DIRS.INFO The most relevant business & tech news

☆ Stock Market Today: Dow Rises Nearly 600 Points After May Jobs Report Comes In Hot
▼ + stars: | 2023-06-02 | by ( ) www.wsj.com time to read: +1 min

The May jobs report released Friday blew past Wall Street's expectations, signaling that hiring across the U.S. economy remains robust. Stock indexes rose. Wall Street's "fear gauge" dipped. Treasury yields rose. Benchmark U.S. crude rose 1.8%, to more than $71 a barrel, ahead of Sunday’s OPEC meeting.

Persons: Biden Organizations: Dow, Treasury, Verizon, Mobile, Benchmark Locations: U.S

☆ Exxon and Chevron investors shoot down climate proposals after a year a record profits
▼ + stars: | 2023-06-01 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Investors shot down proposals urging Exxon and Chevron to set more ambitious climate targets. Climate-minded investors blame Big Oil's soaring profits and Republicans' criticism of ESG. "It's incomprehensible why investors are accepting this when they have more to worry about than the profits of Big Oil. Exxon in December said more than 70% of its capital investments in the coming years would flow to fossil-fuel development. "To be fair, we have seen change at Exxon in the last two years.

Persons: Big, Mark van Baal, Critics, Andrew Logan Organizations: Exxon, Chevron, Service, ExxonMobil, BlackRock, Vanguard, Big, Big Oil Locations: Ukraine

☆ Lower-than-expected demand during Memorial Day weekend driving down oil prices: Citi's Ed Morse
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLower-than-expected demand during Memorial Day weekend driving down oil prices: Citi's Ed MorseEd Morse, Citi global head of commodities, joins 'Closing Bell Overtime' to break down oil's recent drop below $70 per barrel.

Persons: Ed Morse Ed Morse Organizations: Citi

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

☆ Turkey's runoff election is paralyzing key oil exports from northern Iraq
▼ + stars: | 2023-05-25 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +6 min

Oil typically flows through Turkey from both the Iraqi state and the semi-autonomous Kurdistan Regional Government (KRG). More specifically, this Kirkuk crude flows down the Iraq-Turkey Pipeline linking the north of the Gulf country with Turkey's Ceyhan port in the Mediterranean. But the flows have been paralyzed since March 25 by a legal dispute involving federal Iraq, the KRG and Turkey. This decision led to U.S. companies deciding to exit contracts in Kurdistan and deterred some KRG oil buyers from further purchases. "The ruling party in Turkey [Erdogan's AKP] wants to settle the elections and then deal with KRG's oil with Baghdad."

Persons: KRG, Hayan Abdul, Ghani, —, Recep Tayyip Erdogan, Kemal Kilicdaroglu, Lawk Ghafuri, Yerevan Saeed, Saeed, Bilal Wahab, Wagner Organizations: CNBC, Kurdistan Regional Government, Turkey Pipeline, International, Commerce's, Reuters, ICC, Baghdad, BTC, Kurdistan, Gulf Institute, Sinjar, Washington Institute for Near East Locations: Turkey, Ankara, Baghdad, Iraqi, Kurdistan, Kirkuk, Iraq, Basra, Paris, U.S, Ceyhan, Baku, Syria, Erbil, Yerevan, Washington

☆ Oil gains after Saudi warns short-sellers: 'watch out'
▼ + stars: | 2023-05-23 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Brent crude futures rose 85 cents, or 1.1%, to settle at $76.84 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures settled at $72.91 a barrel, up 86 cents, or 1.2%. On Monday, prices rose 1% on optimism fed by a surge in U.S. gasoline futures. Gasoline futures rose 1.2% on Tuesday, with analysts expecting a third straight weekly decline in inventories ahead of peak summer travel season which starts on the U.S. Memorial Day holiday on May 29. Erlam added Brent crude prices need to rise above $77.50 a barrel to signal a sentiment shift.

Persons: U.S ., Craig Erlam, Erlam, Brent, haven't, Rob Haworth Organizations: Brent, U.S . West Texas, U.S, U.S . Memorial, American Petroleum Institute, U.S . Energy, Administration, of Petroleum, Strategic Petroleum Reserve, Bank Wealth Management Locations: Saudi, U.S, Russia, OPEC

☆ Here are stocks to own to take the debt ceiling, bond market out of your investing equation
▼ + stars: | 2023-05-21 | by ( Jim Cramer | ) www.cnbc.com time to read: +18 min

Are the travails of the bond market, like Macbeth expounds, a "tale told by an idiot, full of sound and fury, signifying nothing?" The billionaire class — so incorrectly sought after by the media — so often seems to use the bond market as a sort of intellectual cudgel. That's why I always start my discussion on bonds with the simple query of "where are the layoffs, not forget about stocks, think fixed income." Here the bond market polices only those companies that haven't pivoted to making a profit. They, among all sectors, could be pummeled by the bond market freeze and by the consumers' paralysis.

Summary Oil rallies after three straight weekly declinesGoldman Sachs says demand fears 'overblown'US inflation data and OPEC report in focus this weekSINGAPORE, May 8 (Reuters) - Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent crude was up $1.57, or 2.1%, at $76.87 a barrel by 11:19 a.m. EDT (1519 GMT). Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

☆ Oil climbs more than 2% as recession fears begin to fade
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. Banking concerns have plagued the market recently after the collapse of three major regional banks. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

☆ Oil's sharp slide has surprised markets. But some traders now see a bottom for prices
▼ + stars: | 2023-05-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year. The recent slide in oil prices is starting to bottom out, according to analysts who predict that a more significant pickup in the coming quarters is in the cards. Oil prices saw their third consecutive weekly decline last week, marking the longest losing run this year. The production declines prompted some analysts to warn prices could surge to triple digits, which failed to materialize. "We're looking more positively at the second and third quarter than what's happened in the first quarter," Morse said.

SINGAPORE, May 8 (Reuters) - Oil prices rose slightly in early Asian trade on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede. Brent crude futures were up 6 cents at $75.36 a barrel at 0022 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $71.42. "Crude prices may continue to take the rebounding tailwind," CMC'S Teng said. Reporting by Sudarshan Varadhan; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Canada opens formal investigation into Imperial's oil sands tailings leak
▼ + stars: | 2023-05-04 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

CALGARY, Alberta, May 4 (Reuters) - Canada's federal environment ministry on Thursday opened a formal investigation into a months-long tailings leak at Imperial Oil's (IMO.TO) Kearl oil sands mine in northern Alberta, signalling a potential prosecution. Tailings, a toxic mining by-product containing water, silt, residual bitumen and metals, have been seeping from Imperial's site since last May, angering local Indigenous communities who hunt and fish on the lands downstream from Canada's oil sands mines. The company first discovered discolored water on its Kearl site in May 2022 and informed the AER and some local Indigenous communities, but failed to update those communities when testing showed the water contained tailings. Canada's Tourism Minister Randy Boissonnault, one of only two Liberals lawmakers in Alberta, said the Kearl leak and poor communication was "simply unacceptable". "It's unjust for Indigenous communities that are living downstream to have questions about their drinking water table and the health of the natural environment."

☆ Lukoil's net profit declines 22% to $1.3 billion in Q1
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

Companies NK Lukoil PAO FollowMay 2 (Reuters) - Russian oil company Lukoil (LKOH.MM) posted a net profit under Russian Accounting Standards (RAS) of 104.3 billion roubles ($1.3 billion) in the first quarter of 2023, down 22% from 133.4 billion roubles in the same period 2022. The RAS data does not typically take into account financials from subsidiaries. Russia's second-largest oil producer said that its revenues fell by 63% to 455.83 billion roubles in the January - March period. Lukoil, like many other Russian businesses, stopped publishing their financial results calculated under international standards, after Moscow had sent its troops into Ukraine in February 2022. ($1 = 79.9000 roubles)Reporting by Reuters; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Oil drops nearly 4% as recession fears outweigh US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Energy Information Administration (EIA) data showing U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels helped to limit the price fall, far exceeding analyst forecasts of a 1.5 million drop in a Reuters poll. Gasoline and distillate stocks also drew down, sinking by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels to 111.5 million barrels, respectively, the EIA said. A forecast of higher refinery activity, but lower crude exports, will continue a push and pull for weeks. Oil prices fell more than 2% on Tuesday as lingering economic concerns and expectations of further interest rate hikes that could curtail fuel demand growth countered signs of improving short-term consumption gains. "This (data) will add credence to claims that the U.S. economy is edging closer to a recession," said PVM Oil's Stephen Brennock.

☆ Oil slides as recession fears outweigh large US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude fell by $1.08, or 1.3%, to $79.69 a barrel by 10:54 a.m. EDT (1454 GMT). U.S. West Texas Intermediate crude fell 76 cents, or 1%, to $76.31. U.S. crude oil inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.5 million-barrel drop, the Energy Information Administration (EIA) said. Gasoline and distillate stocks also drew down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels in to 111.5 million barrels, respectively, the EIA said. Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ remains an efficient tool for coordination on global oil markets.

☆ Oil mixed as recession fears are tempered by U.S. inventories
▼ + stars: | 2023-04-26 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barrels, the sources said. U.S. crude oil stockpiles have been falling since the middle of March as refineries have increased runs to produce more gasoline ahead of the peak summer demand period that starts in May. This has pushed WTI futures prices into backwardation, when prompt futures are higher than later-dated futures, reflecting the higher refinery demand.

☆ Palm oil's rare premium leads to 'wash out' in India -dealers
▼ + stars: | 2023-04-19 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

Palm oil usually trades at a discount to soft oils, but import restrictions by top producer Indonesia have helped to push palm oil to a premium, making sun oil and soyoil more attractive to buyers. This has prompted some Indian buyers to reduce purchases of palm oil for May shipments and increase soft oil imports. Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could weigh on Malaysian palm oil prices , but support soyoil and sunflower oil prices. But palm oil has moved to a premium at the same time as soft oil prices have dropped, partly due to a record rapeseed crop. Palm oil's discount to rival oils was much as $500 in the December quarter, but now it is holding a rare premium of more than $30 per tonne over sunoil for May shipments, dealers said.

☆ Oil falls as weak U.S. economic data stokes recession fears
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. The slew of soft economic data soured market sentiment, stoking fears of a recession and prompting investors to adopt risk aversion strategies. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

☆ Oil prices ease as weak economic data clouds demand prospects
▼ + stars: | 2023-04-05 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

TOKYO, April 6 (Reuters) - Oil prices eased in early Asian trade on Thursday after weak U.S. job openings data signalled cooling economic conditions which may hit demand. The data offset market's reaction to earlier OPEC+ cuts and the recent reduction of U.S. crude and fuel stockpiles. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

The unpaid invoices originated with dozens of little-known companies acting as middlemen for Venezuela's oil exports since U.S. sanctions in 2020 halted deals with international trading firms and customers. Venezuela's Attorney General's office in October began a probe after oil tankers absconded without full payment to PDVSA. Venezuela's oil ministry and PDVSA did not reply to a request for comment. Maroil boosted Venezuela's petcoke exports following a commercial pact with PDVSA in 2016. In Venezuela, two heavy oil upgrading facilities controlled by PDVSA, Petro San Felix and Petrocedeno, produce and store petcoke.

☆ Oil markets steady as investors weigh banking crisis, Russia
▼ + stars: | 2023-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil markets are closely watching the sentiment in financial market, while oil fundamentals remain sidelined, said Vandana Hari, founder of oil market analysis provider Vanda Insights. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on demand for oil. Despite lowering output, Russia is expected to maintain crude oil exports by cutting refinery output in April, data from industry sources and Reuters calculations showed on Friday. Exports of Russian oil products have to date been more affected than crude exports by a recent European Union embargo, with tonnes of diesel stuck on ships awaiting buyers. Analysts said Russian crude inventories have been rising since September last year, and the country would likely want to avoid further stockbuilds during refinery maintenance season from March to June.

☆ Goldman Sachs says buy oil-stock pullbacks, highlighting a Club name to purchase
▼ + stars: | 2023-03-23 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Goldman Sachs said in a research note Thursday the recent energy sector pullback should be viewed as a reason to buy since that strategy has worked well since late 2020. West Texas Intermediate crude and energy stocks have been under intense pressure in recent weeks on the back of heightened recession fears. Based on that criteria, Goldman has Pioneer Natural Resources (PXD) on its "Americas Conviction List" with a buy rating. Recognizing the ups-and-downs of owning energy stocks, we still believe they should be part of any diversified portfolio. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ This could be Big Oil's last surge
▼ + stars: | 2023-03-19 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com time to read: +12 min

The era of Big Oil could end sooner than its massive profits suggest, analysts told Insider. But the worst-case scenario for the environment — that oil and gas companies reinvest all their extra money to keep growing — isn't happening, Logan said. The role of oil and gas companies in the energy transition is an ongoing debate, analysts told Insider. The UK company cited the need for an "orderly" energy transition. And while Big Oil's finances may begin to show some cracks over the next decade, he doesn't expect them to "suffer financially" for another 25 to 35 years.

☆ Tech leaders remain oblivious to the true lessons of Silicon Valley Bank
▼ + stars: | 2023-03-19 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Insider's Madeline Renbarger shares what happened at the SXSW Festival in Texas as tech founders and entrepreneurs learned about the implosion of Silicon Valley Bank. The festival began just as the FDIC announced it was taking control of Silicon Valley Bank to stop the catastrophic, social media-instigated bank run that was in full swing. Silicon Valley's blame gameiStock; Rebecca Zisser/InsiderIn the wake of Silicon Valley Bank's collapse, there's been plenty of finger-pointing but little self-reflection on the part of Silicon Valley, writes Insider's Linette Lopez. But in recent weeks, as companies like Meta and Twitter braced for tougher times ahead, the assault on middle managers has picked up new steam. But middle managers move the needle on a company's overall performance far more than senior executives do — and make a bigger difference to the bottom line.

☆ Biden administration tells Supreme Court Big Oil climate cases belong in state court
▼ + stars: | 2023-03-17 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

SummarySummary Companies Solicitor general urged SCOTUS to reject Big Oil's appealFive appeals courts have supported state jurisdictionMarch 16 (Reuters) - A lawsuit filed by several Colorado municipalities accusing ExxonMobil Corp and Suncor Energy Inc. of exacerbating climate change belongs in state court where it was filed, the Biden administration told the U.S. Supreme Court on Thursday. The administration urged the justices to reject the oil companies’ petition for review of a February 2022 appeals court's ruling that sent the case back to state court, a venue generally considered more favorable to the municipal plaintiffs. The oil companies have denied the local and state governments' allegations and argued that despite the municipalities only raising state law claims, the cases clearly raise federal questions. The Supreme Court first considered the jurisdiction question in 2021 in case brought by the city of Baltimore. Circuit Court of Appeals to reconsider arguments for removal raised by the oil companies in that case, but didn't weigh in directly on which courts were proper.

Search resuls for: "Oil's"

25 mentions found