Producers revisit Central Basin Platform's oil riches
Once overshadowed by the...
Once overshadowed by the Permian's Midland and Delaware basins, the Central Basin Platform is catching the eye of producers seeking new drilling locations and sources of cash flow. Traditionally tapped through vertical wells, the region is now drawing interest from operators such as Ring Energy and Riley Exploration Permian for its horizontal drilling potential.
The Los Angeles Dodgers won the World Series. The City...
The Los Angeles Dodgers won the World Series. The City of Angels vanquished Gotham in Game 5 and clinched the title 4–1. A lot happened in the short sweep. Dodgers star Shohei Ohtani separated his shoulder while trying to steal a base in Game 2 and struggled with the injury for the rest of the series. In Game 4, two rowdy Yankees fans interfered with a catch made by Dodgers outfielder Mookie Betts, ripping the ball out of his glove (they were ejected). And last night, a series of defensive errors by the Yankees in the fifth inning helped the Dodgers come back from a five-run deficit: They won 7–6. While LA is taking home the Commissioner’s Trophy, New York has a consolation prize: The NYC mayor’s office estimated that each postseason game played in New York generated up to $25 million each.
The State Department has received almost 500 reports of US-supplied weapons being used by Israel to cause excessive civilian casualties in Gaza.
Oil rises on US stockpiles drawdown, OPEC+ mulls output hike delay
Oil prices rebounded on Wednesday, rising more than 2%...
Oil prices rebounded on Wednesday, rising more than 2% after data showed U.S. crude and gasoline inventories fell unexpectedly last week and on reports that OPEC+ may delay a planned oil output increase.
After falling more than 6%earlier in the week on the reduced risk of wider Middle East war, Brent crude futures settled up $1.43, or 2.01%, at $72.55 a barrel.U.S. West Texas Intermediate cruderose $1.4, or 2.08%, to $68.61.
U.S. gasoline stockpiles fell unexpectedly last week to a two-year low on strengthened demand, the Energy Information Administration said, while crude inventories also posted a surprise drawdown as imports slipped.
U.S. imports of crude oil from Saudi Arabia fell to their lowest point last week since January 2021, at just 13,000 bpd, down from 150,000 bpd the previous week. Crude imports from Canada, Iraq, Colombia, Brazil all slipped on the week, the EIA said.
Reuters reported that OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could delay a planned oil production increase in December by a month or more because of concerns over soft oil demand and rising supply.
U.S. stocks finish lower, with Nasdaq falling short of another closing high
All three major stock indexes ended lower on Wednesday...
All three major stock indexes ended lower on Wednesday after gains from earlier in the session vanished and some investors came away from the third-quarter GDP report with expectations for a further economic slowdown by year-end.
Based on preliminary data, the Dow Jones Industrial Average closed down by 91.51 points, or 0.2%, at 42,141.54. It had jumped by as much as 224.87 points earlier in the day.
The S&P 500 finished down by 19.25 points, or 0.3%, at 5,813.67.
The Nasdaq Composite ended down by 104.82 points, or 0.6%, at 18,607.93. It missed the level needed to reach another closing high after ending Tuesday's session at 18,712.75. Nonetheless, Wednesday's closing level was the third-highest in the Nasdaq's history.
"There has been a lot for investors to digest since yesterday’s close, including many earnings, economic data, and other macro updates. As the headlines piled up this morning, it felt like trying to drink from a firehose," said Michael Reinking, a senior market strategist for the New York Stock Exchange.
Despite Alphabet's solid earnings report on Tuesday, "the other earnings reports within the sector and more broadly were much more mixed," the strategist wrote in a note.
EQT Sells Remaining Pennsylvania Non-op Assets to Equinor for $1.25B
EQT Corp. has agreed with Equinor USA Onshore...
EQT Corp. has agreed with Equinor USA Onshore Properties Inc. and Equinor Natural Gas LLC to sell its remaining interest in its non-operated natural gas assets in Northeast Pennsylvania.
Equinor will pay a cash consideration of $1.25 billion for the non-op assets, according to EQT’s Oct. 29 earnings report. The transaction price is subject to customary purchase price adjustments. EQT intends to use proceeds toward debt repayment related to its acquisition of Equitrans Midstream Corp.
The deal represents approximately 350 MMcf/d of forecasted 2025 net production, EQT said.
