Oil inches up as investors await Trump's actions on Russian oil, Iran
U.S. benchmark oil prices on Monday looked to end the...
U.S. benchmark oil prices on Monday looked to end the month higher, buoyed by threats to global supplies, but they were still registering a loss for the quarter as the Trump administration's plan to implement reciprocal tariffs on Wednesday raised the potential for demand destruction.
President Donald Trump might call April 2 “Liberation Day,” but for oil bulls, it could shape up more like “correction day,” said Stephen Innes, managing partner at SPI Asset Management. “If sentiment surveys prove self-fulfilling and the hard U.S. data rolls over, crude could make a beeline south before you can say ‘demand destruction,’” he said.
On Monday, U.S. benchmark West Texas Intermediate crude for May delivery closed up $2.12, at $71.48 a barrel on the New York Mercantile Exchange. Based on the front month, prices were trading roughly 2.5% higher for the month, but down about 0.3% for the quarter.
Brent Crude for May deliveryclosed up $1.11 at $74.74 a barrel, while Natural Gas for May closed up 5.4 cents, at $4.119 MMBtu,after hitting a high for the day of $4.25.
Dow closes up over 400 points as U.S. stocks shake off tariff jitters
Despite mainly moving higher on Monday, U.S. stocks...
Despite mainly moving higher on Monday, U.S. stocks ended lower for both March and the first quarter of 2025, as investors remain concerned about the uncertainty brought by President Donald Trump's tariff plans.
The Dow Jones Industrial Average fell 542.46 points or 1.3% this quarter, ending at 42,001.76. It lost 1,839.15 points or 4.2% in March, while the index was up 417.86 points or 1% on Monday.
The S&P 500 slid 269.78 points or 4.6% this quarter to finish at 5,611.85, recording its most significant quarterly percentage decline since the third quarter of 2022. The benchmark fell 342.65 points or 5.8% in March, recording its largest monthly percentage decline since December 2022. It rose 30.91 points or 0.6% on Monday.
The Nasdaq Composite dropped 2,011.50 points or 10.4% this quarter to close at 17,299.29, recording its largest quarterly point and percentage declines since the second quarter of 2022. The tech-heavy index shed 1,547.99 points or 8.2% in March, posting its largest monthly percentage decline since December 2022. It was down 23.70 points or 0.1% on Monday.
Japan’s JAPEX Backs Former TreadStone Execs’ New E&P Peoria
JAPEX U.S. Corp. (JUS), the U.S. arm of Japan Petroleum Exploration...
JAPEX U.S. Corp. (JUS), the U.S. arm of Japan Petroleum Exploration Co. Ltd., has made an equity investment to E&P Peoria Resources, the companies said March 26.
Financial terms of the equity investment were not disclosed, but the transaction comes as part of JAPEX’s plans to invest $1.5 billion in exploration and development projects through the end of 2030.
The Peoria investment extends JAPEX’s existing non-operated U.S. oil and gas business.
According to the JAPEX website, JAPEX owns minority interests in the South Texas Eagle Ford Shale and the Woodford play in southern Oklahoma. Operators include Marathon Oil and EOG Resources.
Japan’s Mitsui Testing Western Haynesville Alongside Comstock, Aethon
Japanese firm Mitsui spudded a test well earlier this month near the...
Japanese firm Mitsui spudded a test well earlier this month near the emerging western Haynesville play, adjacent to acreage held by Comstock Resources.
As of early March, Mitsui E&P USA, the U.S. E&P arm of Tokyo-based Mitsui & Co. Ltd., was drilling an exploratory vertical test well in Leon County, Texas, according to data from drilling contractor Scandrill and the Texas Railroad Commission (RRC).
On March 2, Scandrill’s Explorer rig spudded the vertical O. Henson #1 for Mitsui in Leon County—about five miles east of the town of Buffalo, Texas.
State regulators also approved Mitsui’s plan to drill a new horizontal well on acreage in nearby Freestone County, RRC filings show.
The presence of the Japanese company in the emerging play is another sign of renewed interest by foreign investors in U.S. shale following a shaky start more than a decade ago.
Home prices are high, but some buyers are crossing the Rubicon
The Wall Street Journal profiled some homebuyers who took a leap of faith...
The Wall Street Journal profiled some homebuyers who took a leap of faith and closed deals despite economic uncertainty, high interest rates, and low housing inventory. While not everyone can enter the housing market under the current conditions, those who can make it work are increasingly deciding to make progress on their life milestones rather than wait patiently for interest rates to return to 4%. The Mortgage Bankers Association reported that mortgage purchase applications were up 7% last week from the same time a year ago. “You can’t pause your life for what rates are going to do,” one of the homebuyers told the WSJ.
