Commodity Pricing
Global fossil fuel subsidies skyrocket to $7 trillion
This weekend, the chief executive of BP, Bernard Looney, said that the world needs to invest in more oil and gas production. Just two years ago, such a statement from Looney would have caused a shock.
The then-new …
Oil ticks up as supply concerns outshine macroeconomic jitters
Oil prices crept up on Tuesday as supply concerns from a hurricane hurtling towards the U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.
Brent crude rose 53 cents at $84.95 …
Brent prices to be well supported near $80/bbl, says Morgan Stanley
Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus …
Oil slips, US Fed chief’s speech in spotlight
LONDON – Oil prices slipped on Thursday on disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves.
Brent crude fell 99 cents, …
Goldman Sachs: Large inventory draws limit downside risk to oil prices
Larger than previously expected oil inventory draws in developed economies could limit downside risks to oil prices and add $2 a barrel to Goldman Sachs’s end-year call for $86 per barrel Brent, the bank said in a note.…
Saudi Arabia will likely roll over 1 mln bpd cut into October, analysts say
LONDON – Saudi Arabia will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down …
US energy firm payouts to oil investors top exploration spending for first time
HOUSTON – Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.
The outlook for …
Oil falls as US rate hike fears subside, China demand weighs
Oil prices fell slightly on Thursday, with Brent crude holding close to January highs, as speculation about another U.S. interest rate hike faded following inflation data and OPEC remained positive on the oil demand outlook.
Both benchmarks have been …
Oil output inches up at top US shale firms, with faster growth elusive
HOUSTON – Top U.S. shale oil producers are raising output by pulling more from each well but lack the level of activity to add significant new volumes, a Reuters analysis of investor forecasts showed.
The companies that a decade …
Oil hits new highs as tighter supply offsets China demand concern
Oil hit new peaks on Wednesday with Brent crude touching the highest price since April, as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude …
Dramatic shift in Brent-Dubai spread could alter global oil flows
The premium for Brent Crude prices to Dubai crude has evaporated in recent weeks and has swung to a discount as Middle East oil availability has shrunk with OPEC+ and Saudi production cuts. This dramatic shift in the …
Crude inventories to sink to 8-year low this year: Nuttall
Inventories of crude oil will reach an 8-year low by the end of this year, Eric Nuttal, partner and Senior Portfolio Manager at Ninepoint Partners, told BNN Bloomberg TV on Tuesday.
While persistent fear of China’s stuttering …
Saudi Arabia’s cabinet throws support behind OPEC+ cut extension
Saudi Arabia’s cabinet, or Council of Ministers, showed its support for what it considers to be precautionary measures taken by OPEC+ to stabilize the oil market, Saudi Arabi media said on Tuesday.
It said it would continue …
Oil slips as weak China data offsets tightening supply
Oil prices edged lower on Tuesday after data showed China’s crude imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world’s largest oil importer.
Aramco boosts dividend as Q2 profit drops 38% to $30.1 billion
DUBAI – Saudi state oil giant Aramco on Monday announced an additional near $10 billion dividend, most of which will go to the government, the first of several extra payouts on top of its expected $153 billion base …
Oil dips after sustained rally bolstered by supply cuts
Oil prices edged lower following a protracted rally, but retained support from pledges by top producers Saudi Arabia and Russia to extend supply cuts through September. Both global benchmarks notched up their sixth consecutive weekly gains last week.
On …
OPEC to “stay the course” as Saudi Arabia extends oil production cut
(Bloomberg) – OPEC signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets. A monitoring committee comprising the kingdom and other key OPEC nations recommended no …
The oil price rally is gaining serious momentum
The oil markets were slow to react to obviously bullish catalysts such as supply cuts, falling inventories and growing demand when they first kicked in about three months ago. Indeed, it appeared that the bears were about to …
Saudi Arabia will extend voluntary 1 mln bpd oil cut through Sept – SPA
DUBAI – Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, the state news agency SPA said on Thursday. The agency cited an official source at the …
OPEC+ panel unlikely to tweak oil policy at Friday meeting – sources
MOSCOW/LONDON/DUBAI – OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six OPEC+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally.
Ministers from the Organization of
Oil prices ease despite US inventory drawdown
Oil prices eased on Wednesday after sharp gains, but remained near their highest levels since April, as crude and fuel product inventory data showed robust U.S. demand and offset concerns about the Chinese economy.
Brent crude futures for October …
Saudi Arabia may raise Sept crude prices for a third month
SINGAPORE – Saudi Arabia, the world’s biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of …
Oil dips on stronger dollar, signs of profit-taking after July rally
HOUSTON – Oil prices edged lower on Tuesday on a stronger dollar and signs of profit-taking, after rallying in July when investors wagered on tightening global supplies and demand growth in the second half of the year.
Brent …
Oil prices set for largest monthly gain since January 2022
Oil prices were poised early on Monday to end July trading with the biggest monthly gain since January 2022, buoyed by tightening supply, expectations of a record demand, slower inflation in the U.S., and a still resilient American …
OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds
LONDON – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey …