Oil Price Global oil demand could soar as much as 4% in the coming year if the world manages to fully emerge from Covid restrictions, hedge fund trader Pierre Andurand has told Bloomberg. Andurand says in a tweet that oil demand may increase by 3 million to 4 million barrels a day in 2023 helped by a switch to oil
CNBC LONDON — European natural gas prices fell this week to levels not seen since before Russia’s invasion of Ukraine. Front-month natural gas futures on the Dutch Title Transfer Facility, the benchmark contract in Europe, plunged in recent weeks to bottom out below 77 euros ($81.91) per megawatt hour, a level not seen since February — prior to the beginning
Oil Price Canadian integrated oil company Suncor Energy Inc. (NYSE: SU) has revealed that extreme weather including multiple fires have forced the company to shut down its Colorado refinery, adding that it will remain offline till March 2023. The company says the 98,000-barrel-a-day Commerce City refinery was damaged by the record-setting weather that swept across large parts of the continent, with the company initiating a shutdown
Oil Price Crude oil inventories fell by 1.3 million barrels, American Petroleum Institute (API) data showed on Wednesday, after dropping 3.069 million barrels in the week prior. U.S. crude inventories have grown by fewer than 10 million barrels so far this year, according to API data. Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 23 times that
BOE Report Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer. West Texas Intermediate Crude fell $1.63, or 2.07%, to $77.19 a barrel. Brent futures for February fell $1.43, or 1.71%, to $82.39 a barrel. The scale of the latest outbreak and doubts
CNBC Russia’s announcement of an oil export ban on countries that abide by a G-7 price cap is the latest sign that we’ve entered a new era for global energy markets, according to analysts. But they also note it’s unlikely to have a short-term impact on oil prices, with markets taking their cues from data and concrete actions rather than words.
Natural Gas Inventories as of December 23, 2022 The EIA has released its natural gas inventory report, showing a net decrease of 213 Bcf as of December 23, 2022. Working gas in storage was 3,112 Bcf as of Friday, December 23, 2022, according to EIA estimates. This represents a net decrease of 213 Bcf from the previous week. Stocks were
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