NEWSLETTER
Thursday / September 29Sep 29
Tuesday / September 13
EIA report
Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 66,000 barrels per day (bpd) to a record 5.413 million bpd in October, the U.S. Energy Information Administration (EIA) said Monday.
In the Bakken in North Dakota and Montana, oil output will rise 21,000 bpd to 1.204 million bpd in October, EIA said in its productivity report. In the Eagle Ford in South Texas, output will rise 26,000 bpd to 1.250 million bpd in October, its highest since April 2020.
Total natural gas output in the big shale basins will increase 0.606 billion cubic feet per day (bcfd) to a record 94.741 bcfd in October. Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will also rise to record highs of 20.736 bcfd and 16.023 bcfd in October, respectively.
Total output in the major U.S. shale oil basins will rise 132,000 bpd to 9.115 million bpd in October, the highest since March 2020.
Goldman to lay off hundreds
Goldman Sachs Group is about to cut hundreds of jobs, US media report.
The Wall Street giant plans to eliminate several hundred jobs starting this month, Bloomberg reports, citing people with knowledge of the matter. The reductions are a resumption of Goldman’s annual job cutting cycle that it largely paused during the pandemic.
Rail strike
A dispute between railroad companies and workers could deliver a major setback to some major US industries, including the coal.
Rail accounts for about 28 percent of US freight. Certain industries rely on it especially heavily. For coal producers, railroads are the Number 1 mode of transportation, Politico writes.
A strike by unionized rail workers negotiating for better pay and benefits could upend freight and passenger rail service across the US.
Workers could go on Friday, if no deal is reached before then. Such a shutdown of 7,000 daily freight trains could cost the US economy as much as $2 billion per day, according to the railroad division of the Transportation Department.
The Biden administration urged railroads and unions to reach a deal to avoid a railroad work stoppage, saying on Monday it would pose "an unacceptable outcome" to the U.S. economy.
NY Fed report
Lower gas prices increase optimism that inflation is on the decline, according to a survey released Monday from the New York Federal Reserve.
Respondents to the Feds August Survey of Consumer Expectations indicated they expect the annual inflation rate to be 5.7% a year from now. That’s a decline from 6.2% in July and the lowest level since October 2021.
Three-year inflation expectations dropped to 2.8% in August from 3.2% the previous month. That was tied for the lowest level for that measure since November 2020.
Wall Street
Stocks rose on Monday. The Dow Jones Industrial Average gained 229.63 points, or 0.71%, to end at 32,381.34. The S&P 500 rose 1.06% and closed at 4,110.41. The Nasdaq Composite added 1.27%, wrapping the session at 12,266.41.
Energy was the top sector. Bristol-Myers Squibb gained 3.14%, tech stalwart Apple added 3.85%.
August consumer price index report is to be released Tuesday.
Stocks have been volatile ahead of the September 20-21 meeting of the Federal Reserve, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.
Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 66,000 barrels per day (bpd) to a record 5.413 million bpd in October, the U.S. Energy Information Administration (EIA) said Monday.
In the Bakken in North Dakota and Montana, oil output will rise 21,000 bpd to 1.204 million bpd in October, EIA said in its productivity report. In the Eagle Ford in South Texas, output will rise 26,000 bpd to 1.250 million bpd in October, its highest since April 2020.
Total natural gas output in the big shale basins will increase 0.606 billion cubic feet per day (bcfd) to a record 94.741 bcfd in October. Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will also rise to record highs of 20.736 bcfd and 16.023 bcfd in October, respectively.
Total output in the major U.S. shale oil basins will rise 132,000 bpd to 9.115 million bpd in October, the highest since March 2020.
Goldman to lay off hundreds
Goldman Sachs Group is about to cut hundreds of jobs, US media report.
The Wall Street giant plans to eliminate several hundred jobs starting this month, Bloomberg reports, citing people with knowledge of the matter. The reductions are a resumption of Goldman’s annual job cutting cycle that it largely paused during the pandemic.
Rail strike
A dispute between railroad companies and workers could deliver a major setback to some major US industries, including the coal.
Rail accounts for about 28 percent of US freight. Certain industries rely on it especially heavily. For coal producers, railroads are the Number 1 mode of transportation, Politico writes.
A strike by unionized rail workers negotiating for better pay and benefits could upend freight and passenger rail service across the US.
Workers could go on Friday, if no deal is reached before then. Such a shutdown of 7,000 daily freight trains could cost the US economy as much as $2 billion per day, according to the railroad division of the Transportation Department.
The Biden administration urged railroads and unions to reach a deal to avoid a railroad work stoppage, saying on Monday it would pose "an unacceptable outcome" to the U.S. economy.
NY Fed report
Lower gas prices increase optimism that inflation is on the decline, according to a survey released Monday from the New York Federal Reserve.
Respondents to the Feds August Survey of Consumer Expectations indicated they expect the annual inflation rate to be 5.7% a year from now. That’s a decline from 6.2% in July and the lowest level since October 2021.
Three-year inflation expectations dropped to 2.8% in August from 3.2% the previous month. That was tied for the lowest level for that measure since November 2020.
Wall Street
Stocks rose on Monday. The Dow Jones Industrial Average gained 229.63 points, or 0.71%, to end at 32,381.34. The S&P 500 rose 1.06% and closed at 4,110.41. The Nasdaq Composite added 1.27%, wrapping the session at 12,266.41.
Energy was the top sector. Bristol-Myers Squibb gained 3.14%, tech stalwart Apple added 3.85%.
August consumer price index report is to be released Tuesday.
Stocks have been volatile ahead of the September 20-21 meeting of the Federal Reserve, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.
