April 4, 2024 - Oil & Gas 360

Petrobras shares swing “wildly” amidst reports that CEO Jean Paul Prates departure is near

April 4, 2024

World Oil (Bloomberg) – Petroleo Brasileiro’s shares swung wildly on Thursday as traders digested local media reports on the impending departure of Chief Executive Officer Jean Paul Prates and the prospect of future dividend payments. Petrobras, as the state-controlled oil giant is known, climbed as much as 3.4% in Sao Paulo in a volatile session. The stock fell sharply after

U.S. oil is stealing market share from OPEC+

April 4, 2024

Oil Price Surging U.S. oil production and shifting global oil flows amid geopolitical flare-ups have boosted American crude exports to record-high levels in recent months. Now U.S. oil is encroaching on the key markets of the OPEC+ group, which has been restricting supply in an effort to boost oil prices. From Europe to Asia, buyers are purchasing more U.S. crude

OPEC+ sticks with production cuts as oil nears $90 per bbl

April 4, 2024

World Oil (Bloomberg) – OPEC+ chose to stick with oil production cuts for the first half of the year, keeping global markets tight and potentially sending prices higher. A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Wednesday, according to a statement posted on the group’s website. That means roughly

Renewable energy investment not enough to reach Paris climate target

April 4, 2024

Oil Price Despite record investments in renewables, the current funding for clean energy deployment is insufficient for the world to reach the 1.5 degrees Celsius pathway under the Paris Agreement, renewable energy think tank REN21 said in an annual report. Despite record renewables investments, which hit as much as $622.5 billion in 2023, the world is still far from what is

Exclusive: US sanctions hamper Russian efforts to repair refineries

April 4, 2024

US News MOSCOW/LONDON – When engineers at Russian oil firm Lukoil discovered a turbine had broken at their largest refinery on January 4, they quickly realised the problem was far from trivial. There was only one company that knew how to repair the gasoline-producing unit at the NORSI refinery, located on the Volga River, some 430 km (270 miles) east

U.S. crude oil hovers around $85 as gas prices hit highest level since October

April 4, 2024

CNBC Crude oil futures edged lower Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery fell 31 cents to $85.10 a barrel, while the Brent contract for June delivery lost 19 cents to $89.16. Oil prices have rallied this

Weekly Gas Storage: Inventories increase by 88 Bcf- oil and gas 360

Weekly Gas Storage: Inventories decrease by 37 Bcf

April 4, 2024

Natural Gas Inventories as of March 29, 2024 The EIA has released its natural gas inventory report, showing a net decrease of 37 Bcf as of March 29, 2024. Working gas in storage was 2,259 Bcf as of Friday, March 29, 2024, according to EIA estimates. This represents a net decrease of 37 Bcf from the previous week. Stocks were

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