Saudi Arabian Oil Company (SASE:2222), d/b/a Saudi Aramco, flagged higher monthly contract prices for liquefied petroleum gas in June, according to a statement on Monday.
The state-run oil company set contract prices at $760 per metric tonne for propane and at $820 per metric tonne for butane. In May, propane sold at $750 per metric tonne, while butane sold at $800 per metric tonne.
BP (BP.L) abandoned plans to reduce maintenance craft employees at its Whiting refinery in the US as part of bargaining talks with local union United Steelworkers.In a May 22 release, the oil and gas company also disclosed offering pay hikes and bonuses to advance the negotiations toward an agreement.In presenting its new offer, the company reaffirmed its commitment to bargaining in support of stakeholders.
Alberta expects to reach an agreement with oil companies on deploying carbon capture technology in oil sands within one to two months, Bloomberg reported Friday, citing Premier Danielle Smith.A deal with the Pathways Alliance carbon capture project would remove one of the final obstacles under a broader agreement between Alberta and the federal government tied to emissions policy and energy infrastructure expansion.The Pathways group includes major oil sands producers Canadian Natural Resources, Suncor Energy, Cenovus Energy, Imperial Oil and ConocoPhillips.Smith said pipeline details are expected by July 1, with Alberta targeting conditional approval by Oct. 1, according to Bloomberg.
The Standard & Poor's 500 index rose 0.9% this week, its eighth consecutive week of gains, amid upbeat trading heading into the holiday weekend.The S&P 500 ended Friday's session at 7,473.47, close to the record closing high it reached last week of 7,501.24.This marks the longest weekly winning streak since a nine-week run that ended in December 2023. The index is now up 3.7% for May and has climbed 9.2% in 2026.Government data this week showed US housing starts decreased less than estimated in April amid a jump in multi-family projects, while the single-unit component declined. Separate data from the National Association of Home Builders and Wells Fargo also showed US homebuilder confidence unexpectedly rose in May despite elevated mortgage rates, macro uncertainty and continued affordability challenges.US consumer sentiment, however, declined to a fresh record low in May amid fears that high gasoline prices could erode purchasing power, the University of Michigan said Friday. The main sentiment index tumbled 10% to 44.8 from last month. The consensus in a Bloomberg-compiled poll was for May's print to stay unchanged from a preliminary 48.2 estimate.The health care and utilities sectors led the gainers this week, climbing 3.3% each, followed by a 3% boost in real estate, a 1.9% gain in consumer discretionary and a 1.6% rise in financials. Technology, industrials and materials also edged higher.DexCom (DXCM) had the largest percentage increase in health care, jumping 17% on the week. The company announced the launch of its Dexcom Flex, a continuous glucose monitoring system for adults with Type 2 diabetes who are not using intensive insulin therapy, in Germany.The utilities sector's top gainers included shares of Dominion Energy (D), which unveiled an agreement to merge with NextEra Energy (NEE) in an all-stock deal to create the largest regulated electric utility in the world. Dominion shareholders will receive a 25.5% stake in the combined entity, while NextEra's shareholders will own about 74.5% of the merged company. Dominion's stock climbed 9.6% while NextEra, the only weekly decliner in the sector, lost 5.2%.Communication services fell 1.9%, while consumer staples shed 1% and energy edged down 0.4%.The hardest-hit stocks in communication services included shares of Take-Two Interactive Software (TTWO), which fell 6.1% on the week. The company posted a narrower-than-expected fiscal Q4 loss on higher-than-expected revenue but its fiscal 2027 guidance came in below analysts' mean estimates.Next week will have just four trading days as the US stock market will be closed on Monday for Memorial Day.Earnings reports are expected from companies including Costco Wholesale (COST), Dell Technologies (DELL) and Salesforce (CRM).Economic data will include the April personal consumption expenditures index, which is the Federal Reserve's preferred inflation measure, on Friday. Other reports will include May consumer confidence, April new home sales, and the second revision to Q1 gross domestic product.