As NatGas Drops Below $2, Chesapeake is Prepared to Curtail Volumes Again
The prompt-month natural gas price dipped below...
The prompt-month natural gas price dipped below $2/MMBtu during No. 2 U.S. gas producer Chesapeake Energy’s second-quarter earnings call on July 30. According to CME Group data, the dive was from as much as $3.20 on June 11 for delivery on Sept. 1.
In addition to curtailing production this past spring in response to low gas futures, “we … are prepared to do so again as necessary in the fall,” Nick Dell’Osso, Chesapeake president and CEO, told investors and analysts in the call.
COO Josh Viets added that output has been pared 17% since this past spring. “That equates to a little over 0.5 Bcf/d … coming offline from our operated production.”
Iran’s Revolutionary Guard said Hamas’s political leader, Ismail...
Iran’s Revolutionary Guard said Hamas’s political leader, Ismail Haniyeh, was killed in Tehran after attending the inauguration ceremony of the country’s new president. Israel did not comment on his death, but it has pledged to kill Hamas leaders following the Oct. 7 attack and has carried out assassinations of top targets in Iran in recent years. Hours before Haniyeh’s assassination, the Israeli military claimed it killed a senior Hezbollah commander in a “targeted strike” in a Beirut suburb. Going forward, the focus will be on how Hamas and Hezbollah respond to these strikes and their impact on ongoing Gaza cease-fire negotiations.
Starbucks had a bad day. The coffee giant’s Tuesday...
Starbucks had a bad day. The coffee giant’s Tuesday got off to an inauspicious start when its mobile ordering system went down in the morning, though service was mostly restored by the afternoon. Things got worse after Sbux reported deeply underwhelming fiscal third-quarter earnings, missing on revenue estimates while posting a decline in same-store sales for the second straight quarter. Starbucks is grinding to emerge from its sales slump amid inflation, increased competition, and pressure from activist investors.
Meta agreed to pay $1.4 billion to the state of Texas to settle a lawsuit over the company allegedly using facial recognition tech to collect data on Texans without their consent.
Spirit Airlines, the low-cost airline known for its remarkably bare-bones customer experience, is adding some bones in the form of snacks, wi-fi, and other perks.
Disneyland workers voted to ratify a new contract that includes wage hikes, averting a potential strike that would have brought the California theme park to a standstill.
Microsoft experienced another series of outages to its apps and services yesterday, which appeared to be smaller and unrelated to the massive CrowdStrike outage earlier this month.
Bill Ackman cut the fundraising target for the IPO of his investment fund for the second time ahead of its imminent launch on the New York Stock Exchange
Crude oil inventories in the United States fell again this week,...
Crude oil inventories in the United States fell again this week, this time by 4.495 million barrels for the week ending July 26, according to The American Petroleum Institute (API), after analysts predicted a smaller 2.333 million barrel draw.
The API reported a 3.9 million barrel draw in crude inventories for the week prior.
According to API data, Cushing Inventories finished out this week’s losses, losing 929,000 barrels on top of the 1.6-million-barrel drop in the previous week.
Benchmark U.S. crude oil for September delivery fell $1.08to $74.73 per barrel Tuesday. Brent crude for September delivery fell $1.15 to $78.63 per barrel.
Wholesale gasoline for August delivery fell 3 centsto $2.39 a gallon. August heating oil fell 4 cents to $2.34 a gallon. September natural gas rose 9 cents to $2.13 per 1,000 cubic feet.
