November 23, 2021 – Oil & Gas 360

Biden oil reserve release an ‘ineffectual band aid’ that won’t replace domestic production, critics say

November 23, 2021

Fox Business A number of critics, including the U.S. Chamber of Commerce and former President Trump, opposed President Biden‘s decision to tap into the Department of Energy‘s Strategic Petroleum Reserve, slamming the Biden administration for “ineffectual band aids” that will not replace domestic production. Biden, on Tuesday morning, said the Department of Energy will release 50 million barrels of oil held in the

Crude oil price forecast ahead of OPEC+ meeting

November 23, 2021

China, Japan, South Korea, the United States, and the United Kingdom agreed to release …

European gas prices rise on U.S.-Russia sanctions, SPR plans

November 23, 2021

World Oil LONDON (Bloomberg) – European natural gas futures rose on Tuesday after the U.S. imposed its latest sanctions aimed at Russia’s Nord Stream 2 pipeline, a move the Kremlin says is “illegal.” Crude’s rise, in response to plans by the U.S. and other oil-consuming nations to tap their strategic reserves, also gave natural gas prices an extra boost. Benchmark

U.S. considering a ban on crude oil exports, says House Democrat

November 23, 2021

World Oil (Bloomberg) –A House Democrat who’s urging the White House to reduce oil prices by banning exports of U.S. crude oil says he’s been told the idea is under consideration. Representative Ro Khanna of California said he disagrees with a number of industry analysts and economists who have said the idea could backfire. Representative Ro Khanna, a Democrat from

This is not going to solve much”: Oil prices climb after crude release announcement

November 23, 2021

World Oil (Bloomberg) –Oil climbed, erasing an earlier loss, as a landmark plan from consumers to tap their strategic oil reserves was less severe than markets expected. Futures in New York wiped out losses to trade above $77 a barrel after Tuesday’s statement from the White House. While the headline size of the U.S. release is large, a significant chunk

Shell launches shareholder talks to win backing for HQ move, sources say

November 23, 2021

Reuters LONDON – Royal Dutch Shell has launched talks with investors to secure support for its plan to relocate its headquarters from the Netherlands to Britain, sources said, as a leading advisory recommended backing the move at a December vote. Shell said this month it would scrap its dual Anglo-Dutch share structure and move its head office to London from

Fire Sale? 2 Undervalued Canadian Stocks to Watch

November 23, 2021

Severely undervalued Canadian stocks don’t come around all too often, but when they …

Biden orders release of oil reserves, in a challenge to OPEC

November 23, 2021

World Oil WASHINGTON (Bloomberg) –The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Korea and the UK — an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that risks a backlash by OPEC+. But the oil market was initially underwhelmed by the details of the

Crude oil price outlook as Goldman Sachs maintains Q4’21 forecast

November 23, 2021

Crude oil price has remained below $80 amid the ongoing concerns over SPR releases …

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