Upcoming pipeline not enough to address Permian gas glut
The startup of the 2.5-Bcf/d...
The startup of the 2.5-Bcf/d Matterhorn Express natural gas pipeline this summer will temporarily alleviate the Permian Basin's gas glut. Still, analysts warn that another takeaway capacity shortage is likely by 2026 or 2027 without additional infrastructure. None of the four other gas pipeline projects proposed in the region has reached a final investment decision, making it unlikely they will come online in time to prevent future bottlenecks.
US dockworkers are threatening to strike. The union...
US dockworkers are threatening to strike. The union representing more than 45,000 dockworkers at ports throughout the US canceled labor talks yesterday and is threatening a work stoppage to protest the use of automated machinery, the WSJ reported. Union leader Harold Daggett vowed the group would go on strike if a new contract with the ports is not reached by September 30, when the current agreement expires. An October strike could add another wrinkle to the upcoming presidential election and uncertainty to the holiday shopping season, which relies on goods traveling from overseas into US ports.
Dan Hurley reportedly turned down a six-year, $70 million offer to become the head coach of the NBA’s Los Angeles Lakers to stay at UConn, where he’s won back-to-back NCAA titles.
The Supreme Court agreed to consider Meta’s bid to shut down a class-action lawsuit over the Cambridge Analytica scandal.
Edgar Bronfman Jr. and Bain Capital are interested in buying National Amusements, the company that owns Paramount Global, for up to $2.5 billion, the WSJ reported, while Paramount is exploring a merger with Skydance Media.
The WNBA reported its best early-season TV viewership in league history and the highest attendance in 26 years, due in part to the arrival of star Caitlin Clark.
Bad Boys 4, Will Smith’s first major film since he slapped Chris Rock at the 2022 Oscars, had a successful $104.6 million global box-office debut.
Benchmark U.S. crude oil for July delivery rose $2.21to $77.74 per barrel Monday. Brent crude for August delivery rose $2.01to $81.63 per barrel.
Wholesale gasoline for July delivery rose 3 centsto $2.41 a gallon. July heating oilrose 6 centsto $2.41 a gallon. July natural gasfell 1 cent to $2.91 per 1,000 cubic feet.
U.S. stocks ended higher on Monday as investors await the Federal Reserve's policy meeting and new inflation data due later this week.
According to Dow Jones Market Data, the Dow Jones Industrial Average went up 69.05 points or 0.2% to end at 38,868.04. The S&P 500 rose 13.80 points or 0.3% to close at 5360.79, its 26th record close this year. The Nasdaq Composite went up 59.40 points or 0.4% to finish at 17192.53, its 14th record close this year.
Texas Startup Hopes Fourth Time's a Charm to Build First Big US Oil Refinery Since 1977
Element Fuels Holdings, a Dallas-area startup...
Element Fuels Holdings, a Dallas-area startup proposing to build the first all-new U.S. oil refinery in nearly 50 years, said on June 6 that it was relaunching efforts to build a large plant in South Texas.
Entrepreneur John Calce has proposed the Brownsville, Texas, project at least twice before by his ARX Energy and JupiterMLP startups, with one leading to a bankruptcy filing. The project was originally owned by a holding company that also owned Centurion Terminals.
Element is looking to raise funds for the first phase, allowing the refinery to process about 50,000 bbl/d to 55,000 bbl/d of naphtha feedstock into gasoline. Calce said the company estimates the initial phase will cost about $1.2 billion.
