Commodity Pricing

Source: Bloomberg

Biden has few options to carry out his OPEC threat

World Oil


LONDON (Bloomberg) –For U.S. President Joe Biden, the easy part was threatening a response. Now comes the tougher challenge of delivering one, or risk looking impotent in his struggle with the oil cartel.

When last week Biden pressed …

Source: Reuters

Oil rises after OPEC+ rebuffs U.S. call to boost output

Reuters


LONDON – Oil prices rose towards $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the …

Source: CNBC

What ‘transition’? Renewable energy is growing, but overall energy demand is growing faster

CNBC


The world wants to “transition” away from fossil fuels toward green energy, but the difficult reality is this: Dirty fuels are not going away — or even declining — anytime soon.

The total amount of renewable energy that’s available …

Source: thehill.com

OPEC ignores Biden’s plea, formalizes December oil output plan

World Oil


(Bloomberg) –OPEC and its allies will stick to their slow pace of oil-production increases, disregarding U.S. President Joe Biden’s demand to go faster.

After a brief meeting on Thursday, the group approved a 400,000 barrel-a-day production hike for …

Source: Reuters

Canadian Natural Resources profit beats on higher oil demand, raises dividend

Reuters


Nov 4 – Canadian Natural Resources Ltd (CNQ.TO) reported a third-quarter profit on Thursday that beat analysts’ estimates, helped by a recovery in oil demand and higher output, and the company said it would increase its dividend.

 

The …

Source: Reuters

Oil prices rise by $2 ahead of OPEC+ meeting

Reuters


LONDON, Nov 4 – Oil prices rose more than $2 on Thursday, lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to …

Source: Reuters

OPEC+ likely to stick to oil output plan, sources say

Nasdaq


LONDON, Nov 4  – OPEC and its allies are likely to stick to plans to raise oil output by 400,000 barrels per day (bpd) at an OPEC+ meeting on Thursday, sources said, despite calls from the United States for …

Source: Reuters

Column-Rising oil prices are fuelling expected inflation: Kemp

Nasdaq


LONDON (Reuters) – Past changes in oil prices are closely associated with U.S. consumers’ and investors’ expectations for overall inflation in future, which helps explain why they are sensitive for central banks and other policymakers.

In the last three …

Source: Reuters

Oil prices tumble as U.S. intensifies pressure on OPEC for more crude

World Oil


(Bloomberg) –Oil fell as the U.S. intensified pressure on OPEC+ to boost supplies when it meets on Thursday, while concerns grew that tighter policy from the Federal Reserve will impede growth.

West Texas Intermediate futures sank 2.4% after …

Source: Reuters

Oil down after API data shows U.S. inventory build-up

Reuters


LONDON – Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply.…

Source: Reuters

Refiner Marathon warns natgas rally may hurt profits, shares fall

Reuters


Marathon Petroleum Corp signaled on Tuesday that a sustained rally in natural gas prices could take a toll on earnings, sending the largest U.S. refiner’s shares down 4%.

The warning comes after U.S. natural gas prices soared more than …

Source: Reuters

Oil falls to $84 before U.S. inventories and OPEC+ meeting

Reuters


LONDON – Oil fell further below $85 a barrel on Tuesday, but it was still not far from a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories and …

Source: Reuters

BP says global oil demand has passed 100 million barrels per day

World Oil


(Bloomberg) –As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc.

Fossil fuel …

Source: Reuters

Energy topped the S&P 500 again in October. Here’s where the trade heads next

CNBC


Energy led the markets for another month.

The second-best S&P 500 performer, just behind consumer discretionary, rose 10% in October and added to a 52% gain for the year.

Industry heavyweights Chevron and Exxon both reported better-than-expected profits on

Source: Reuters

OPEC rejects Biden’s call for more oil

World Oil


(Bloomberg) –OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices.

On Monday, Kuwait said the cartel should stick …

Source: CNBC

Saudi Aramco posts 160% rise in third-quarter profit, chairman calls for ‘stable’ energy transition

CNBC


DUBAI, United Arab Emirates — Saudi Arabia’s oil giant Aramco has posted a 158% increase in third quarter net income to $30.4 billion, as the world’s largest oil companies continue to benefit from the reopening of the global economy

Source: Reuters

Column-Hedge funds put brakes on oil buying as economy concerns grow: Kemp

Reuters


(John Kemp is a Reuters market analyst. The views expressed are his own)

LONDON – Hedge funds remain bullish on the outlook for oil but inflows of new money have dried up over the last month as prices have …

Source: World Oil

Oil majors won’t ride to the rescue as world faces energy shortages

World Oil


HOUSTON (Bloomberg) –The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China …

Source: Reuters

Energy-consuming nations consider response if OPEC doesn’t boost oil output

World Oil


(Bloomberg) –The U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch, a senior U.S. official told reporters in Rome.

The leaders will also discuss how they …

Source: Reuters

Oil prices slide as U.S. instructs crude producers to increase output

World Oil


Oil fell for a second day as one of the top energy diplomats in the U.S. urged producers to hike output.

West Texas Intermediate declined 1.3%, falling for a second session. The global economy is facing an energy …

Shell says break-up of group would not work in real life

Shell says break-up of group would not work in real life

Reuters


LONDON (Reuters) – Breaking up oil major Royal Dutch Shell into separate fossil fuels and renewables companies might be financially compelling but would not work in real life, finance chief Jessica Uhl said on Thursday.

Activist hedge fund Third …

Source: Reuters

Hess beats profit estimates on surging crude and gas prices

Reuters


U.S. oil producer Hess Corp on Wednesday reported a better-than-expected quarterly profit, as soaring prices for crude and gas cushioned the hit from lower production.

Shale producers in the United States are poised to deliver their strongest earnings since …

Source: Fox Business

Oil billionaire schools Biden on gas prices: ‘It’s all about economics 101’

Fox Business


Continental Resources Chairman and founder Harold Hamm criticized Biden’s energy plan as the administration’s efforts to tackle climate change conjures up more challenges for the country.

“You know it’s all about economics 101 and it doesn’t have to …

Source: Reuters

COLUMN-OPEC+ comfortable with rising price trend: Kemp

Nasdaq


LONDON, Oct 26 – Rejecting calls from consuming countries for faster output increases, OPEC+ has warned about continuing risks posed by the coronavirus pandemic and a forecast rise in oil inventories next year.

OPEC+ is currently raising its production …

Source: Bloomberg

Energy crisis divides European nations before emergency meeting

World Oil


BRUSSELS (Bloomberg) –European Union energy ministers are set for another spat over how to cushion consumers and companies from soaring power and natural gas prices, with political and legal constraints leaving little room for immediate action.

At an …

Source: Reuters

Brent oil ‘scarcity premium’ widens as $100 a barrel forecast

Nasdaq


LONDON, Oct 26 – The scarcity premium embedded in the structure of Brent crude oil futures has widened to the most since 2013 this week, a sign of the tight market underpinning oil’s rally that pundits increasingly predict will …

Source: World Oil

U.S. oil price passes $85 as OPEC wary to increase crude supply

World Oil


SINGAPORE (Bloomberg) –Oil in the U.S. rallied above $85 a barrel for the first time since 2014, another landmark in a surge in global energy prices, while an eye-watering rally in market structure deepened.

West Texas Intermediate rose …

Source: Reuters

Column-Oil prices soar, bullish hedge funds hold their nerve: Kemp

Reuters


LONDON – Petroleum futures and options saw another influx of hedge fund inflows last week as renewed bullishness about output restrictions overcame concerns about the already-high level of prices.

Hedge funds and other money managers purchased the equivalent of …

Source: Reuters

Falling crude inventories pin WTI oil price near $83

World Oil


(Bloomberg) –Oil swung between gains and losses as traders weigh the ongoing impact of a global energy crunch and dwindling inventories at a key U.S. storage hub.

Front-month futures in New York traded below $83, paring an earlier …

Source: World Oil

Oil inventory at Cushing crude hub nears critically low levels

World Oil


The storage tanks in Cushing, Oklahoma, require a minimum level of oil …