Oil prices inched up on Thursday, bouncing back from...
Oil prices inched up on Thursday, bouncing back from two-week lows, after data showed falling crude and fuel inventories in the United States.
Both benchmarks had settled down on Wednesday, closing at their lowest levels since Oct. 2 for a second day in a row, after OPEC and the International Energy Agency cut demand forecasts for 2024 and 2025.
U.S. crude inventories fell by 2.2 million barrels to 420.6 million barrels in the week ended Oct. 11, the Energy Information Administration said on Thursday, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. Gasoline and distillate inventories also fell last week.
"This tells me operational efficiencies are still improving," said Tim Snyder, chief economist at Matador Economics. "Markets are normalizing."
As of October 17, 2024, the closing prices for oil and gas were:
Dow books another record close as economic data reinforces soft-landing scenario
U.S. stocks closed mostly higher on Thursday, with the...
U.S. stocks closed mostly higher on Thursday, with the Dow logging its 49th record finish so far this year.
The rally in equities continued as retail-sales data for September came in surprisingly strong and jobless claims retreated, reinforcing a soft-landing scenario for the economy.
According to preliminary FactSet data, the Dow Jones Industrial Average added about 161 points, or 0.4%, to close at about 43,238.
The S&P 500 shed 1 point, or less than 0.1%, ending roughly flat at around 5,841.
The Nasdaq Composite Index advanced about 6 points, or less than 0.1%, closing around 18,373.
According to Dow Jones Market Data, the Dow clinched its most record closes in a year in 2017, at 71.
Fervo's enhanced geothermal hub coming to life in Utah
Fervo Energy is developing a more than $2 billion enhanced geothermal...
Fervo Energy is developing a more than $2 billion enhanced geothermal project in Utah that will have a capacity of 320 megawatts when it's fully operational in 2028. The first 70MW phase will come online in 2026 and Fervo already has a power purchase agreement in place with Southern California Edison for 100% of the output. Geothermal could be a powerful carbon-free baseload energy source and it's promising that utilities like SoCal Edison are already signing on, says RMI's Alexandra Gorin.
A fire broke out in a crude distillation unit at Germany's...
A fire broke out in a crude distillation unit at Germany's 215,000 b/d Vohburg-Neustadt refinery complex on 16 October, operator Bayernoil said. Traders in the region have not reported any impact on supply so far.
Bayernoil said the fire occurred in the sole CDU in the Neustadt section, the smaller of the two sites, and was put out within a few minutes. The cause and extent of the damage are not yet known.
Bayernoil is a joint venture comprising Varo Energy, Italy's Eni and Rosneft Deutschland. Rosneft Deutschland is one of Russian state-owned Rosneft two German subsidiaries, both of which have been under the trusteeship of Germany's Federal Network Agency since 2022.
Rosneft has said it intends to sell its German assets. According to the German government, the company will be actively pursuing the sale by the end of this year.
The 6th U.S. Circuit Court of Appeals has paused key permits for the...
The 6th U.S. Circuit Court of Appeals has paused key permits for the Cumberland Project, a natural gas pipeline in Tennessee after environmental groups raised concerns about potential ecological damage. The court's decision impacts permits from state and federal agencies necessary for the project's continuation. The pipeline developer expressed disagreement with the ruling, and legal proceedings are set to continue in December.
