Commodity Pricing

Source: Reuters

Oil falls as investors worry over recession fears

BOE Report


Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand.

 

U.S. West Texas Intermediate slid 14 cents, or 0.17%, to $83.09.

Brent …

Source: Oil Price

OPEC+ cuts sent bullish bets on Brent soaring

Oil Price


Money managers boosted their net bullish bets on Brent Crude by the second-largest amount on record following the surprise announcement from major OPEC+ producers that they would remove more than 1 million barrels per day (bpd) from the …

Source: Reuters

Oil up slightly as market awaits key US inflation data

BOE Report


Oil prices slightly rose on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve’s policy on future interest rate hikes.

 

U.S. West Texas Intermediate rose 77 …

Source: Reuters

Oil rises as US stockpiles may drop, demand signs stay strong

Nasdaq


SINGAPORE – Oil prices rose on Tuesday on expectations that inventories in the U.S., the world’s biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy.

Crude futures likely received a boost …

Source: Reuters

Investors pull cash from oil despite OPEC cuts as demand fear lingers

World Oil


(Bloomberg) — One oil exchange-traded fund saw its largest one-day outflow in more than three years, a possible sign that some investors remain concerned about the outlook after OPEC+ delivered an unexpected supply cut.

WisdomTree’s Brent Crude Oil …

Source: Reuters

Oil steady as investors weigh tighter supply vs. growth outlook

BOE Report


Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand.

U.S. West Texas Intermediate crude was at …

Source: Reuters

Oil steady but weak US economic data stokes recession fears

BOE Report


Oil was steady on Thursday but weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil …

Source: Reuters

Oil stable as economic fears balance OPEC+ cuts, U.S. stock draw

Investing


LONDON – Oil prices held broadly stable on Wednesday, as the market weighed worsening economic prospects against expectations of U.S. crude inventory declines and plans by OPEC+ producers to reduce output.

Brent crude futures inched down 15 cents, or …

Source: Oil Price

Goldman Sachs raises oil price forecast following OPEC+ cut

Oil Price


Hours after OPEC+ announced it would reduce its combined oil production by more than 1 million bpd, Goldman Sachs issued a revision of its oil price forecast, raising it to $95 from $90 at the end of the …

Source: CNBC

OPEC+ just made the Fed’s job more complicated. Here’s what it did — and what could be next

CNBC


Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader …

Source: Reuters

OPEC makes shocking oil production cut amidst new inflation risk

World Oil


(Bloomberg) – OPEC+ announced a surprise oil production cut of more than 1MMbpd, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.

It’s a significant reduction for a market …

Source: Reuters

U.S. natgas jumps 5%, but still on track for record quarterly loss

Nasdaq


U.S. natural gas futures jumped about 5% to a one-week high on Friday on forecasts for more demand next week than previously expected with rising amounts of gas flowing to liquefied natural gas (LNG) export plants, but they remained …

Source:  Reuters

Oil rises as China factory activity expansion lifts demand hopes

BOE Report


Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world’s second-largest crude consumer, and as concerns grew about Middle Eastern supply.

U.S. West Texas Intermediate …

Source: Reuters

Rising costs are hurting U.S. oil and gas production growth

Oil Price


Soaring costs have caused a slowdown in oil and gas production growth in the U.S., with the outlook also worsening, the latest edition of the Dallas Fed Energy Survey showed.

 

 

The survey found that business …

Source: Reuters

U.S. Energy Information Administration: U.S. crude oil exports reached record high in 2022

World Oil


In 2022, U.S. crude oil exports averaged 3.6 MMbpd, a record high according to export data that has been collected since 1920. U.S. crude oil exports in 2022 were 22% (640,000 bpd) higher than in 2021. Increased U.S. …

Source: Reuters

Oil extends gains on Kurdish supply risks and banking relief

CNBC


Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained.

Brent crude futures gained 17 cents, 0.22%, to $78.29 a barrel. …

Source: Reuters

Oil prices climb in relief rally as banking concerns ease

Nasdaq


SINGAPORE – Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe.

Brent crude futures LCOc1

Source: Reuters

Oil falls as US holds off refilling strategic reserve

BOE Report


Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years.

U.S. West Texas Intermediate crude futures slipped $1.65, …

Source: Oil Price

LNG shipping rates fall to a 7-month low as gas prices drop

Oil Price


LNG freight rates for Atlantic Basin spot LNG cargoes slid to below $50,000 per day on Thursday, the lowest level in over seven months, as natural gas prices in Europe drop with peak winter demand behind us.

 …

Source: Oil Price

Global emissions trading raised a record $63 billion in 2022

Oil Price


Emissions Trading Systems (ETS) raised a record $63 billion for governments last year, as the energy crisis pushed policymakers to double down on decarbonization efforts, intergovernmental forum International Carbon Action Partnership (ICAP) said in a new report on …

Source: Reuters

Quantum Energy: U.S. shale drilling to drop 20% at current energy prices

World Oil


(Bloomberg) – U.S. shale may lose as much as 20% of its activity over the next year if energy prices hold at current levels, according to one of the biggest private equity players in the industry.

 

 …

Source: Reuters

OPEC+ likely to stick to its guns despite price slump, delegates say

Nasdaq


LONDON/DUBAI – OPEC+ is likely to stick to its deal on output cuts of 2 million barrels per day (bpd) until the end of the year, even after a banking crisis sent crude prices plunging, three delegates from the …

Source: Reuters

Oil steady after weekly U.S. crude stocks exceed expectations

BOE Report


Oil was steady in trade on Wednesday morning, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening.

 

U.S. West Texas …

Oil prices near $75 as Russia extends output cut through June

Oil prices near $75 as Russia extends output cut through June

Oil Price


Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia’s Deputy Prime Minister Alexander Novak said on Tuesday.

 

 

Russia first announced the 500,000 bpd production cut …

Source: CNBC

Oil rises for second day as banking fears ease for now

CNBC


Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand.

After jitters initially …

Citadel sees limited impact on energy demand from banking crisis

Citadel sees limited impact on energy demand from banking crisis

Nasdaq


LAUSANNE, Switzerland – U.S. hedge fund Citadel expects a tighter credit environment following the latest banking crisis but so far the economic decline is not enough to plunge commodities into the abyss, its head of commodities told Reuters.

 …

Source: Reuters

Vitol revenue skyrocketed 80% in 2022

Oil Price


Swiss commodities trading giant Vitol has reported $500 billion in revenues for 2022, an 80% increase year-on-year, thanks largely to last year’s surging oil prices courtesy of Russia’s war on Ukraine and the Western sanctions response.

In total, …

Source: Reuters

Goldman Sachs: Oil will fail to reach $100 in 2023

World Oil


(Bloomberg) – Goldman Sachs Group Inc., one of the most bullish banks on its outlook for oil, has nudged its forecasts down as worries over the banking sector and the potential for recession outweigh a surge in demand …

Source: Reuters

OPEC Secretary General calls for coordination between oil exporting countries

Oil Price


OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming …

Source: Reuters

Berkshire Hathaway boosts its stake in Occidental Petroleum to over 23%

Oil Price


Berkshire Hathaway, the investment vehicle of Warren Buffett, has bought another batch of shares in Occidental Petroleum, pushing its total stake to 23.1 percent.

 

Citing a regulatory filing, Reuters reported the investment company had bought 7.9 million …