Commodity Pricing

Source: Reuters

Saudi Aramco CEO says no peak in oil demand for some time to come

BOE Report


Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin …

Source: Reuters

Oil prices inch higher as attacks on Russian energy facilities intensify

CNBC


Brent crude briefly topped $86 per barrel on Monday for the first time since November, before pulling back, as Ukraine stepped up its attacks on Russian energy infrastructure.

Brent crude oil futures for May delivery were up 51 cents …

Oil prices dip, but set to end week over 3% higher

Oil prices dip, but set to end week over 3% higher

Yahoo Finance


Oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecast and an unexpected decline in U.S. stockpiles.

Brent crude …

Source: Reuters

OPEC says IEA commentary on oil security encouraging

Nasdaq


DUBAI – Oil producer group OPEC said on Wednesday it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook.

The …

Oil rises 2% on supply disruptions in Russia, U.S

Oil rises 2% on supply disruptions in Russia, U.S

Yahoo Finance


HOUSTON -Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia’s Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production.

Brent March crude …

OPEC sticks to oil demand view, nudges up economic growth

OPEC sticks to oil demand view, nudges up economic growth

Nasdaq


LONDON – OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.

The …

Oil prices may yet end the week on a high note

Oil prices may yet end the week on a high note

Oil Price


Crude oil prices have been stuck between bearish and bullish news this week, booking a modest decline over the four days to Thursday.

This could yet change later today, resulting in another week of gains for benchmarks. On …

WTI crude gains 3% on tight supply

WTI crude gains 3% on tight supply

Oil Price


Following days of falling prices, U.S. benchmark crude oil prices are trading up 3% on Wednesday on sentiments of tight supply and signals from the Federal Reserve that we can still anticipate interest rate cuts in 2024.

At …

OPEC+ production cut extension supports oil prices

OPEC+ production cut extension supports oil prices

Oil Price


OPEC+ on Sunday agreed to extend its production cuts for another quarter, but the reaction from oil markets was relatively muted as the agreement had already been priced in.

Early on Monday morning, Brent crude was trading at …

Energy trader Gunvor to pay over $660 million to settle US bribery case

Energy trader Gunvor to pay over $660 million to settle US bribery case

Investing


NEW YORK – Gunvor pleaded guilty on Friday to a felony charge of conspiring to violate a U.S. anti-bribery law and agreed to pay more than $660 million, marking the end of a long-running criminal probe into the big …

Oil prices gain near 2% on expectations of deeper OPEC+ cuts

Oil prices gain near 2% on expectations of deeper OPEC+ cuts

Yahoo Finance


BENGALURU – Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on expectations of fresh supply cuts from OPEC+ and looked past a jump in U.S. crude, gasoline and distillate stockpiles.

Brent …

Source: Oil Price

Analysts expect oil prices to remain close to $80 this year

Oil Price


Sufficient supply and uninterrupted oil trade flows despite the Middle Eastern conflicts are set to keep oil prices close to the $80 per barrel threshold this year, the monthly Reuters poll of analysts showed on Thursday.

For the …

Source: Reuters

Global oil demand to grow by 1.9 mln bpd in 2024, says Wood Mac

Nasdaq


LONDON – Global oil demand will grow by 1.9 million barrels per day (bpd) this year, according to a prediction by energy research company Wood Mackenzie, a forecast close to the Organisation of the Petroleum Exporting Countries’ (OPEC) estimate …

Source: Reuters

Oil prices steady as US data keeps June rate cuts on the table

Yahoo Finance


LONDON -Oil prices were little changed Thursday as January U.S. inflation data reinforced expectations for a June cut to interest rates.

Brent crude futures for April were down 2 cents at $83.66 a barrel by 1355 GMT. The …

U.S. natural gas prices gain over 3% after hitting 1997 low

U.S. natural gas prices gain over 3% after hitting 1997 low

Oil Price


U.S. natural gas prices gained over 3% on Wednesday, recovering from a four-year low earlier in the week as European demand popped and unseasonably warm temperatures in the southern United States boosted cooling demand to make up for …

Source: Reuters

Activist investor pushes for bolder action as bp “quietly” pivots back toward oil and gas

World Oil


(Bloomberg) – bp Plc is showing signs of a pivot back toward oil and gas that should boost returns, but is doing it too quietly to benefit its share price, according to activist investor Bluebell Capital Partners.

Four

Source: Reuters

Oil gains on potential OPEC+ cuts, curbed by jump in U.S. crude stocks

US News


LONDON-Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a jump in U.S. crude stocks that trounced expectations offset a boost from a potential extension to OPEC+ supply curbs.

Brent

Source: Reuters

Oil and gas upstream M&A deal value hits highest Q1 levels since 2017

Nasdaq


An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said.

Deals worth more than $55 billion …

Source: Reuters

Woodside Energy expects a 50% increase in LNG demand by 2034

Oil Price


Woodside Energy expects demand for liquefied natural gas to increase by 50% over the next ten years driven by Asia, Bloomberg has reported, citing chief executive Meg O’Neill.

“We’re seeing signs of that demand growth in emerging …

Source: Reuters

Goldman raises forecast of Brent oil summer price to $87

Oil Price


Faster-than-expected land inventory drawdowns due to seaborne trade disruptions from the Red Sea crisis have prompted Goldman Sachs to revise up its forecast for summer peak Brent Crude prices to $87 per barrel, up by $2 from earlier …

Source: Oil Price

U.S. diesel exports to Europe slump as distillate markets tighten

Oil Price


U.S. diesel exports to Europe have tumbled so far in February amid lower refinery output and tighter supplies in America, which have decreased arbitrage opportunities and further tightened European diesel supplies.

Europe’s imports of U.S. diesel have nearly …

Source: Reuters

Tumbling US natural gas prices prove unstoppable, hurting producers

Nasdaq


BRIDGEPORT, Texas – For nearly a year, U.S. natural gas producers have slammed the brakes on production as prices fall. But relentless output gains including from oil companies that pump gas as an oil byproduct have unleashed record supplies.…

Source: Reuters

Global oil demand hit another monthly record in December

Oil Price


Global oil demand rose by more than 500,000 barrels per day (bpd) in December from November, for the eighth monthly record in 2023, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday.

Rising demand …

Source: Reuters

U.S. drillers scale back operations as gas prices tumble

Oil Price


U.S. natural gas producers are beginning to reduce drilling and investment as low prices weigh on their returns.

Reuters reports that natural gas prices in the U.S. hit the lowest in three and a half year, betraying drillers’ …

Source: Oil Price

U.S. and EU discuss new “Robust Anniversary” sanctions on Russia

Oil Price


The United States and the EU, together with partners, discussed this week the potential of slapping “robust” new sanctions on Russia ahead of the second anniversary of the Russian invasion of Ukraine, a senior U.S. official told Reuters

Source: Reuters

Oil rises over 1% on weaker dollar; slowing demand outlook caps gains

Yahoo Finance


NEW YORK – Oil prices rebounded from earlier losses on Thursday on the back of a weak dollar, but an International Energy Agency (IEA) report flagging slowing demand growth this year and a larger-than-expected jump in U.S. crude …

Oil majors rejigger portfolios with $30-per-barrel price in mind

Oil majors rejigger portfolios with $30-per-barrel price in mind

Nasdaq


HOUSTON – Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s future.

Investors …

Source: Reuters

Exclusive: OPEC Secretary General believes long-term demand outlook is robust

Nasdaq


DUBAI – Saudi Arabia’s decision to postpone oil capacity expansion plans should not be interpreted as an assessment that demand for crude is falling, OPEC’s Secretary General said on Tuesday.

“First of all I want to be clear I …

Source: CNBC

Saudi energy minister pins Aramco’s oil capacity halt on green transition

CNBC


Saudi’s state-controlled oil giant Aramco suspended its capacity expansion plans because of the green transition, Energy Minister Abdulaziz bin Salman said Monday, stressing that the future of energy security lies with renewables.

“I think we postponed this [Aramco capacity] …

Source: Reuters

TotalEnergies: States must admit transition would raise energy prices

Oil Price


Governments need to admit that the transition to low-carbon solutions would raise the price of energy globally, TotalEnergies chief executive Patrick Pouyanné told the Financial Times in an interview published on Monday.

“We think that fundamentally this energy …