The U.S. Energy Information Administration reported a significant...
The U.S. Energy Information Administration reported a significant crude oil inventory build of 5.8 million barrels for the week ending October 4th, surpassing the previous week's 3.9 million barrel increase and aligning with the American Petroleum Institute's Tuesday estimate of a 10.9 million barrel build. This news, coupled with disappointment over China's decision not to implement additional economic stimulus, put downward pressure on oil prices. However, the report also showed substantial draws in refined products, with gasoline inventories decreasing by 6.3 million barrels despite increased production of 10.2 million barrels daily, up from 9.6 million the previous week. Middle distillate inventories also declined, dropping 3.1 million barrels with daily production rising to 5.0 million barrels from 4.8 million barrels the week before.
Dow, S&P 500 close at records as investors await CPI inflation reading
Stocks finished solidly higher Wednesday, with investors...
Stocks finished solidly higher Wednesday, with investors unfazed by the Federal Reserve's September meeting minutes as they look ahead to a September consumer price index reading that may have more significance amid recent signs of resilient economic growth.
According to preliminary figures, the Dow Jones Industrial Average rose around 432 points, or 1%, to finish near 42,512, topping its record finish from Friday.
The S&P 500 gained around 41 points, or 0.7%, to end near 5,792, for its first record close since Sept. 30.
The Nasdaq Composite advanced around 109 points, or 0.6%, to close near 18,292.
Equinor Acquires Nearly 10% Stake in Ørsted for $2.5B
Norway's Equinor ASA has become the second...
Norway's Equinor ASA has become the second largest shareholder in Denmark-based Ørsted AS after acquiring a 9.8% minority stake, consisting of 41.19 million shares, with the current market value of the holding estimated at around US$2.5 billion based on the Oct. 4 closing price of DKK 418 per share; according to an Oct. 7 press release, Equinor plans to increase its ownership to 10%.
The U.S. Energy Information Administration released a report this week...
The U.S. Energy Information Administration released a report this week saying it expects most U.S. households will pay about the same to heat their homes on average as they did last winter. A notable exception is that EIA expects Midwestern homes heated by natural gas will pay about 11% more on average for heat than last winter.
In its 2024 Winter Fuels Outlook, EIA forecasts a colder winter, leading to more energy consumption for heat. With energy prices similar to or slightly lower than last winter, EIA expects spending for many households will be about the same as last winter.
“There’s a lot of uncertainty about the weather over an entire season—not to mention uncertainty over commodity prices,” said EIA Administrator Joe DeCarolis.
Gas-fired Power Generation Sets New Records Over Summer EIA
Gas-fired power plant usage continued trending...
Gas-fired power plant usage continued trending upward during the hot summer months, at times accounting for half of U.S. electricity generation, according to an analysis released by the U.S. Energy Information Administration on Oct. 8.
Nine of the ten highest days in U.S. gas-fired power generation history occurred from June to August, according to the EIA. On Aug. 2, gas-fired power added 7.1 million megawatt-hours (MWh) to the U.S. power grid, a record.
Overall, U.S. electricity generation rose 3% from 2023, with gas-fired power rising 3% as well. Several factors encouraged power companies to rely on natural gas. Prices for natural gas remained low, utilities continued to move away from coal usage, summer temperatures remained high, and many utilities have grown their gas-fired capacities.
