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Tsakos Energy Navigation Q1 Earnings, Revenue Rise
Tsakos Energy Navigation (TEN) reported Q1 earnings Thursday of $2.72 per diluted share, compared with $1.04 a year earlier.Voyage revenue for the quarter ended March 31 was $253 million, compared with $197.1 million a year earlier.Three analysts surveyed by FactSet expected $208.8 million.Price: $44.47, Change: $+0.40, Percent Change: +0.91%
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Natural Gas Rises Ahead of Inventory Data as Forecasts See Hot Weather Coming for Eastern Markets
Natural gas futures rose early Thursday ahead of fresh storage data as forecasts see hot weather on the way for big eastern markets.Gas for June delivery was last seen up $0.03 to US$3.03 per million British thermal units.The rise comes as long-term forecasts from the National Weather Service expect all states east of the Mississippi River to see hotter than seasonal temperatures over its six to 10 day outlook, offering a boost to cooling demand.The Energy Information Administration will release its weekly survey of inventories of the fuel later on Thursday morning, with another rise in stocks expected."For today's EIA weekly storage report, survey averages are tightly clustered at +95 Bcf, slightly larger than the 5-year average of +92 Bcf. Temperatures were warmer than normal over the western 2/3 of the US for the sample week, while the eastern 1/3 was cooler than normal. We expect a plump build of +101 Bcf and aided by record solar generation," NatGasWeather wrote.
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Adnoc CEO Says Full Flow in Hormuz Not Expected Until H1 2027
Abu Dhabi National Oil Co., or Adnoc, estimated that oil shipments in the Strait of Hormuz will not flow fully before the first or second quarter of 2027 even if the war in the Middle East ends immediately.The state-owned oil producer's chief executive Sultan Al Jaber said in an event on Wednesday that it will take at least four months for oil flows to return to 80% of pre-conflict levels, Reuters reported on Thursday.
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