Keyword: oilprice
-
Saudi output cuts and record demand have pushed crude prices 26% higher this quarter An almost uninterrupted rise in oil prices has pushed benchmark Brent crude close to $100 a barrel, posing a new challenge for central banks in their battle against inflation. The rise is a victory for Saudi Arabia, which sought to bolster prices to fund a planned transformation of its oil-dependent economy. Russia, which depends on energy income to finance its war on Ukraine and joined Riyadh in slashing supplies, is another winner. The two countries sparked the rally early this month when they said they would...
-
Russia’s invasion of Ukraine sparked a major market crisis, sending oil and gas prices to multi-decade highs and causing the Euro to crash below parity with the dollar. Today, energy prices have fallen back to pre-war levels, driven lower by fears of a global recession and weak oil demand in China due to Covid outbreaks. Analysts remain divided regarding oil prices in 2023 however, with some analysts believing the return of China and the lack of Russian energy will send prices soaring.
-
In September, Indian refiners are not expected to buy any ESPO crude from Russia because of the higher shipping rates. African and Middle East crude becomes more attractive as shipping rates on long voyages have jumped... However, with a recent surge in freight rates, Russian oil doesn't look so cheap. Moreover, the travel time from Russia's Far East, where the ESPO grade is loading for exports, is a month to India, compared to a week necessary for a Middle Eastern cargo to reach India... "On net back basis after factoring in the freight, the landed cost of ESPO is turning...
-
<p>FUTURES MOVERS Oil futures fell Wednesday, extending the previous session’s sharp decline amid worries about the global economic outlook as central banks move to squelch inflation.</p><p>Oil is heading for a third monthly drop, despite the Ukraine war, with slower economic growth expected in Europe, China and the U.S. as economies recover from the disruptions caused by the coronavirus pandemic and central banks raise interest rates to combat inflation.</p>
-
Appearing Monday on the Fox Business Network, Lipow Oil Associates President Andy Lipow warned that natural gas prices will jump this winter.
-
NEW YORK/LONDON (Reuters) - Traders and fund managers have left crude oil markets in recent months, dropping activity to a seven-year low amid the worst global energy crisis in decades as investors become unwilling to deal with persistently high volatility. The exodus of participants, especially hedge funds and speculators, has made daily price swings far greater than in previous years, making it harder for companies to hedge against physical purchases of oil. The volatility has harmed companies that need energy market stability for their operations, which includes oil-and-gas companies, but also manufacturing and food-and-beverage industries. The high volatility is delaying...
-
WTI oil prices have given up nearly all their gains since Russia invaded Ukraine, falling roughly 9.5% over the course of the week amid fears oil demand is collapsing. Some oil pundits are now claiming that the Biden administration has been fabricating low gasoline demand data in order to drag prices lower. While Gasbuddy claims there was a 2% rise in gasoline demand last week, the EIA reported a 7.6% drop in demand. [SNIP] The collapse in oil prices has been so epic and unexpected that some oil pundits are now accusing the Biden administration of fabricating low gas demand...
-
Oil prices have fallen to their lowest levels since Russia's invasion of Ukraine on February 24. Recession fears are putting a damper on demand for oil, sending futures down 10% this week alone. Gas prices in the US have been falling for 49 straight days. Benchmark US West Texas Intermediate settled 2.1% lower at $88.54 a barrel on Thursday — down about 10% this week so far. They were trading at $88.98 a barrel at 12:10 a.m. EDT on Friday. Benchmark international Brent crude oil futures settled 2.75% lower at $94.12 a barrel on Thursday — down 14% this week...
-
OPEC+ and its allies agreed Thursday to increase oil production more than expected, opening the door for Saudi Arabia to ramp up its own output if wartime sanctions force Russia to pump less... The OPEC+ decision comes after sources told the Financial Times that Saudi Arabia is prepared to pump more. Concern over a more dire supply squeeze for crude oil has emerged since the European Union announced its partial Russian oil embargo on Tuesday, as well as a ban on insurance for Russian cargoes that could limit Moscow's exports to markets outside the EU.
-
Oil prices have topped $113 per barrel on optimism that China’s lockdowns are coming to an end and demand will not take a prolonged hit. In early afternoon markets Monday, news that Shanghai was seeing a strong recovery from COVID cases, with plans in place to ease lockdown restrictions beginning this week, outweighed a litany of bearish news for oil. Brent was at $113.97 per barrel on 3:20 pm EST, while WTI was trading at $113.77. WTI neared $115…Authorities in Shanghai on Monday said restrictions would finally ease, in stages, after nearly six weeks of lockdowns that have shaken the...
-
Top congressional Democrats on Thursday announced legislation they said would lower gas prices for consumers, as rising costs imperil Democrats' chances of maintaining their majorities in November’s elections. Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi said they would bring legislation to their respective chambers giving the Federal Trade Commission more authority to combat gasoline price manipulation. The lawmakers blamed Russian President Vladimir Putin’s invasion of Ukraine as a factor in rising costs, as well as what they called profiteering by “Big Oil.”..... In response to a question about arguments from Republicans that the United States should increase...
-
- A number of big oil traders now predict crude to trade at more than $200 per barrel by the end of 2022. - Doug King, the chairman of RCMA Group even sees crude at $250 by year's end. - Most $200 oil predictions are factoring in a significant loss of supply from Russia.Some of the world’s biggest oil traders expect oil prices to exceed $200 per barrel by the end of the year, the Financial Times reported, citing opinions shared at its Commodity Global Summit this week.“Wakey, wakey. We are not going back to normal business in a few...
-
A fire has broken out at an Aramco facility in Jeddah after a reported missile strike
-
WASHINGTON (AP) — Facing political attacks over rising costs, President Joe Biden exaggerated his role in reducing the federal deficit and skirted responsibility by asserting that a flood of government spending into the economy has no impact at all on higher prices. It actually does. Congressional Republicans, meanwhile, went too far in pinning blame for surging gasoline prices on Biden..... THE FACTS: The Republican leaders of Congress are overstating Biden’s ability to influence energy prices and the impact of the canceled Keystone pipeline. Gasoline prices have been rising in tandem with oil prices since spring 2020 because demand has grown...
-
U.S. oil tumbled more than 8% on Monday, breaking below $100 per barrel, amid talks between Russia and Ukraine as well as new lockdowns in China — which could dent demand. West Texas Intermediate crude futures, the U.S. oil benchmark, lost 8.75% to trade at $99.76 per barrel. International benchmark Brent crude shed 8% to trade at $103.68 per barrel.
-
Global stocks of diesel and other middle distillates have fallen to the lowest seasonal level since 2008, when similar shortages of these transport and industrial fuels helped to propel oil prices to a record high. Distillate fuel oil inventories in the United States are 30 million barrels (21%) below the pre-pandemic five-year seasonal average and at the lowest level since 2005, the U.S. Energy Information Administration said. Stocks in Europe are 35 million barrels (8%) below the pre-pandemic five-year average at the lowest level since 2008, Euroilstock, which compiles inventory data on behalf of the European Union, found.And middle distillate...
-
The price of oil crashed on Wednesday after the UAE reportedly said it would encourage fellow OPEC members to increase oil production levels. “We favor production increases and will be encouraging OPEC to consider higher production levels,” said Yousef al-Otaiba, the UAE’s ambassador to Washington. This statement was first reported by the Financial Times.
-
Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil. Prices at the pump were rising long before Russia invaded Ukraine and have spiraled faster since the start of the war. The U.S. national average for a gallon of gasoline has soared 45 cents a gallon in the past week and topped $4.06 on Monday, according to auto club AAA. “I am looking at the possibility of walking to work,” said Asiya Joseph, who had just paid $4.29 a gallon...
-
Dubai (AFP) – Russia's invasion of Ukraine has sent energy prices surging, but the oil-rich Gulf monarchies have so far resisted Western pressure to raise output, prioritising their own strategic and economic interests. The Organisation of Petroleum Exporting Countries and its allies (OPEC+), led by Riyadh and Moscow, failed Wednesday to respond to a call to produce more and faster, despite pressure on the Gulf states in particular. The group argued that the "current volatility is not caused by changes in market fundamentals but by current geopolitical developments," according to a press release. "Gulf countries are testing their ability to...
-
Oil prices are spiraling higher on supply concerns as the Russia-Ukraine crisis develops, and this could lead to demand destruction and an economic recession, according to an oil analyst. “I’m concerned that we don’t have enough oil at all here, and we need to go to $120 to $150 [per barrel], and then we get into economic destruction,” said Paul Sankey of Sankey Research. The firm sees oil trading between $100 and $150 per barrel until the situation in Ukraine is resolved, according to a research note. International benchmark Brent crude futures jumped 3.24% to $116.59 per barrel, after earlier...
|
|
|