Nasdaq How high are oil prices really and what signal are they currently sending to producers and consumers about the need for more output and lower fuel use? The strength of a price signal depends on both the real level of prices adjusted for inflation and the rate of change compared with recent years. In terms of the rate of change, prices are already
Reuters LONDON – Prolonged disruption to oil production in the Gulf of Mexico and multiplying signs of a worldwide energy shortage have not been enough to encourage significant new petroleum buying from portfolio investors. Hedge funds and other money managers purchased the equivalent of just 12 million barrels in the six most important petroleum futures and options contracts in the
Reuters LAUNCESTON, Australia – The spot price of liquefied natural gas (LNG) in Asia is usually at a seasonal low in August in what is historically the shoulder season between summer and winter peak demand. That the price of spot cargoes is at the highest for this time of year since 2013 has been largely put down to robust demand
Reuters LONDON – Portfolio managers took profits on their bullish petroleum positions after OPEC+ failed to reach agreement on increasing production and U.S. oil prices hit their highest level since late 2014. Hedge funds and other money managers cut their combined position in the six most important petroleum futures and options contracts by the equivalent of 63 million barrels to
Reuters LAUNCESTON, Australia – The rally in spot liquefied natural gas (LNG) prices in recent weeks has been framed as being led by robust demand in Asia and in Europe as the northern hemisphere deals with hotter-than-usual temperatures. Although this certainly has a strong influence on prices, the narrative has downplayed issues surrounding supply of the super-chilled fuel, with declining
Reuters LONDON -Oil prices rose on Friday, and were on track for a fifth consecutive weekly gain on expectations demand growth will outstrip supply and OPEC+ producers will be cautious in returning more supply to the market from August. Brent was up 18 cents, or 0.2%, at $75.74 a barrel at 1334 GMT, heading for a 2.9% rise on the
Reuters LONDON -Crude oil prices hovered near multi-year highs on Thursday, buoyed by falling U.S. crude inventories which limited the impact of a stronger U.S. dollar. Brent crude oil futures dropped 12 cents, or 0.1%, to $74.27 a barrel by 1332 GMT. They hit their highest since April 2019 in the previous session. U.S. crude oil futures was up 3
Reuters NEW YORK -Oil prices edged up to multi-year highs on Friday, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs. Brent crude futures rose 35 cents to $72.87 a barrel by 11:20 a.m. EDT (1520 GMT), a day after closing at their highest
Reuters LONDON -OPEC+ oil producers agreed on Tuesday to stick to the existing pace of gradually easing supply curbs through July, as they sought to balance expectations of a recovery in demand against a possible increase in Iranian supply. The Organization of the Petroleum Exporting Countries and allies – known collectively as OPEC+ – decided in April to return 2.1
Reuters LONDON – Oil prices rose on Friday, reversing some of the previous day’s sharp losses as stock markets strengthened and the U.S. dollar slipped, though gains were capped by the coronavirus situation in major oil consumer India. Brent crude oil futures were up $1.23, or 1.8%, at $68.28 a barrel by 1349 GMT and West Texas Intermediate (WTI) crude
CNBC Gas prices have jumped more than 8 cents in the last week as the Colonial Pipeline shutdown disrupted a crucial artery in the U.S. petroleum industry. The company said it began to restart operations around 5 p.m. ET Wednesday evening, and said Thursday morning that “product delivery has commenced in a majority” of markets. Colonial Pipeline is aiming to
Reuters NEW YORK -Oil prices rose 2% on Wednesday, after U.S. distillate inventories posted a large drawdown and refining activity picked up, boosting hopes for rising fuel demand. The market remained concerned, however, about India’s surging coronavirus cases. Brent crude futures were up $1.23, or 1.9%, to $67.65 a barrel by 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate
