Elon Musk sues California commission over rocket launches. SpaceX...
Elon Musk sues California commission over rocket launches. SpaceX filed a suit against the California Coastal Commission on Tuesday, stating that the panel improperly blocked an Air Force-backed plan to increase the number of Falcon 9 launches from 36 to 50. The commission, which is tasked with protecting California’s ~1,000 miles of coastline, rejected the bid for additional launches from the Vandenberg Space Force Base in Santa Barbara. One of the 12 commissioners mentioned Musk “spewing and tweeting political falsehoods” in the decision. The lawsuit asserts that using the CEO’s public statements to block the plan would violate his free speech rights.
Impact Plastics and its CEO were sued by the family of a worker killed at a plant due to flooding from Hurricane Helene. Surviving employees said they were not allowed to leave.
A Georgia judge blocked the state election board’s new rule requiring Election Day ballots to be counted by hand, citing the potential for “administrative chaos.”
Two boys died over the weekend, one in Tennessee and one in Minnesota, in incidents at haunted hayrides.
Lufthansa received a record $4 million penalty from the Department of Transportation for preventing Jewish passengers from boarding a flight in 2022.
Liam Payne, a member of the band One Direction, died after falling from a hotel in Buenos Aires. He was 31.
Oil prices hold at 2-week low on lower oil demand growth forecasts
Oil prices held near a two-week low on Wednesday after...
Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle Eastconflicts will disrupt supply.
Earlier this week, crude prices fell in response to a weaker demand outlook and a media reportthat Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4.0 million barrels per day (bpd) of oil in 2023, U.S. Energy Information Administration (EIA) data showed.
Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.
As of October 16, 2024, the closing prices for oil and natural gas are:
West Texas Intermediate (WTI) Crude Oil: $70.39 per barrel
Dow closes at record high as U.S. stocks rebound from tech pullback
Major U.S. stock indexes bounced back from a selloff...
Major U.S. stock indexes bounced back from a selloff in the prior session to finish higher on Wednesday, buoyed by strong corporate-earnings results from names like Morgan Stanley and United Airlines.
The Dow Jones Industrial Average finished up by 337.28 points, or 0.8%, at a record high of 43,077.70, based on preliminary data. It surpassed its previous record close of 43,065.22 reached on Monday.
The S&P 500 closed up by 27.21 points, or 0.5%, at 5,842.47.
The Nasdaq Composite ended up by 51.49 points, or 0.3%, at 18,367.08.
"Banks as a whole seem to be trading pretty well based on positive quarterly earnings, and that signifies the interest-rate environment and lending environment are starting to stabilize and look more attractive for banks,'' said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management.
"When looking at the whole economic landscape, banks should be able to operate in more attractive lending opportunities,'' Jacobs said via phone.
Meanwhile, Treasury yields finished broadly lower as oil futures dropped again on uncertain future demand. Two-, 10-, and 30-year yields closed at their lowest levels in almost two weeks.
Exxon Seeks Buyers for Portion of Assets in North Dakota's Bakken Shale
Top U.S. oil producer ...
Top U.S. oil producer Exxon Mobil Corp. told Reuters on Oct. 15 that it plans to sell a portion of its assets in North Dakota's Bakken Shale formation.
Following a wave of megamergers in U.S. shale patches, oil producers are reviewing their portfolios to decide which assets remain core to their strategy and which to divest.
"ExxonMobil is exploring market interest for select assets in the Bakken Shale Play, which includes approximately 137 operated wells and 676 non-operated and royalty wells across 49,000 net acres in North Dakota", a company spokesperson said in response to Reuters questions.
Midcon, Rockies Drilling Activity Keeps Declining in 3Q—KC Fed
According to the third-quarter Kansas City Fed Energy Survey, E&Ps in the Midcon and Rockies need...
According to the third-quarter Kansas City Fed Energy Survey, E&Ps in the Midcon and Rockies need to see a healthy increase in oil and natural gas prices to substantially increase drilling activity.
The Kansas City Fed said in a third-quarter energy survey that drilling and business activity continued to decline for producers in the Tenth District, which includes Kansas, Colorado, Nebraska, Oklahoma, Wyoming, the northern half of New Mexico, and the western third of Missouri.
It was the seventh consecutive quarterly decline in Tenth District drilling and business activity.