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Hess shareholders will vote Tuesday on the New York-headquartered oil company's pending acquisition by Chevron for $53 billion, as the timeline for when the deal may close has become increasingly murky as the companies are locked in a dispute with Exxon Mobil.
Crude oil futures rose Wednesday as investors wait for the latest U.S. inventory data for indications of how gasoline demand is holding up as summer.
A federal judge in Texas on Monday dismissed a controversial lawsuit by Exxon Mobil against activist shareholder Arjuna Capital over a climate proposal, ruling that the investor's promise that it would not submit a similar resolution in the future had rendered the case moot.
Crude oil futures rose Wednesday as traders bet on tightening supplies later in the year. The Federal Reserve's indication of just one interest rate cut this year and bearish U.S. stockpile data limited the gains. The Department of Energy sees global demand rising this year by 1.1 million barrels per day, or bpd, up from a previous forecast of 900,000 bpd. The increased demand implies a supply deficit, with world production expected to rise 800,000 bpd in 2024.
ConocoPhillips agreed on Wednesday to buy Marathon Oil in an all-stock transaction worth $17 billion, bolstering the company's shale assets as the broader oil and gas industry undergoes a major wave of consolidation.
Crude oil futures bounced back from three-month lows on Friday but still booked to a loss for the week, as the summer driving season gets underway with the Memorial Day holiday.
The Biden administration will release 1 million barrels of gasoline from reserves held in the Northeast to reduce prices at the pump ahead of the Fourth of July holiday and summer driving season.
Crude oil futures fell Tuesday as the course of the war in Gaza remains uncertain.