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.…
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 …
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 …
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 …
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, …
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.
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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 …
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 …
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
Oxfam on Monday filed shareholder resolutions against U.S. oil giants Exxon Mobil, Chevron 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 …
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 …
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 …
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 …
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. …
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, …
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 …
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, …
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, …
LAUNCESTON, Australia – The spot price of liquefied natural gas (LNG) is still falling even though demand for the super-chilled fuel appears to be ticking higher in Asia and Europe, putting Adam Smith’s “invisible hand” theory to the test …
Three weeks ago, President Joe Biden threatened Saudi Arabia with “consequences” after the kingdom that is the de facto leader of OPEC supported a decision to reduce oil production by about 1 million barrels daily.
The …
LONDON – Investors expect a planned U.S. and EU price cap to disrupt Russia’s crude exports by enough to offset the impact of an economic slowdown on oil consumption, boosting prices.
Hedge funds and other money managers …
SINGAPORE – Oil prices slid on Tuesday as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world’s top crude oil importer and after OPEC cut its 2022 global demand forecast.
Brent crude futures …
LONDON – OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates.
Oil …
The U.S.-led initiative seeking to set a ceiling on the price of Russian oil sold on international markets will benefit China, U.S. Treasury Secretary Janet Yellen told media today on the sidelines of the G20 summit.
“We see …
Oil prices fell on Monday, while China eased some of its strict COVID-19 protocols, which have fuelled hopes of a recovery in economic activity and demand at the world’s top crude importer.
Contracts for Brent crude and …
Oil cargo could soon be stranded at sea if G7 leadership fails to get insurers details regarding the upcoming—but undefined—price cap mechanism on Russian crude oil, senior industry executives told Reuters this week.
The price cap plan—although …
LONDON – Russia’s oil export revenues are at much greater risk from a global economic recession than the price cap being planned by the United States and the European Union.
Recession is a sure-fire way to reduce Russia’s …
