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Energy

Frank Holmes | Equities.com |

It may not feel like it, but West Texas Intermediate (WTI) oil just posted its best month on record. The American benchmark for crude soared more than 88 percent in May, from $18.84 per barrel to $35.50, as businesses cautiously began to reopen and people returned to work following the coronavirus lockdown.Even so, global oil demand may never fully recover to pre-coronavirus levels, according to some analysts. I believe this makes alternative and renewable energy producers even more attractive f...


Reuters | Equities.com |

LONDON (Reuters) - BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday.Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100.“We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year,” Looney sa...


Reuters | Equities.com |

BOSTON/NEW YORK (Reuters) - National Oilwell Varco Inc (NOV) has had a rough few years: Since 2017, the Houston company, whose drilling equipment is in major oilfields worldwide, has lost two-thirds of its value, costing shareholders a combined $9 billion.Despite that performance, Chief Executive Clay Williams pocketed $3.3 million in stock in late February, solely because his company’s total shareholder return over the three years ending in 2019 was not as bad a...


Reuters | Equities.com |

(Reuters) - Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co (HAL.N) for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April’s historic price crash, which has left U.S. crude prices down 50% since January, put him and...


AP News | Equities.com |

Image: Five-day chart, S&P 500 Index. Source: Yahoo Finance By Alex Veiga and Damian J. TroiseStock indexes finished mostly higher Friday as Wall Street shook off an early slide, closing out a solid week of gains for the market.The S&P 500 index inched up 0.2% after having been down 0.5%. It ended the week with a 3.2% gain, largely due to a big rally on Monday that offset all of the benchmark index’s losses from earlier in the month.Strength in technology, communications and real est...


AP News | Equities.com |

The stock market bounced back from its worst week in nearly two months Monday as optimism about a potential vaccine for the coronavirus and hopes for a U.S. economic recovery in the second half of the year put investors in a buying mood.The S&P 500 climbed 3.2%, its best day since early April. The gains erased all of its losses from last week, when the index posted its worst showing since late March and its thir...


AP News | Equities.com |

Wall Street rallied back from a sharp morning drop on Thursday, led by a resurgence for some of the year’s most beaten-down stocks.The S&P 500 climbed 1.2% in another scattershot day of trading, with many stocks flipping from the bottom of the leaderboard to the top following a few sharp reversals in momentum. The zig-zag trading followed up on earlier losses for Asian and European stocks, wh...


AP News | Equities.com |

Wall Street’s earlier bets that the economy can make a relatively quick rebound from the coronavirus pandemic suddenly don’t look so good.The S&P 500 fell 1.7% Wednesday for its second straight loss, with the biggest hits targeting companies that most need a healthy economy for their profits to grow. Treasury yields also sank in a sign of pessimism after Federal Reserve Chair Jerome Powell warned about the threat of a prolonged recession. Powell said the U.S. government may need to pump even more aid into the economy, which is bleeding millions of jobs every week.


AP News | Equities.com |

WASHINGTON (AP) — The economic paralysis caused by the coronavirus led in April to the steepest month-to-month fall in U.S. consumer prices since the 2008 financial crisis — a 0.8% drop that was driven by a plunge in gasoline prices.And excluding the normally volatile categories of food and energy, so-called core prices tumbled 0.4% last month, the Labor Department said Tuesday in its monthly report on consumer inflation. That was the sharpest such drop on records dating ...


AP News | Equities.com |

Wall Street doubled down on its bet that the worst of the recession has passed, sending stocks higher again on Friday despite another historic, crushing report on the job market.Stocks around the world were already rising before the U.S. government gave its monthly report on jobs, in part on hopes that the U.S. and China won’t restart their trade war. After the report showed employers cut a recor...