Horizontal drilling is gaining traction in Utah's Uinta Basin as new...
Horizontal drilling is gaining traction in Utah's Uinta Basin as new rail infrastructure enables increased extraction of the region's valuable waxy crude. Consistent oil yields and competitive returns have renewed drillers' interest in the basin, as exemplified by SM Energy's recent $2 billion acquisition of XCL Resources.
Crude oil rises more than 2% after Iran fires missiles at Israel
U.S. crude oil prices climbed...
U.S. crude oil prices climbed over 2% on Tuesday, retreating from higher levels as markets evaluated the potential for escalation following Iran's missile attack on Israel. The response highlighted a shift from previous market complacency about the conflict, with traders who had largely dismissed supply disruption threats now reassessing risks.
The key concern centers on Israel's potential response, particularly whether it might target Iran's nuclear facilities or oil infrastructure. With Iranian oil production at a five-year high of over 3 million barrels per day, analysts emphasize the need to consider scenarios where these supplies could be disrupted, marking a significant shift in market risk assessment.
Here are Tuesday’s closing energy prices:
West Texas Intermediate November contract: $69.83 per barrel, up $1.66, or 2.44%. Year to date, U.S. crude has fallen more than 2%.
Brent December contract: $73.56 per barrel, up $1.86, or 2.59%. Year to date, the global benchmark has dropped more than 4%.
RBOB Gasoline November contract: $1.9666 per gallon, up 1.63%. Year to date, gasoline has pulled more than 6%.
Natural Gas November contract: $2.896 per thousand cubic feet, down 0.92%. Year to date, gas has gained more than 15%.
Stocks end lower, oil prices jump after Iran launches missile attack on Israel
Wall Street tumbled Tuesday in a tech-driven sell-off,...
Wall Street tumbled Tuesday in a tech-driven sell-off, buffeted by Iran's missile attack on Israel and a U.S. East Coast port workers' strike. The market's reaction reflected a complex landscape where defense and energy stocks rose amid Middle East tensions, while shipping-related and retail shares declined due to port closures. Safe-haven assets like the U.S. dollar, gold, and Treasuries gained traction, with oil prices initially surging 5% before moderating later in the session.
Despite attempts to recover from midday lows, similar to Monday's late rebound, buying enthusiasm remained subdued as volatility reached nearly one-month highs. The 10-year Treasury yield fell below Monday's levels, narrowing the yield curve that had been widening since the Federal Reserve's recent rate cut. This shift was driven by both the flight to safety and weak U.S. manufacturing data, highlighting investors' growing concerns about potential economic impacts, including possible goods inflation and supply chain disruptions affecting retailers, railroads, and auto companies.
Here's where the major benchmarks ended:
The S&P 500® index (SPX)fell 53.73 points (–0.93%) to 5,708.75; the Dow Jones Industrial Average® ($DJI) declined 173.18 points (–0.41%) to 42,156.97; the Nasdaq Composite® ($COMP) lost 278.81 points (–1.53%) to 17,910.36.
The 10-year Treasury note yield (TNX) fell six basis points to 3.74%.
The Cboe Volatility Index® (VIX) jumped to 19.28, the highest in nearly a month.
JERUSALEM (AP) — The Israeli military said Tuesday that Iran has fired...
JERUSALEM (AP) — The Israeli military said Tuesday that Iran has fired missiles and it ordered residents to remain close to bomb shelters as air raid sirens sounded across the country.
Israel and the United States have warned there would be severe consequences in the event of an attack on Israel from Iran, which backs the militant group Hezbollah in Lebanon.
The orders to shelter in place were sent to Israelis' mobile phones and announced on national television.
Israel Begins Ground Operations in Southern Lebanon
The Israeli military announced early Tuesday that its...
The Israeli military announced early Tuesday that its troops had begun crossing into southern Lebanon, saying that they would destroy Hezbollah military infrastructure in villages close to the Israel-Lebanon border.
In a statement issued shortly before 2 a.m., the military described the operation as “limited” and said that its troops had begun entering Lebanon “a few hours ago” in order to target sites that “pose an immediate threat to Israeli communities in northern Israel.”
