Oil prices log worst week since February as fears over Middle East supply fade
Oil futures finished lower Friday — with easing concerns over potential...
Oil futures finished lower Friday — with easing concerns over potential supply disruptions in the Middle East, strong U.S. production, and signs of slowing demand prompting prices to register their largest weekly percentage loss since early February.
Traders tied an early Friday rise in oil prices to a news report that some OPEC+ members would be willing to extend production cuts beyond the end of the second quarter.
West Texas Intermediate crude for June delivery fell 84 cents, or 1.1%, to settle at $78.11 a barrel, for a weekly fall of nearly 6.9%.
July Brent crude, the global benchmark, declined by 71 cents, or nearly 0.9%, at $82.96 a barrel, leaving it down 6% for the week. Brent and WTI prices both marked their largest weekly percentage losses since the week ended Feb. 2.
Natural gas for June delivery settled up at $2.14 per million British thermal units, up 5.3% Friday for a weekly rise of 11.4%.
Gulfport looks to maximize liquids production in Ohio
As the natural gas price environment remains challenging, Ohio producer...
As the natural gas price environment remains challenging, Ohio producer Gulfport Energy plans to delay certain drilling and completion activities to the latter part of the year and prioritize liquids-rich opportunities. Bolstered by robust oil output from two recently drilled Marcellus Shale wells in Belmont County, Ohio, the company estimates having two years of liquids-rich drilling inventory across its acreage.
Canada's long-delayed Trans Mountain pipeline expansion officially began...
Canada's long-delayed Trans Mountain pipeline expansion officially began commercial operations on Wednesday, according to Cenovus Energy CEO Jon McKenzie, who warned that the mounting challenges associated with infrastructure development could make it the last pipeline to be built in Canada. As line fill progresses, deliveries to tankers in British Columbia are expected by mid-May.
As protests against Israel’s actions in the war in Gaza continue on...
As protests against Israel’s actions in the war in Gaza continue on college campuses around the US, police in riot gear arrested about 200 protesters at UCLA and dismantled their camp. Police also cleared protesters who occupied a library at Portland State. And Rutgers postponed final exams and set an afternoon deadline for protesters to leave, which they agreed to do peacefully. The Associated Press estimates that 2,000 people have been arrested at campus demonstrations in recent weeks. President Biden even weighed in yesterday, saying that peaceful protests are lawful but that violence and vandalism are not and that the protests have not changed his stance on Israel.
iPhone sales are down, and Apple share buybacks are up. Apple...
iPhone sales are down, and Apple share buybacks are up. Apple managed to keep investors happy, sending its stock shooting up after-hours yesterday, despite selling fewer iPhones last quarter. Sales of the signature phone dipped 10% year over year, and revenue fell 4.3% to $90.8 billion. But Apple also announced $110 billion in share buybacks, the largest in the company’s history, per CNBC. And sales in China, which has been a sore spot, came in at $16.4 billion, less than a year earlier but more than analysts had predicted.
Exxon’s $60 billion purchase of Pioneer Natural Resources got the green light from the FTC after the oil giant agreed not to give a seat on its board to Pioneer’s former CEO, whom the agency accused of colluding with OPEC to raise oil prices.
Peloton’s CEO is stepping down, and the company plans to lay off 15% of its staff as it continues to grapple with waning popularity in a world in which people aren’t stuck at home anymore.
A whistleblower at Boeing supplier Spirit AeroSystems died suddenly this week after contracting a fast-spreading infection.
