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REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped and a fire broke out at a refinery in Louisiana. Brent futures rose $1.12, or 1.3%, to settle at $84.48 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1.0%, to settle at $79.83. Diesel futures soared about 5% to a near seven-month high, boosting the diesel crack spread , a measure of refining profit margins, to its highest since January 2023. "The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance," said Phil Flynn, an analyst at Price Futures Group. He added prices also drew support from a fire at a Louisiana refinery and a drop in U.S. oil rigs.

Persons: Chen Aizhu, Phil Flynn, Brent, WTI, Baker Hughes, Jerome Powell, Morgan Stanley, John Evans, Natalie Grover, Laura Sanicola, Muyu Xu, David Goodman, Jason Neely, David Gregorio, Cynthia Osterman Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, Diesel, Price Futures Group, U.S ., Federal, Thomson Locations: China, Dalian, Liaoning province, Louisiana, Brent, , Louisiana, U.S, Germany, Europe's, Norwegian, London, Washington, Singapore

☆ Carbon storage is gaining favor. These are the companies investors need to know
▼ + stars: | 2023-08-15 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

Carbon capture, utilization and storage processes have been around for half a decade, but are currently gaining momentum. Some focus on modifying already-standing power as well as industrial plants that work on carbon capture. Put more succinctly, Deutsche Bank analyst James Hubbard called carbon capture "simple in theory" but "capital intensive and divisive" in reality. He also noted the company has one of the industry's largest carbon capture positions. Staphos cited the potential of its carbon capture operations as a long-term reason to be optimistic, even as its more traditional end-market, homebuilding, faces near-term pressure.

Persons: CCUS, Worley, Wood MacKenzie, Goldman Sachs, Jan Hatzius, Hatzius, James Hubbard, Goldman's Brian Singer, Baker Hughes, Goldman, Ati Modak, hasn't, Stephens, Mike Scialla, Scialla, George Staphos, Staphos, — CNBC's Michael Bloom Organizations: Big, International Energy Agency, U.S . Department of Energy, Battelle, Carbon Technologies, Occidental Petroleum, Carbon Engineering, Energy, Deutsche Bank, Wall Street, Occidental Petroleum . Energy, Baker, Occidental, of Energy, Bank of America, Weyerhaeuser, Bloom Energy, CF Industrial, Honeywell, KBR, Linde, Nutrien, Teledyne, Refinitiv Locations: Vermont, stoke, Maui, Big Tech, Texas, Louisiana, Carbon Technologies . Texas, Kleberg County, Rio Grande, Denmark, Switzerland, Union, Occidental, Boise, Pacific

☆ Seven oil service stocks are buys through year-end thanks to rising margins and fatter multiples, Goldman says
▼ + stars: | 2023-08-09 | by ( Scott Schnipper | ) www.cnbc.com time to read: +2 min

A pool of energy service stocks are likely to rally through year-end thanks to fatter profit margins leading to quarter-over-quarter earnings growth and higher price-to-earnings multiples, Goldman Sachs analysts said in a Tuesday note to clients. Service stocks as a whole have far outperformed the Energy Select Sector SPDR ETF this year, Goldman noted. OIH XLE 3M mountain Energy service ETF vs Energy ETF over past three months. SLB : SLB is benefiting from increased spending on oil and gas exploration and production in the Middle East. Other energy service stocks Goldman also rates a buy are Halliburton , MasTec and Expro Group Holdings .

Persons: Goldman Sachs, Goldman, Ati Modak, Brent, Baker Hughes, BKR, — CNBC's Michael Bloom Organizations: Energy, VanEck Oil Services, Companies, bbl, Weatherford, Halliburton, MasTec, Expro Group Holdings

☆ Chesapeake Energy posts fall in Q2 profit on lower natural gas prices
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Chesapeake Energy logo is seen on smartphone in front of displayed stock graph in this illustration taken January 25, 2022. REUTERS/Dado Ruvic/IllustrationAug 1 (Reuters) - Chesapeake Energy (CHK.O) on Tuesday posted a fall in second-quarter profit on lower natural gas prices and production. Relatively mild temperatures and higher inventories had also dented natural gas prices. In May, the company said it anticipated volatility in natural gas markets to persist, and that it could hold off bringing some wells online if low prices continue. Out of which 96% accounted for natural gas and 4% was total liquids.

Persons: Dado Ruvic, Baker Hughes, Tanay, Maju Samuel Organizations: Chesapeake Energy, REUTERS, Thomson Locations: U.S, Ukraine, United States, Bengaluru

Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week - a fifth straight week of gains. The benchmarks are on track to gain over 13% for the month. In an interview on Friday, Exxon Mobil (XOM.N) chief Darren Woods said he expected record oil demand this year and next. On the supply side, U.S. oil rigs fell by one to 529 this week, their lowest since March 2022, energy services firm Baker Hughes (BKR.O) said on Friday. Saudi Arabia is expected to extend the voluntary oil output cut for another month to include September, five analysts said, to provide additional support for the oil market.

Persons: Brent, Phil Flynn, Jerome Powell's, Tamas Varga, Darren Woods, Baker Hughes, Stephanie Kelly, Natalie Grover, Laura Sanicola, Andrew Hayley, Deepa Babington, Kirsten Donovan Organizations: drillers, U.S . Federal Reserve, European Central Bank, U.S, West Texas, Price Futures, Federal, Exxon Mobil, Thomson Locations: France, Spain, China, OPEC, United States, U.S, Saudi, Saudi Arabia, New York, London, Washington, Beijing

July 21 (Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. U.S. oil rigs fell by seven to 530 this week, their lowest since March 2022, while gas rigs dropped by two to 131. Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs. U.S. shale oil and gas production will fall in August for the first time since December, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report this week.

Persons: Baker Hughes, Scott DiSavino, Marguerita Choy Organizations: drillers, Eagle Ford, Halliburton, U.S . Energy Information Administration, Thomson Locations: West Texas, New Mexico, South Texas, U.S

North America revenue for the current quarter will be slightly down, Chief Executive Olivier Le Peuch said in a post-earnings conference call with analysts, saying activity in the region was moderating. However, the company expects third quarter revenue from international markets to grow by a mid-single digit percentage, citing a resurgence in offshore and Middle East drilling. In comparison, last quarter's international revenue rose 21% to $6.3 billion and North America's climbed 14% to $1.75 billion. Analysts at Tudor Pickering Holt noted that international revenue missed its estimate by $1 billion, while North America slightly topped its forecast. Revenue of $8.1 billion fell slightly below analysts' estimate of $8.2 billion.

Persons: Baker Hughes, Olivier Le Peuch, America's, Tudor Pickering Holt, Peter McNally, Arathy Somasekhar, Arunima Kumar, Sriraj Kalluvila, David Holmes, Nick Zieminski Organizations: Schlumberger, Halliburton, North America, Thomson Locations: HOUSTON, America, North America, Tudor, Houston, Bengaluru

The S&P 500 banking index (.SPXBK) added 1.5%, but was still down 1.8% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched a 19.2% gain in the same period. Elevance Health (ELV.N) advanced 5.1% and was among top gainers on the S&P 500 after the health insurer forecast an upbeat annual profit. Halliburton(HAL.N) shed 2.8% after posting disappointing quarterly revenue, while Baker Hughes(BKR.O) edged up 0.5% after beating quarterly earnings expectations. The S&P index recorded 36 new 52-week highs and no new lows, while the Nasdaq recorded 117 new highs and 42 new lows.

Persons: Goldman, Goldman Sachs, Mike Loewengart, Dow, Baker Hughes, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Big, Morgan Stanley Global Investment, Citizens, U.S, U.S . Federal, US Bancorp, Dow Jones, Netflix, IBM, Verizon, Elevance, Halliburton, NYSE, Thomson Locations: Big U.S, U.S ., Minneapolis, Bengaluru

☆ Halliburton, Baker Hughes beats on profit as international demand offsets weak N.America
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File PhotoJuly 19 (Reuters) - Halliburton Co (HAL.N) and Baker Hughes (BKR.O) beat analysts' estimates for second-quarter profit on Wednesday on the back of strong demand for oilfield services internationally, even as domestic activity stumbled. Halliburton shares were down 2.1% in premarket trading at $37.30, while Baker Hughes' shares were down 3.5% at $33.98 as markets zoomed in on the first signs of weakness in North America. Halliburton, which gets nearly half its revenue from North America, said revenue from the region fell 2% to $2.7 billion, while that from international operations climbed 7% to $3.1 billion from first-quarter. Halliburton beat analysts' estimate by 2 cents at 77 cents per share for the three months ended June 30, while Baker Hughes topped estimates by 6 cents per share at 39 cents, according to Refinitiv data.

Persons: Richard Carson, Baker Hughes, Lorenzo Simonelli, Halliburton, Arathy Somasekhar, Arunima Kumar, Sourasis Bose, Sriraj Kalluvila Organizations: Halliburton, REUTERS, Thomson Locations: Houston , Texas, America, Ukraine, North America, Europe, Asia, Houston, Bengaluru

☆ These are the 3 key things that will impact the stock market in the week ahead
▼ + stars: | 2023-07-15 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

A lot was riding on these important measures of inflation after the scorching-hot ADP jobs report last week. Here are 3 things you need to know for the week ahead: 1. Industrial production and capacity utilization, also out Tuesday, shines a light on manufacturing, which attributes about 12% to U.S. GDP. Six months is generally considered to represent a balance between supply and demand in the housing market. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Morgan Stanley, Johnson, Jeff Miller, Lockheed Martin, Charles Schwab, JB Hunt, Goldman, Baker Hughes, Ally, Kinder Morgan, Zions, Philip Morris, Abbott, ABT, Jim Cramer's, Jim Cramer, Jim, Scott Olson Organizations: Nasdaq, Dow Jones Industrial, Housing, CPI, Halliburton, HAL, Johnson, of America Corp, Lockheed, Lockheed Martin Corp, Novartis International AG, PNC Financial Services Group, Inc, PNC, Charles Schwab Corp, Bank of New York Mellon Corporation, BK, Synchrony, Interactive, Goldman Sachs Group, U.S . Bancorp, ASML, Citizens Financial, T Bank Corp, Northern Trust Corporation, Horizon National Corp, Business Machines Corp, IBM, United Airlines, Netflix, Steel Dynamics, Alcoa, Discover Financial Services, Crown, International Corp, Equifax Inc, Las Vegas Sands Corp, Liberty Energy Inc, Philip Morris International Inc, Taiwan Semiconductor Manufacturing Company, American Airlines Group Inc, Travelers Companies, SAP, Nokia Corp, Truist Financial Corporation, Company, McLennan Companies, Infosys Technologies Ltd, Newmont Mining Corp, Fifth Third Bancorp, Pool Corporation, Alfa Laval, Webster Financial Corp, Blackstone, Financial Corp, PPG Industries, CSX Corp, CSX, Berkley Corp, Swift Transportation Holdings Inc, American Express Co, AutoNation Inc, Interpublic, of Companies, Autoliv Inc, Huntington Bancshares, Financial Corporation, Roper Technologies, Comerica, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Las, ZION, Horton, Freeport, Marsh, ALFVY, W.R, Lemont , Illinois

U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Russian Energy Minister Nikolai Shulginov said it was "realistic" to reach oil prices of around $80 per barrel, Russian state news agencies reported. Capping oil price gains was the prospect of rising interest rates, which could slow economic growth. The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Investors have been closely watching interest rates and commentary from Fed members.

Persons: Brent, Nikolai Shulginov, Shulginov, Baker Hughes, Phil Flynn, Stephanie Kelly, Alex Lawler, Sudarshan, David Goodman, Louise Heavens, David Evans, David Gregorio, Nick Macfie Organizations: bbl Bank of England, . West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Russian Energy, Bank of England, European Central Bank, U.S . Federal, Price Futures, U.S . Commodity Futures Trading Commission, Thomson Locations: Russia, U.S, OPEC, Saudi Arabia, Russian, Iran

June 9 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 695 in the week to June 9, the lowest since April 2022. , ,U.S. oil rigs rose one to 556 this week, while gas rigs fell two to 135, their lowest since March 2022. Data provider Enverus, which publishes its own rig count data, said drillers cut nine rigs in the week to June 7, dropping the overall count to 750. That compares with a record 12.3 million bpd in 2019. U.S. gas production, meanwhile, was on track to rise from a record 98.13 billion cubic feet per day (bcfd) in 2022 to 102.74 bcfd in 2023 and 103.04 bcfd in 2024, according to EIA's projection.

Persons: Baker Hughes, Beth McDonald, McDonald, Goldman Sachs, Scott DiSavino, Marguerita Choy Organizations: drillers, Natural Resources, Organization of Petroleum, U.S . Energy Information Administration, Thomson Locations: U.S, Saudi Arabia, Russia

☆ Oil jumps 2% on Saudi plan to deepen output cuts from July
▼ + stars: | 2023-06-05 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate crude climbed $1.41, or 2%, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel. The group, known as OPEC+, pumps around 40% of the world's crude and has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand. "The oil market now looks like it will be even tighter in the second half of the year." Consultancy Rystad Energy said the additional cut by Saudi is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. By contrast, the United Arab Emirates was allowed to raise output targets by around 200,000 bpd to 3.22 million bpd.

Persons: Baker Hughes, Goldman Sachs, Brent, Florence Tan, Diane Craft, Sonali Paul Organizations: Saudi, Brent, . West Texas, Organization of, Petroleum, ANZ, Rystad Energy, United Arab, Thomson Locations: SINGAPORE, Saudi Arabia, Saudi, Russia, OPEC, Nigeria, Angola, United Arab Emirates, UAE, United States

Companies Baker Hughes Co FollowMay 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil rises after US leaders strike provisional debt deal
▼ + stars: | 2023-05-29 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil climbs after US leaders strike provisional debt deal
▼ + stars: | 2023-05-28 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies Baker Hughes Co FollowSINGAPORE, May 29 (Reuters) - Oil prices rose in early Asian trade on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer. U.S. President Joe Biden and House Speaker Kevin McCarthy on Saturday reached an agreement in principle to suspend the $31.4 trillion debt ceiling. Both leaders expressed confidence on Sunday that members of the Democratic and Republican parties will vote to support the deal. Last week, Brent and WTI notched a second consecutive weekly gain of more than 1% on the progress of the U.S. debt ceiling talks and after Saudi energy minister warned short-sellers betting oil prices will fall to "watch out" for pain. Investors are watching for China's manufacturing and services data this week as well as U.S. nonfarm payroll data on Friday for signals on economic growth and oil demand.

☆ Oil slips as U.S. debt caution offset supply concerns
▼ + stars: | 2023-05-22 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 22 (Reuters) - Oil prices slipped on Monday as caution around the U.S. debt ceiling talks and concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers. The resumption of U.S. debt ceiling negotiations later on Monday will remain a key driver for crude and risk sentiment this week, IG's Sydney-based analyst Tony Sycamore said. "If the housing market continues to fall and policymakers fail to respond, the risk of a double-dip China slowdown increases, which spells bad news for crude oil consumption and demand," Sycamore said. Last week, both oil benchmarks gained about 2%, their first weekly gain in five, after wildfires shut in large amounts of crude supply in Alberta, Canada. Total exports of crude and oil products from the group plunged by 1.7 million barrels per day (bpd) by May 16, JP Morgan said, adding that Russian oil exports will likely fall by late May.

☆ Oil slips as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent and U.S. crude nonetheless notched their first weekly gains in a month, with the both benchmarks rising about 2%. "It doesn't look they are going to get the debt deal done today... the chance of a 25 basis point (rate) increase in the June meeting is rising by the day... Following reports of the paused debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

SINGAPORE, May 15 (Reuters) - Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, said its oil minister, Hayan Abdel-Ghani. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Oil falls as economic concerns offset prospect of tighter supplies
▼ + stars: | 2023-05-15 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, May 15 (Reuters) - Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%. Investors will scour China's slew of economic data on industrial output, fixed assets investment, and retail sales in the week ahead for signs of oil demand improvement, she added. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

On its last day as the front-month, Brent futures for June delivery rose $1.13, or 1.4%, to $79.50 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.92, or 2.6%, to $76.68. "But, today there were headlines showing there may be a solution to the First Republic problem, and there was data pointing to a rise in oil demand and a decline in output," Flynn said. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA). Crude prices have been lower in recent weeks and months due to uncertainty over further interest rate hikes that could reduce demand for oil.

☆ Oil prices slide on uncertainty over global economic outlook, rate hikes
▼ + stars: | 2023-04-24 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, April 24 (Reuters) - Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts. Weak U.S. economic data and disappointing corporate earnings from the tech sector sparked growth concerns and risk aversion among investors, CMC Markets analyst Tina Teng said. China's bumpy economic recovery post COVID-19 also clouded its oil demand outlook, although Chinese customs data showed on Friday that the world's top crude importer brought in record volumes in March. China's imports from top suppliers Russia and Saudi Arabia topped 2 million barrels per day (bpd) each. In the United States, energy firms last week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes Co (BKR.O) said.

☆ Wolfe Research downgrades this outperforming A.I. stock, says shares could fall 30% as growth risks loom
▼ + stars: | 2023-04-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Despite surging nearly 80% this year, Wolfe Research expects slowing growth concerns to weigh on C3.ai in the months ahead. Analyst Joshua Tilton downgraded the popular artificial intelligence stock benefitting from the push toward generative AI , citing risks to long-term growth expectations. Central to Tilton's downgrade is the fear that C3.ai's transition to a consumption model would require "near-perfect execution and rates of adoption" to attain management's 30% revenue growth goal. To hit 20% consensus 2024 revenue growth forecasts, the analyst also estimates that C3.ai would need to grow revenues unrelated to Baker Hughes by 28.3%, representing the largest year-over-year increase on record. Along with the downgrade, Tilton placed a $14 price target on shares and revised the firm's full-year 2024 growth outlook to 11%, below the 20% consensus expectation.

☆ U.S. company comments suggest upbeat demand despite gloomy forecasts
▼ + stars: | 2023-04-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The credit card company reported quarterly earnings that missed analysts' expectations, however, as it kept aside a large sum to cover potential defaults. That would mark the second straight quarterly fall for corporate earnings, a so-called "earnings recession" that last occurred when COVID-19 hit corporate results in 2020. Moreover, in aggregate, companies are reporting earnings 7.8% above expectations, compared with a 4.2% average for the prior four quarters. Baker Hughes Co. (BKR.O) said in a presentation this week that the energy outlook remained constructive even with elevated recession risks. Both Delta (DAL.N) and United (UAL.O) gave upbeat near-term outlooks on travel demand, with Delta a week ago saying it expects summer travel demand will result in higher-than-expected profit for the quarter through June despite other risks.

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