Benchmark U.S. crude oil for September delivery ...
Benchmark U.S. crude oil for September delivery fell $1.35to $75.81 per barrel Monday. Brent crude for September delivery fell $1.35to $79.78 per barrel.
Wholesale gasoline for August delivery fell 4 centsto $2.42 a gallon. August heating oil fell 4 cents to $2.38 a gallon. August natural gas fell 10 cents to $1.91 per 1,000 cubic feet.
U.S. stocks end mixed ahead of Fed decision, jobs data, more earnings
The S&P 500 and Nasdaq ended Monday higher than where they began,...
The S&P 500 and Nasdaq ended Monday higher than where they began, as a big week of tech earnings has investors hopeful they can avoid the selloff that Tesla and Alphabet kicked off last week. The Dow struggled for direction all day but ended the afternoon in negative territory.
Treasury yields remained steady for the most part today, falling a bit before the trading session closed as investors await word from the Fed this Wednesday.
Oil began the week with yet another major selloff as traders seemingly ignored the escalating conflict between Israel and Hezbollah.
The Dow Jones Industrial Average ended roughly 0.1% lower, according to preliminary closing data from FactSet.
Permian Resources Bolts-on Oxy’s Delaware Basin Assets for $820MM
Permian Resources has agreed to buy Delaware...
Permian Resources has agreed to buy Delaware Basin assets from Occidental Petroleum for $817.5 million, which some analysts considered a nearly a tailor-made deal for Permian Resources. The acquisition includes about 29,500 net acres, 9,900 net royalty acres, and an average production of 15,000 boe/d predominantly located directly offset the company’s existing position in Reeves County, Texas. Permian Resources will also pick up about 2,000 net acres in Eddy County, New Mexico.
The deal includes assets in Occidental’s Barilla Draw Field, which analysts at TD Cowen had said made “strong industrial [logic] for PR [Permian Resources] given acreage overlap in Reeves County.”
For Occidental, the deal continues to move the company toward debt reduction targets of $4.5 billion to $6 billion in sales, which will be completed within 18 months of closing the acquisition of CrownRock LP.
High crude processing volumes helped Valero Energy report better-than-expected...
High crude processing volumes helped Valero Energy report better-than-expected second-quarter earnings even though net income fell from $5.40 per share a year ago to $2.71 per share. The refiner saw margins decline by almost 28% year over year to $3.05 billion during the quarter amid softer demand for distillate fuels.
Nicolás Maduro declared winner in contested Venezuelan elections
Venezuela is set for fresh political turmoil after President Nicolás...
Venezuela is set for fresh political turmoil after President Nicolás Maduro was declared the winner of Sunday’s election, securing a third six-year term leading the economically struggling South American nation. But opposition leaders contested the result and accused the regime of falsifying the vote count. Maduro’s opponent Edmundo González has led by more than 25 percentage points in the polls for weeks. US Secretary of State Antony Blinken said the Biden administration has “serious concerns” Maduro’s announced victory “does not reflect the will or the votes of the Venezuelan people.” Should Maduro keep power, more Venezuelans could join the 7.7 million people who have already left the country under his rule.
