LONDON—Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1 percent, to $85.35 a barrel at 0949 GMT. West Texas…
Oil Stable as Market Awaits Fed, OPEC Decisions
February 1, 2023
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Stocks Firm, Dollar Retreats Ahead of Fed Decision
February 1, 2023
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LONDON/SINGAPORE—Global stocks edged up on Wednesday as signs of slowing U.S. wage growth supported expectations that the Federal Reserve could signal an end to interest-rate hikes at its meeting later in the day. Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed’s…
Gas Prices Rise for 5th Straight Week With Trend Expected to Continue
Gas prices at the pump rose for the fifth consecutive week and there isn’t much hope of prices going down in the near future, according to a industry analysis. GasBuddy said that the national average of $3.49 per gallon reported Sunday is up 33.3 cents from a month ago and 14.1 cents higher than a…
Sen. Ted Cruz Introduces Three Bills to Accelerate US Energy Security
January 31, 2023
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Senator Ted Cruz (R-Texas) introduced three bills that would accelerate the issuing of oil and gas permits in order to make America energy secure again. The three bills announced by Cruz were first reported by The Daily Caller in an exclusive on Jan. 30. The first sponsored bill is titled the Energy Freedom Act of 2023, which is…
Texas Beats Natural Gas Output Record, Sector Generated $24.7 Billion in State Revenue, 2.6 Million Jobs
January 31, 2023
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Texas led the United States in terms of natural gas output in 2022, with the state breaking its own production record, contributing to millions of jobs as well as billions of dollars in state tax revenues. Natural gas production in Texas hit a “new record” of more than 11.2 trillion cubic feet (Tcf) in 2022,…
Marathon Petroleum Beats Profit Estimates on High Demand, Tight Supplies
Marathon Petroleum Corp. on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for its products. The top U.S. refiner also approved an additional $5 billion share repurchase plan, joining rival Phillips 66 in increasing shareholder returns. Phillips 66 raised its quarterly dividend on Tuesday by…
Exxon Smashes Western Oil Majors’ Earnings Record With $56 Billion Profit for 2022
HOUSTON—Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring…
Oil Falls on Rate Hike Worries, Russian Export Flows
January 31, 2023
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LONDON—Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19 percent, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell…
Global Shares Fall in Muted Trading Ahead of Fed Meeting
January 31, 2023
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TOKYO—Global shares declined in muted trading on Tuesday as investors awaited decisions on interest rates and updates on corporate earnings reports from around the world. The Federal Reserve’s next decision on interest rates, expected Wednesday, will provide insight into whether the U.S. central bank will further ease its aggressive stance on fighting inflation. France’s CAC…
Year 11 Australian Student Advocates for Nuclear Power In Social Media Campaign
A petition calling for the legalisation of nuclear energy in Australia has gathered over 1,400 signatures despite the left-leaning Labor government’s effort to shoot down an attempt to remove the ban on nuclear. The petition was part of a social media campaign, Nuclear for Australia, started by 16-year-old Australian teenager Will Shackel to call for…
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