consensus, leading markets to dial back their expectations for rate cuts this year.
The yield on the 10-year Treasury note jumped nearly 7 basis points to 4.684% on Tuesday afternoon, the highest since April 25 of last year. The 30-year rate spiked over 7 basis points to 4.91%, the highest since November 2023, according to Dow Jones Market Data.
"I think there's a level at which rates rise enough that investors begin to worry that it hurts the entirety of the equity market because it hurts the economy more," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company.
Severe winter storms across the US this week are expected to strain natural gas supplies and drive demand to its seasonal peak, raising concerns about potential power outages and price spikes, analysts and reliability coordinators warned. Widespread well and pipeline freeze-offs could disrupt gas production, particularly in the Appalachia and Rockies regions.
Phillips 66 Buys EPIC's Permian NGL Midstream Assets for $2.2B
Phillips 66 (PSX) has entered into a definitive agreement to buy EPIC...
Phillips 66 (PSX) has entered into a definitive agreement to buy EPIC Y-Grade GP LLC and EPIC Y-Grade LP, which own various subsidiaries and long haul NGL pipelines, fractionation facilities and distribution systems, for $2.2 billion cash.
Phillips 66 said EPIC’s NGL business consists of two 170,000 bbl/d fractionators near Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines. Phillips 66 is also buying EPIC’s 885-mile NGL pipeline. The line, with 175,000 bbl/d capacity, links production supplies in the Delaware and Midland basins and the Eagle Ford Shale to fractionation complexes and the Phillips 66 Sweeny Hub.
Snow fell across the Midwest and Mid-Atlantic yesterday, and came down...
Snow fell across the Midwest and Mid-Atlantic yesterday, and came down heavily on DC, making it hard for drivers and planes to get where they were going. Drivers were stranded on highways, and at least four people died in car accidents. Meanwhile, nearly 2,000 flights were cancelled as the storm raged on. More than 330,000 people were also left without power yesterday. The intense winter weather is expected to continue as a polar vortex rolls through.
