Commodity Pricing

Source: Reuters

Oil up nearly $5 as tight supply outweighs recession fears

Reuters


Oil prices rose steeply on July 7 after sharp losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.

 

Brent Crude futures were up $4.68, or …

Source: World Oil

Chevron looks to revamp Venezuela oil pact to boost output

World Oil


(Bloomberg) — Chevron Corp. wants more control over the oil it produces in Venezuela, a move that would help the driller boost output and recover debt if the US eases sanctions amid a global fuel crunch.

The energy …

Source: Reuters

Oil slides 2% to 12-week low on fears of global recession

Reuters


NEW YORK -Oil prices slid about 2% to a 12-week low in volatile trade on Wednesday, extending the prior session’s heavy losses as investors grew more worried energy demand would take a hit in a potential global recession.

Looking …

Source: CNBC

Oil tumbles more than 9%, breaks below $100 as recession fears mount

CNBC


Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products.

 

West Texas Intermediate crude, the U.S. oil benchmark, slid 9%, …

Source: World Oil

OPEC+ ratifies August oil-production increase, leaves next move unresolved

World Oil


(Bloomberg) — The OPEC+ coalition ratified an oil-production increase that completes the return of supplies halted during the pandemic, while deferring discussions on its next move for another day.

The 23-nation group led by Saudi Arabia rubber-stamped plans …

Source: Reuters

Why Russian oil and gas price cap is easier said than done

US News


LONDON – G7 leaders have agreed to study possible price caps on Russian oil and gas to try to limit Moscow’s ability to fund its invasion of Ukraine, G7 officials said on Tuesday.

 

The officials, who include

Source: Reuters

Oil extends gains as major producers flag capacity limits

CNBC


Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply …

Source: Reuters

Analysis: Spot crude surges while futures slip; rate hikes spook speculators

Reuters


HOUSTON/NEW YORK – Prices for spot crude in much of the world are rising on strong demand and a supply crunch, but in the oil futures market, worries of a recession have kept a lid on values.

Oil futures …

Source: Reuters

Oil prices edge higher amid G7 talks on new Russian sanctions

CNBC


Oil prices edged higher on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in …

Source: World Oil

U.S. energy industry invites Biden to visit American energy sites ahead of trip to Saudi Arabia

World Oil


WASHINGTON (API) – Ahead of the President’s travel to the Middle East next month, the American Petroleum Institute (API) joined with 28 energy associations to urge President Biden and his Cabinet to visit America’s major energy facilities – …

Source: Reuters

Oil rises over $1, still set for weekly drop on recession fears

US News


LONDON – Oil rose by more than $1 a barrel on Friday supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.

Source: Reuters

Analysis: High energy prices could sink U.S. stocks during earnings season

Nasdaq


NEW YORK – Sky-high oil prices pose yet another obstacle to U.S. corporate earnings, and some on Wall Street are worried this could sink stock prices even deeper into the red.

 

Brent crude LCOc1 has surged nearly 40% …

Source: Reuters

Oil prices weaken on hawkish Fed rhetoric, concerns about demand

Investing


NEW YORK – Oil prices fell about $1 a barrel on Thursday in volatile trading as investors weighed the risk that rising interest rates could trigger a recession and cut demand for fuel.

 

Brent crude futures fell 90 …

Source: CNBC

Oil prices climb $2 on strong demand, tight supply

CNBC


Oil prices rose almost $2 on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.

 

Brent crude rose $1.80, or 1.6%, to $115.93 a barrel.

The …

Source: CNBC

Biden says he’s considering gas tax holiday as admin targets July 4 announcement

CNBC


President Joe Biden said Monday that he is seriously considering a temporary halt in the federal gas tax as the White House looks to take steps to lower the cost at the pump ahead of the July 4 holiday.…

Source: Reuters

Brazil’s Petrobras swaps CEOs amid political blowback on fuel prices

Nasdaq


SAO PAULO, June 20 – The chief executive of Brazil’sstate-run oil company Petrobras PETR4.SAresigned on Monday in the face of mounting pressure from politicians after the firm announced a fuel price hike last week, adding to inflation concerns …

Source: Reuters

Oil prices fall as recession fears trump tight supply

Investing


Oil prices fell as much as 3% on Wednesday after the Federal Reserve imposed in its biggest U.S. rate since the 1990s, adding to fears that the central bank will push the world’s largest economy into a recession in …

Source; World Oil

High rates of fuel exports hinder U.S. efforts to build supplies at home

World Oil


(Bloomberg) — Robust demand from Latin America is set to lift U.S. Gulf Coast fuel exports to new heights this month, hampering efforts to build up national inventories amid soaring prices.

Waterborne gasoline and diesel loadings out of …

Source: Reuters

Analysis: With record pump prices, Biden hard-pressed to ramp up Russia sanctions

Reuters


As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer.

 

U.S. drivers are embarking on summer vacations with gasoline prices averaging more than …

Source: CNBC

U.S. energy secretary to meet with refining executives over soaring pump prices, sources say

CNBC


U.S. Energy Secretary Jennifer Granholm is expected to meet with refining executives on June 23 as tensions between the White House and the oil industry mount over soaring gasoline prices, sources familiar with the matter told Reuters.

The planned …

Source: Reuters

Biden and the oil industry are talking past each other

Yahoo Finance


Remember the outrage when a handful of U.S. oil refineries closed in 2020?

If you don’t, that’s because there wasn’t any outrage. Oil and gasoline prices were blissfully low and the COVID-19 pandemic dominated the news. Hardly …

ExxonMobil statement regarding President Biden Letter to Oil Industry

ExxonMobil statement regarding President Biden Letter to Oil Industry

Yahoo Finance


IRVING, Texas, June 15, 2022–(BUSINESS WIRE)–ExxonMobil today released the following statement in response to a letter from President Biden.

ExxonMobil statement regarding President Biden Letter to Oil Industry- oil and gas 360

 

We have been in regular contact with the administration to update the President and his …

Source: Reuters

Biden criticizes U.S. oil refiners as profits soar

World Oil


Source: Reuters

Russian oil and fuel revenue up even as exports fall – IEA

Reuters


LONDON: Higher crude oil and fuel prices allowed Russian revenues to climb in May despite its export volumes slipping due to sanctions, the International Energy Agency said on Wednesday.

The findings underscore the difficulty of punishing Moscow for its …

Source: CNBC

Oil prices slip ahead of expected U.S. interest rate hike

CNBC


Oil prices dropped on Wednesday on worries over fuel demand ahead of a U.S. Federal Reserve meeting which is expected to see the central bank to hike rates by at least 75 basis points to combat inflation.

WTI crude

Source: CNBC

Biden tells oil companies in letter ‘well above normal’ refinery profit margins are ‘not acceptable’

CNBC


President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers.

 

“At a time of war – historically high refinery profit margins

Source: Reuters

OPEC keeps forecast for 2022 oil demand to exceed pre-pandemic levels, sees risks

Reuters


OPEC is stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Russia’s invasion of Ukraine and developments around the coronavirus pandemic pose considerable risks.

In a monthly report released …

Source: CNBC

Gasoline prices top $5 a gallon nationally for the first time and are likely headed higher

CNBC


The average price for a gallon of unleaded gasoline rose above $5 nationally for the first time due to increased demand from the economy reopening from the pandemic and depleted oil supplies stemming in part from the war in …

Source" Reuters

Russia becomes India’s second biggest oil exporter, trade sources’ data show

Reuters


NEW DELHI  – Russia rose to become India’s second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed.

In May Indian refiners received …

Source: CNBC

Oil falls on Beijing’s COVID-19 warning, inflation worries

CNBC


Oil dropped Monday as a flare-up in Covid-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure.

Beijing’s most populous district Chaoyang announced three …