Oil Price The Bank of America has predicted that Brent could quickly go past $90 per barrel on the back of a dovish pivot in the U.S. Federal Reserve and a “successful” economic reopening by China, Reuters reports. BofA has forecast that Brent prices–currently trading at $76.73–will average $100/bbl in 2023 thanks to Chinese oil demand recovery on a post-COVID reopening
Nasdaq Hedge fund manager Doug King began 2022 thinking oil was cheap. The world, including China, was expected to recover from COVID lockdowns and demand would reignite energy markets. Then, Russia invaded Ukraine. Hedge funds, including King’s, expected to see prices spike and they did for a while, before falling. Brent crude briefly hit 14-year highs at almost $140
World Oil (Bloomberg) — With over two-thirds of the Permian’s premium land now drilled, producers are seeking more permits than ever to burrow beneath Midland and its 130,000 residents, according to BMO Capital Markets. Analysts say the Permian could reach a production plateau within five years. Producers in the Permian’s two main zones are pumping less oil per foot
Oil Price Canadian pipeline operator TC Energy said it had contained the leak from the Keystone pipeline that occurred in the middle of last week, spilling 14,000 barrels of crude into a creek. The leakage was contained in Kansas, NBC News reported, citing the company, which had to shut down the pipeline while it worked on fixing the leaky section.
Nasdaq WASHINGTON – The U.S. Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co GM.N and LG Energy Solution 373220.KS to help pay for three new lithium-ion battery cell manufacturing facilities. Reuters first reported in July the planned loan to Ultium Cells LLC from the government’s Advanced Technology Vehicles Manufacturing (ATVM) loan program.
Yahoo News Washington — The U.S. Department of Energy said Sunday it would announce a “major scientific breakthrough” this week, after media reported a federal laboratory had recently achieved a major milestone in nuclear fusion research. The Financial Times reported Sunday that scientists in the California-based Lawrence Livermore National Laboratory (LLNL) had achieved a “net energy gain” from an experimental
Nasdaq SINGAPORE – Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. Brent crude futures LCOc1were up 30 cents, or 0.4%, to $76.40 a barrel by 0300 GMT. U.S. West Texas Intermediate crude CLc1 was at $71.53 a barrel, up
