Oil prices edged up on Friday on reports Iran was preparing a retaliatory...
Oil prices edged up on Friday on reports Iran was preparing a retaliatory strike on Israel from Iraq in coming days, but record U.S. output weighed on prices.
Brent futuresclosed up 29 cents, or 0.4%, to settle at $73.10 a barrel. U.S. West Texas Intermediate (WTI) crude gained 23 cents, or 0.3%, to settle at $69.49. At their session highs, both benchmarks were up over $2 a barrel.
Brent posted a weekly decline of about 4% with WTI down about 3%.
On Thursday, U.S. news website Axios reported that Israeli intelligence suggests that Iran is preparing to attack Israel from Iraq within days, citing two unidentified Israeli sources.
Iran and Israel have engaged in a series of tit-for-tat strikes within the broader Middle East warfare set off by fighting in Gaza. Previous Iranian air attacks on Israel on Oct. 1 and in April mainly were repelled, with only minor damage.
U.S. Energy Information Administration data showed that Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4 million barrels per day (bpd) of oil in 2023.
U.S. stocks end higher Friday but post weekly decline with election on deck
U.S. stocks closed higher on Friday but off the session's...
U.S. stocks closed higher on Friday but off the session's high, with the S&P 500 and Dow Jones Industrial Average logging back-to-back weekly losses ahead of the Nov. 5 presidential election.
Rising bond yields have been a concern in the run-up to the election, which remained too close to call on Friday and might take days or weeks to decide.
The Dow Jones Industrial Average gained 288.76 points, or 0.7%, ending at 42,052.19 on Friday
The S&P 500 advanced 23.55 points, or 0.4%, closing at 5,728.80
The Nasdaq Composite gained 144.77 points, or 0.8%, finishing at 18,239.92
For the week, the Dow shed 0.2%, while the S&P 500 fell 1.4%, its biggest weekly drop since Sept. 6, according to Dow Jones Industrial Average. Both indexes posted back-to-back weekly declines.
The Nasdaq fell 1.5% for the week, its biggest weekly loss since Sept. 6, while snapping seven straight weeks of gains.
ExxonMobil profits dip as it gives back almost $10 bn to investors
ExxonMobil's third-quarter...
ExxonMobil's third-quarter financial report showed mixed results. Net profits of $8.6 billion decreased 5.1% from the previous year, primarily due to weaker refining margins. However, the company maintained strong shareholder returns, distributing nearly $10 billion through dividends (increased by 4%) and share repurchases. The company's performance was bolstered by record oil and natural gas production in Guyana, strong Permian Basin output, and $11.3 billion in structural cost savings.
The broader energy market context showed some challenges, with crude oil prices falling about 15% since the end of the second quarter. CEO Darren Woods attributed this to a market imbalance, noting record demand for oil and petroleum products and abundant supply, particularly from U.S. unconventional developments. Similarly, competitor Chevron reported a more significant decline in profits, down 31% to $4.5 billion, though they too achieved record shareholder returns of $7.7 billion and strong production in the Permian Basin.
Trump's proposed China tariff could hinder US LNG exports
Donald Trump's plan to impose a 60% tariff on Chinese imports if he...
Donald Trump's plan to impose a 60% tariff on Chinese imports if he reclaims the presidency could hurt US liquefied natural gas exports and risk billions in LNG trade. Analysts warn that China may avoid new contracts with US suppliers and resell US LNG to other markets to bypass the tariff.
Coterra to supply gas to Vitol, Centrica in long-term deals
US shale gas operators...
US shale gas operators Coterra Energy has sealed long-term natural gas supply agreements with Vitol and Centrica that link prices to European and Asian LNG markets. Set to commence in 2027 and 2028, respectively, each of the deals involves the supply of 100,000 million British thermal units per day of natural gas.
