U.S. stocks end mostly higher as Dow scores best week since December
U.S. stocks closed mostly higher on Friday, with all three major indexes...
U.S. stocks closed mostly higher on Friday, with all three major indexes booking weekly gains.
The Dow Jones Industrial Average finished 0.3% higher, while the S&P 500 gained 0.2% and the Nasdaq Composite ended about flat, according to preliminary data from FactSet.
For the week, the Dow rose 2.2%, the S&P 500 climbed 1.9% and the technology-heavy Nasdaq Composite advanced 1.1%, the preliminary data show. The Dow logged its biggest weekly gain since December as the blue-chip gauge increased for a fourth straight week.
US refining margins suffer amid seasonal demand drop
Recent Energy Information Administration data pegs four-week average demand for US gasoline and distillate...
Recent Energy Information Administration data pegs four-week average demand for US gasoline and distillate fuels at 8.63 million barrels per day and 3.6 million bpd, respectively, representing seasonal lows not seen since the pandemic's onset. US refining margins are falling as a result, with the 3-2-1 crack spread dipping below $26.50 per barrel on Wednesday for the first time since February
Permian gas glut weighs on gas, power prices in 3 states
Excess natural gas supplies in the Permian Basin due to seasonal maintenance...
Excess natural gas supplies in the Permian Basin due to seasonal maintenance on key takeaway pipelines have sent spot power and gas prices in Texas, California and Arizona into negative territory intermittently since March. Kinder Morgan's Permian Highway Pipeline and Gulf Coast Express pipeline will operate at reduced capacity between May 7-12 and May 14-21, respectively.
The current US natural gas surplus will likely dissipate by the end of...
The current US natural gas surplus will likely dissipate by the end of winter 2024/25 as historically low prices prompt major producers to scale down drilling and power generators to increase gas combustion, predicts analyst John Kemp. Forecasts of heightened consumption and exports are also indicative of a potential market rebalancing, Kemp writes.
US oil production stability hinges on Permian growth
Permian Basin crude output growth will help compensate for declines in...
Permian Basin crude output growth will help compensate for declines in mature basins such as the Eagle Ford and Bakken Shale to keep US oil production steady into the 2030s, Enverus Intelligence Research forecasts. Undrilled Permian inventory could add around two million barrels per day of incremental supply by 2030, while geologically viable but unproven locations are seen as playing a key role in the basin's future growth.
