Commodity Pricing

Source: World Oil

Permex Petroleum gets permission to drill in Texas

World Oil


Permex Petroleum Corporation, a junior oil and gas company based in Dallas, was approved for a permit to drill on its property in Martin County, Texas.

 

“The approval of our permit to drill within the highly sought-after …

Source: Reuters

Russia’s Gazprom warns European gas prices could climb a further 60%

Reuters


MOSCOW – Russian state gas company Gazprom (GAZP.MM) said on Tuesday that European gas prices could spike by 60% to more than $4,000 per 1,000 cubic metres this winter, as the company’s own export and production continues to fall …

FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford/File Photo

Barclays sees crude surplus in near-term, cuts Brent price view

Nasdaq


Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to “resilient” Russian supplies.

 

The British bank now sees …

Source: Reuters

Oil falls on economic data, awaits news of Iran nuclear deal

Nasdaq


KUALA LUMPUR – Oil prices slipped on Tuesday as traders eyed the latest progress in last-ditch talks to revive the 2015 nuclear accord with Iran, which would clear the way to boost its crude exports in a tight market.…

U.S. natgas futures down 3% on rising output, lower demand

U.S. natgas futures down 3% on rising output, lower demand

Nasdaq


U.S. natural gas futures fell about 3% on Monday on rising supplies and forecasts for cooler weather and lower air conditioning demand over the next two weeks than previously expected.

 

Also weighing on gas prices was a 5% …

Source: Reuters

Oil drops as China data weighs

Yahoo Finance


Oil prices fell by more than $5 a barrel on Monday after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.

 

Brent crude futures fell $3.88, or 4%, …

Source: CNBC

Saudi Aramco profit surges 90% in second quarter amid energy price boom

CNBC


Saudi oil giant Aramco reported a stunning 90% surge in second quarter net income and record half year results on Sunday, as high oil prices continue to drive historic windfalls for “Big Oil.”

 

Aramco said strong market conditions

Source: Reuters

OPEC, in contrast to IEA, sees lower 2022 oil demand growth

US News


LONDON – OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus

Source: CNBC

Oil rises as IEA hikes 2022 demand growth forecast

CNBC


Oil prices rose by over 1% on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

 

 

 gained …

Source: World Oil

IEA sees OPEC+ as unlikely to supply more oil in coming months

World Oil


(Bloomberg) — OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency.

 

Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into …

Source: Reuters

U.S. shale producer EOG sticks to 4% annual output growth

US News


U.S. shale oil producer EOG Resources on Friday said it expects to deliver roughly 4% oil and gas volume growth this year, and hold a similar trajectory in 2023, as inflation and supply chain problems continue to snarl

Source: Reuters

Oil prices set to end week near multi-month lows on recession fears

US News


Oil prices rose on Friday, recouping some of this week’s losses on strong U.S. job growth data but remained on course to close the week near their lowest levels since February, rattled by worries a recession could hit

Source: Reuters

Conoco sweetens shareholder returns by $5 billion as profit jumps

Finance Yahoo


ConocoPhillips on Thursday raised its shareholder payout target by 50% after the largest U.S. independent oil producer beat Wall Street’s earnings estimates on surging energy prices.

 

Oil and gas prices have jumped with Western sanctions on Russia …

Source: Reuters

Exclusive: Saudi, UAE save oil firepower in case of winter supply crisis

Yahoo Finance


LONDON/DUBAI – OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the …

Source: Bloomberg

WTI oil falls below $90 for first time since Ukraine invasion

World Oil


(Bloomberg) — U.S. crude futures fell below $90 a barrel for the first time since February, the month Russia invaded Ukraine.

 

Futures dropped as much as 1% to $89.80 a barrel. Prices have given up all of …

Source: Reuters

Oil rises amidst demand worries and ahead of OPEC+ meeting

BOE Report


Oil prices rose in early trade on Wednesday ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar.

 

West Texas Intermediate (WTI) crude futures rose $2.26, …

Source: Returns

Big Oil offers big returns but keeps spending tight

Yahoo Finance


LONDON – The West’s energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices.

 

But the top five …

Source: Reuters

OPEC+ approves tiny oil output rise in rebuff to Biden

CNBC


OPEC+ is set to raise oil output by a tiny 100,000 barrels per day in what analysts described as an insult to U.S. President Joe Biden after his trip to Saudi Arabia last month to persuade OPEC’s leader to …

Source: Reuters

OPEC+ sees slightly smaller oil market surplus this year, sources say

Nasdaq


LONDON – OPEC+ sees this year’s oil market as slightly less supplied than previously thought, a day ahead of a meeting at which the producer group is set to decide on its production policy for next month.

 

New …

Source: CNBC

Oil major BP boosts dividend as quarterly profits jump on high commodity prices

CNBC


Publisher’s Note: BPX Energy will be the lunch keynote on Monday, August 8, 2022 at EnerCom Denver- The Energy Investment Conference. Please register and schedule your one-on-one meetings with presenters at  EnerCom Denver.

LONDON — U.K. oil giant …

Source: Reuters

Oil sinks after weak factory data sparks demand concerns

Yahoo Finance


NEW YORK – Oil prices dropped sharply on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week’s meeting of OPEC and its producer allies on supply.

Brent crude …

Source: Reuters

Oil outshines stocks and dollar in 2022

US News


LONDON – Oil prices are proving resilient to global economic recession fears and have outperformed major equity indices and the U.S. dollar so far this year as Western sanctions on Russia further limit supplies to an already tight

Source: Reuters

Shale drilling climbs to levels not seen since early pandemic

World Oil


(Bloomberg) — Shale explorers are searching for oil at rates not seen since the early weeks of the pandemic as high crude prices incentivize drilling.

 

 

Oil rigs operating in US fields increased by 6 this week …

Source: Reuters

U.S. majors Exxon, Chevron post blowout earnings, ramp up buybacks

US News


The two largest U.S. oil companies, Exxon Mobil Corp and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier.

The U.S.

Source: Reuters

Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom

US News


NEW YORK – Oil prices were mixed on Thursday, as concerns about a potential global recession that would knock energy demand offset lower crude inventories and a rebound in U.S. gasoline consumption.

Brent crude futures rose 28 cents

Source: Reuters

Shell, Total continue buyback bonanza after record profits

Yahoo Finance


LONDON – Europe’s biggest oil companies Shell and TotalEnergies extended share buybacks on Thursday after their second-quarter profits beat an already record-breaking previous quarter on the back of soaring crude, gas and oil product prices.

The two companies …

Source: Reuters

OPEC+ to weigh holding oil output steady or small hike, sources say

Yahoo Finance


LONDON – OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output increase is also likely to be …

Source: Reuters

U.S. natgas futures slide 4% on rising output, less demand next week

Nasdaq


U.S. natural gas futures fell about 4% on Wednesday from a seven-week high in the prior session on record gas output and forecasts for less demand next week than previously expected.

 

 

That price decline came despite a …

Source: Reuters

Oil Sands to continue to grow but heightened energy security concerns have not yet boosted outlook

BOE Report


CALGARY, AB – While the Russian invasion of Ukraine has increased the incentive to raise Canadian oil sands production in the short-term, it has not fundamentally altered the production outlook over the longer-term, according to the latest forecast …

Source; Reuters

Analysis: U.S. crude oil exports reduce costs for Americans

World Oil


WASHINGTON – The American Petroleum Institute (API) and the American Exploration and Production Council (AXPC) today released new analysis demonstrating the significant and growing economic benefits of America’s abundant crude oil resources for both domestic use and global …