Nasdaq LONDON – Portfolio investors have dumped positions in petroleum at some of the fastest rates in the last decade in the most recent week as the bullish sentiment that built up after OPEC⁺ production cuts evaporated. Investors reacted negatively to the end of the squeeze on inventories around the NYMEX delivery point, oil prices breaking lower, rising borrowing costs,
CNBC Oil prices fell on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilize the market. Brent crude last fell $2.06, or 2.35%, to $85.59 a barrel U.S. West Texas Intermediate (WTI) crude fell by $2.48, or 2.95%, to $83.43. Source: CNBC Brent
World Oil (Bloomberg) — One oil exchange-traded fund saw its largest one-day outflow in more than three years, a possible sign that some investors remain concerned about the outlook after OPEC+ delivered an unexpected supply cut. WisdomTree’s Brent Crude Oil ETP — ticker BRNT — had an outflow of $55.7 million on Thursday, the largest one-day fall since late 2019. Another
BOE Report Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. U.S. West Texas Intermediate crude was at $80.38 a barrel, down 4 cents, or 0.05%. Brent crude futures slipped 3 cents, or 0.04% to $84.75 a barrel.Both
World Oil (Bloomberg) – Shell Plc investors are showing more interest in energy security in the wake of the crisis triggered by Russia’s invasion of Ukraine, according to Chief Financial Officer Sinead Gorman. New Chief Executive Officer Wael Sawan is preparing to lay out Shell’s strategy at a capital markets day event in June, which could see the company
Oil Price The issue of how to reconcile the energy transition with energy security is taking center stage at one of the world’s biggest annual energy conferences this week. At the CERAWeek in Houston, the top oil and gas executives share the industry’s view of the current state of the global energy system—the world needs oil and gas and will
World Oil (WO) — Chevron Corporation reported on its progress to leverage its strengths to safely deliver lower carbon energy to a growing world at its annual investor meeting. “Chevron intends to be a leader in both traditional and new energy businesses,” said Mike Wirth, chairman and CEO. “We’re growing energy supply, lowering carbon intensity, and returning more cash
BOE Report Crude oil prices edged higher in Asian trade on Tuesday amid hopes of a fuel demand recovery from top importer China, although concerns about a slowdown in the U.S. economy capped gains. U.S. West Texas Intermediate (WTI) crude rose 15 cents, or 0.18% to $81.74 per barrel after climbing to $81.88 earlier in the session. Brent crude
Oil Price Hedge funds and other portfolio managers boosted their bullish bets on crude oil at the end of 2022 despite concerns about demand in the immediate term in the world’s top crude oil importer, China, and persistent fears of slowing economies. Investors raised their net long position – the difference between bullish and bearish bets – in all
World Oil (Bloomberg) —Investors with combined assets of €1.3 trillion ($1.4 trillion) have demanded the world’s biggest oil companies take swifter action to cut greenhouse gas emissions. Shareholder activist group Follow This filed resolutions with Shell Plc, BP Plc, Exxon Mobil Corp. and Chevron Corp., urging them to align their 2030 emissions targets with the Paris Agreement. It was
Nasdaq BOSTON/LONDON – Investors managing $39 trillion have called on governments to raise their climate ambition, including setting plans to phase out fossil fuel use and forcing companies to set out science-based transition plans. The move by some – but not all – top fund firms comes ahead of the next round of global climate talks in Egypt in
World Oil (Bloomberg) — Oil climbed, bookending another tumultuous week of trading, as investors weighed the prospect of a European Union ban on Russian crude and uncertainty over China’s virus resurgence. West Texas Intermediate rose 2.7% while gasoline futures hit a record high. Some EU nations said the bloc may have to consider delaying a proposed oil embargo if it can’t get
