Commodity Pricing

Source: Reuters

Chevron CEO criticizes Biden’s SPR strategy

Oil Price


Chevron CEO Mike Wirth spoke at the Economic Club of New York on Thursday to warn about the Biden administration’s cunning plan to refill the Strategic Petroleum Reserve around the $70 a barrel level. He said filling …

Source: World Oil

US seeks halt to oil-reserve sales to refill depleted stockpiles

World Oil


(Bloomberg) — The Biden administration is seeking to stop sales from the Strategic Petroleum Reserve mandated by Congress so it can refill the emergency reserve, a move that could impact the release of 147 million barrels of crude …

Source: Oil Price

The energy crisis has sparked major investments in efficiency

Oil Price


Record-high energy prices and the energy market turmoil this year have accelerated efforts in energy efficiency with global investments rising by 16% annually to $560 billion this year, the International Energy Agency (IEA) said in a new report

Source: BOE Report

U.S. LNG exports remain flat as domestic market braces for cold season

BOE Report


U.S. liquefied natural gas exports were flat last month, Refinitiv shipping data showed on Thursday, as production remained limited and the arrival of winter weather in the Northern Hemisphere led utilities to build inventories for domestic use.

 …

Source: Reuters

Why 2023 is likely to see much higher oil prices

Oil Price


Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President …

Source: Oil Price

Oil price cap unlikely to hurt Russia’s revenue

Oil Price


When the U.S. Treasury Secretary proposed capping the price of Russian export oil to curb Moscow’s revenues, oil prices spiked. The reason was that the price cap, aimed at reducing Russia’s means of funding the war in Ukraine, …

Source: Reuters

Oil prices could fall without further OPEC+ cut, analysts say

BOE Report


OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group …

Source: Reuters

U.S. urges caution on low-quoted Russian oil prices as EU debates price cap

Nasdaq


NEW YORK – The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached …

Source: World Oil

Energy CEOs hit mute button on ESG, hinting at fading interest

World Oil


(Bloomberg) — The top bosses of US oil and gas companies are speaking less and less about climate and carbon emissions, a signal that the industry’s public focus on ESG over the past couple of years may be …

Source: Reuters

Oil up on lower U.S. crude stocks and dollar, OPEC+ and China concerns limit gains

Nasdaq


Oil prices posted gains of more than 1% in Asian trade on Wednesday on falling U.S. crude inventories and a lower greenback, but concerns OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains.…

Source: Reuters

Goldman Sachs sees ‘high probability’ of OPEC cut — and expects oil prices to hit $110 next year

CNBC


A group of some of the world’s most powerful oil producers is highly likely to take further measures to stem a price decline and try to balance the market, according to Goldman Sachs.

OPEC and non-OPEC producers, an influential …

Source: Oil Price

Oil prices jump as market eyes another possible OPEC+ cut

Oil Price


Crude oil prices jumped on Tuesday ahead of the next OPEC+ meeting as the group dispelled earlier rumors that it could agree to increase crude oil production at its next meeting.

 

The cost of Brent crude rose …

Source: BOE Report

U.S. natgas futures rise on forecasts for cooler December weather

BOE Report


U.S. natural gas futures edged up about 1% to near a one-week high on Tuesday on forecasts for cooler weather through mid-December than previously expected.

 

That price increase, however, was limited by forecasts for less gas demand …

Source: Oil Price

Oil stocks are showing a peculiar disconnect from crude prices

Oil Price


Oil stocks have continued to show a peculiar disconnect from the commodity they track, with oil equities staging a powerful rally even as oil prices have fallen sharply since the last OPEC meeting. Over the past two months, …

Source: Reuters

U.S. natgas falls 5% on lower demand forecast, contract expiry

Reuters


U.S. natural gas futures fell more than 5% on Monday, weighed down by forecasts for lower demand over the next two weeks than previously expected, near record output and ahead of the expiry of the front-month December contract.

 …

Source: BOE Report

Oil falls as China’s COVID protests fuel demand fears

BOE Report


Oil futures fell on Monday, with WTI hitting an 11-month low, as protests in top importer China over strict COVID-19 curbs fuelled demand concerns.

 

U.S. West Texas Intermediate (WTI) crude slid $1.80, or 2.35%, to $74.71 a …

Source: Oil Price

EIA: Real U.S. gasoline prices at Thanksgiving unchanged from 2021

Oil Price


Inflation-adjusted average U.S. gasoline prices ahead of Thanksgiving are up by 7.5% compared to the same time last year, in line with the overall rise in consumer prices, the U.S. Energy Information Administration (EIA) said on Wednesday.

U.S. …

Source: Oil Price

U.S., Allies eye $60 price cap for Russian crude

Oil Price


The United States and its allies are hoping to establish the price level at which Russian crude oil will be capped, people familiar with the talks told the Wall Street Journal on Tuesday.

 

Officials are talking about …

Source: Reuters

Oil prices fall more than $2 on Russian oil price cap talks

US News


LONDON – Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.

 

Brent

Source: CNBC

U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips challenged over ‘secretive’ tax practices

CNBC


Oxfam on Monday filed shareholder resolutions against U.S. oil giants Exxon MobilChevron and ConocoPhillips, saying a lack of transparency over their global tax practices poses a material risk for long-term investors.

The international relief charity said …

Source: Reuters

Oil prices edge up as softer dollar outweighs China demand concerns

BOE Report


Oil prices inched higher on Tuesday as the dollar eased, but global recession worries and concerns about China’s rising COVID-19 case numbers denting demand from the world’s top crude oil importer weighed on sentiment.

U.S. West Texas Intermediate …

Source: Reuters

Saudi Arabia eyes OPEC+ production increase – WSJ

Investing


Saudi Arabia and other OPEC oil producers are discussing an output increase, the Wall Street Journal reported on Monday, citing unidentified delegates within the group.

 

An increase of up to 500,000 barrels per day is now under discussion …

Source: World Oil

U.S. gas prices jump as Freeport LNG targets full restart in March 2023

Oil Price


U.S. natural gas prices surged on the news that one of the largest U.S. LNG export terminals is targeting a complete operational restart by March 2023.

Freeport LNG, a major liquefied natural gas exporter in Texas, wrote in …

Source: Oil Price

Argentina’s state oil company YPF sees major jump in profits

Oil Price


Argentine state oil company YPF last week reported that its net profit for the third quarter leapt 186 percent year-on-year to $678 million, Reuters reported.

The company said rising levels of production and higher oil prices drove profits. …

Source: BOE Report

Oil slides on China demand concerns, easing supply worries

BOE Report


Oil fell around 4% on Friday and was on track for a second weekly decline, pressured by concern about weakening demand in China and further interest rate rises by the U.S. Federal Reserve.

As part of the rout, …

Source: Oil Price

World oil demand topped pre-Covid levels in September

World Oil


Oil demand worldwide rose in September to exceed the September 2019 pre-Covid levels by nearly 1 million barrels per day (bpd), new data from the Joint Organizations Data Initiative (JODI) showed on Thursday.

Global oil demand rose seasonally …

Source: Oil Price

U.S. diesel inventories hit historic lows at the worst possible time

Oil Price


U.S. distillate stocks, which include diesel and heating oil, have slumped to their lowest level for this time of the year since 1951, just as the heating season starts and the EU embargo on Russian oil product imports …

Source: Oil Price

White House considers curbs on fuel exports amid diesel squeeze

Oil Price


President Biden may order fuel distributors to keep greater inventories at home in a bid to ensure an adequate supply of heating oil for the Northeast, Energy Secretary Jennifer Granholm has said, as quoted by Bloomberg.

 

The …

Source: BOE Report

Heavy crude discount narrows despite Keystone curtailment

BOE Report


Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) narrowed slightly on Tuesday.

 

WCS heavy blend crude for December delivery in Hardisty, Alberta, settled at $28.60 barrel under WTI, according to NE2 Inc, …

Source: World Oil

WTI jumps on large draw in crude inventories

Oil Price


The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.835 million barrels—more than undoing last week’s build.

 

U.S. crude inventories have grown by roughly 25 million barrels so far this year, …