Four
Commodity Pricing
U.S. oil production to hit record amidst declining costs, drilling efficiencies, Macquarie predicts
(Bloomberg) – U.S. oil production is set to end the year at a record pace of about 14 MMbpd as falling costs and improved drilling efficiency overshadow subdued growth plans from publicly listed companies, Macquarie Group Ltd. analysts …
U.S. gas producer optimistic despite very low natural gas prices
Despite multi-year low natural gas prices in the United States, domestic producers continue to be optimistic about the long-term prospects of gas as a fuel, both in America and abroad.
The current oversupply in the U.S. natural gas …
Oil steadies as markets weigh Russian supply woes
LONDON – Oil was little changed on Tuesday after rising in the previous session as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker U.S. dollar
Brent crude tops $87 as geopolitics threatens tight supply
Brent crude oil surged past $87 on Monday as Russia’s war on Ukraine increasingly focuses on attacks on energy installations, and as mediation in the Israel-Gaza conflict fails.
On Monday at 10:14 a.m. ET, Brent crude was trading …
Oil broadly steady after surprise US crude stock drop
LONDON – Oil prices were broadly steady on Thursday, shored up by a surprise U.S. crude stock drop and the U.S. Federal Reserve sticking to its outlook on rate cuts for the year.
Brent crude futures for May
Oil falls from highs ahead of Fed decision
Oil prices fell on Wednesday after hitting multi-month highs in the previous session, as investors braced for the U.S. Federal Reserve’s interest rate policy announcement later in the day.
Brent crude futures for May were down $1.20 or 1.4% …
Oil at highest since early November on brighter demand signals
LONDON -Oil prices hit four-month highs on Tuesday after breaking above range-bound trading last week, but gains were capped by the prospect of rising exports from Russia as Ukrainian attacks on oil infrastructure curb domestic refining activity.
The …
Saudi Aramco CEO says no peak in oil demand for some time to come
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 …
Oil prices inch higher as attacks on Russian energy facilities intensify
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 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 …
Oil rises 2% on supply disruptions in Russia, U.S
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
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
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
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+ 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
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
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 …
Global oil demand to grow by 1.9 mln bpd in 2024, says Wood Mac
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 …
Oil prices steady as US data keeps June rate cuts on the table
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 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 …
Activist investor pushes for bolder action as bp “quietly” pivots back toward oil and gas
(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.
Oil gains on potential OPEC+ cuts, curbed by jump in U.S. crude stocks
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
Oil and gas upstream M&A deal value hits highest Q1 levels since 2017
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 …
Goldman raises forecast of Brent oil summer price to $87
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 …
U.S. diesel exports to Europe slump as distillate markets tighten
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 …
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 …