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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...

Less than two years after the price of oil briefly plummeted to roughly negative $37 a barrel, an oil boom is underway in America—even in places where drilling was all but abandoned two years ago. “Private oil producers are leading an industry return to places like the Anadarko Basin of Oklahoma and the DJ Basin in Colorado, where drilling had almost completely stopped in mid-2020,” reports The Wall Street Journal. The Anadarko Basin, for example, has surged from just seven active drilling rigs to 46, according to energy analytics firm Enverus, while the DJ Basin in Colorado saw its number...

Oil prices surged nearly 5% and stock prices dropped Tuesday after Russian President Vladimir Putin recognized the independence of rebel-held regions of Ukraine, raising fears that a full-scale invasion was near. Oil prices had already risen to their highest level since 2014. By early Tuesday, the advance of U.S. benchmark crude oil had abated slightly. It was up about $3, or 3.5%, to about $94 per barrel in electronic trading on the New York Mercantile Exchange. The price of Brent crude, the standard for international oils, gained about $4.50, or nearly 5%, to hit about $98 per barrel.

Brent crude oil prices rose on Wednesday to $90 a barrel, as low Cushing and distillate inventories combine with supply jitters in Europe, Russia-Ukraine tensions, and falling Russian seaborne crude imports from the Baltics. As of 11:00 a.m. EST on Wednesday, even after the weekly U.S. inventory report from the EIA showed a build in crude oil inventories, WTI Crude prices were up 1.96% at $87.27, while Brent Crude briefly hit $90, up nearly 2% on the day. Fears that sanctions on Russia could cause a shortage of crude oil and natural gas have rattled the commodity markets in recent...

Futures in New York rose as much as 1.9% to climb above $87 a barrel. The fire has been brought under control but the cause of the blast remains unknown, according to pipeline operator Botas. The global oil market has tightened in recent weeks due to outages in OPEC+ producers including Libya, with buyers in Asia paying sharply higher premiums for spot cargoes. Crude’s sizzling start to the year has prompted Goldman Sachs Group Inc. to boost its forecasts for global benchmark Brent, predicting $100 oil in the third quarter. OPEC expects markets to remain “well supported” by robust demand,...

The United Arab Emirates has vowed to retaliate against Houthi militants for a deadly attack on its capital Abu Dhabi on Monday that killed three people, as fresh tensions in the region helped push oil prices to their highest level in seven years. International benchmark Brent crude futures rose 0.9% to $87.24 per barrel, while U.S. West Texas Intermediate futures jumped 1.6% to $85.16 per barrel. Both oil contracts notched their highest level since October 2014 earlier in the day after a subdued trading day on Monday as U.S. markets were closed for a public holiday. Energy analysts have attributed...

Morgan Stanley expects Brent crude to reach $90 per barrel later this year. This is also the price forecast of Goldman. JP Morgan recently said that crude could reach and exceed $100 this year, noting the decline in OPEC spare production capacity. The latest to join the bullish choir is Vitol, whose head for Asian operations told Bloomberg last week that oil had further up to go because of tight supply. What this means for the Biden administration and its efforts to keep gasoline affordable for voters ahead of the midterms is nothing good. Perhaps more SPR releases could be...

Well, Omicron is hitting hard. Not the virus itself, but governments’ reaction to the virus. The NY Empire Manufacturing Index has tanked into negative territory. New orders are down 5%. On the energy front, West Texas Intermediate Crude Oil futures are up 79% since January 1, 2021 while regular gasoline prices are up “only” 50% over the same period. How about inflation and the Treasury yield curve? Inflation has soared to 40-year highs under Biden as energy prices (WTI Crude Futures) have soared 79%. Maybe they should play the Darth Vader theme when Biden goes to the podium to stammer.

NEW YORK (Reuters) - Two months after U.S. President Joe Biden announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multi-year highs. And Biden has few options to stop the rally. Global benchmark Brent crude passed $84 a barrel on Wednesday and leading analysts are forecasting that oil could pass $100 a barrel in the first quarter. Biden spearheaded a coordinated release of oil from strategic reserves with Japan, India, South Korea, Britain and China in November that helped quell prices - even though, in the end,...

To say investors are bullish on oil again would be an understatement. In a year that has begun with serious uncertainty—largely about the path of interest rates and tech stocks — a positive call on oil is as close to a consensus opinion as it gets. In fact, traders are making bets again that U.S. oil prices will rise above $100. It would take a major surge to get there. West Texas Intermediate (WTI) crude futures, the U.S. benchmark, were down 0.2% on Monday to $78.72 per barrel. There are several reasons for the resurgent bullishness. For one thing, oil...

Prices for the U.S. will go up by between 40 and 60 cents.,". Those for Europe, a relatively small market for Aramco, will be cut. OPEC+ opted on Thursday to proceed with a production increase for next month, even as new Covid-19 cases threaten to sap demand and with the alliance predicting the oil market will flip from a supply deficit to a surplus in early 2022. Brent crude is down 15% since late November to just below $70 a barrel, reducing this year’s gain to 35%. The fall is mainly due to the discovery of omicron and the prospect...

LONDON—Oil prices rose 2 percent on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers. Brent crude was up $1.62 cents, or 2 percent, at $84.01 a barrel by 0914 GMT, The highest level since October 2018. U.S. oil rose $1.95, or 2.5 percent, at $81.30 a barrel, the highest since late 2014. Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S....

U.S. stock index futures slipped on Monday as surging commodity prices added to inflation worries, which could cloud the earnings season set to start with Wall Street banks later this week. Rising raw material costs, labor shortages, and other supply chain bottlenecks have raised concerns of elevated prices denting corporate profit. U.S. oil rose nearly 3 percent and touched a seven-year high as an energy crisis gripping the major economies showed no sign of easing. But it lifted shares of Chevron Corp., Exxon Mobil Corp., and APA Corp. between 1.2 percent and 3 percent in premarket trading. Mega-caps Apple Inc.,...

Investing.com -- Crude oil prices hit $80 a barrel in the U.S. for the first time since 2014 on Friday, a day after the Energy Department played down reports that it was looking at selling barrels from the U.S. Strategic Petroleum Reserve. While crude prices generally set the trend for other fuels in the global market, the situation is currently reversed, as shortages of natural gas and coal – especially in Asian markets – create a rare opportunity for oil-powered electricity generators. Later Friday, Baker Hughes’ weekly rig count will show how far U.S. companies are reacting to the price...

With winter ahead and a gas crunch in Europe, the demand picture appears promising. But demand destruction could be imminent as prices climb higher, some experts are warning. Higher energy prices will also fuel even higher inflation, which poses a significant threat to demand. The current energy market picture is looking good for oil bulls. International benchmark Brent crude passed the long-anticipated threshold of $80 per barrel on Tuesday, though it’s since slipped back down to trade at $78.47 as of Wednesday at 10:30 a.m. in London. West Texas Intermediate was trading at $74.73 per barrel around the same time....

WASHINGTON (Reuters) - The Biden administration is pushing for a "compromise solution" in stalled OPEC+ oil output talks, a White House spokesperson said on Monday. OPEC+ ministers called off those talks on Monday after the United Arab Emirates rejected a proposed eight-month extension to curbs on output. Four OPEC+ sources told Reuters there has been no progress toward a deal. "The United States is closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the COVID-19 pandemic," the White House spokesperson said in a statement. "We are not a party to these talks, but Administration officials...

$100 a barrel oil “sure is possible,” Harold Hamm, executive chairman at Continental Resources, told FOX Business on Thursday, commenting on oil prices and supply and demand on the oil market. Oil prices are coming back where they were pre-pandemic, Hamm said, noting that commodity prices, including crude and natural gas, have returned to sustainable levels following last year’s crisis. Asked to comment on the rising price of WTI Crude, which hit $73 per barrel this week, Hamm said that the U.S. When you get to constraining supply you get prices that go up and that is a lot what...

Oil prices are soaring on the back of Saudi Arabia and OPEC’s decision to roll over existing cuts throughout April. Like many and including myself, this was the lowest likely outcome with the consensus set for a 500kbpd increase in production. However, that is what has turned out and as a result, WTI and Brent crude futures are up a lofty 5% with the latter at the highest level since January 2020. In light of this outcome, there seems to be little in the way that prevent Brent crude futures hitting $70 in the very short term. It is important...

Brent Crude prices could hit $70 a barrel in the second quarter of 2021, while they are set to average $60 this year, Bank of America said this week, raising its average price outlook by $10 a barrel from its previous projection. Echoing Bank of America, Morgan Stanley also sees Brent touching the $70 mark this year, but a bit later - in the third quarter, expecting “a much-improved market,” including on the demand side. On Sunday, Goldman Sachs started the investment banks’ upgrades of oil price forecasts, expecting Brent Crude prices to hit $75 a barrel in the third...

Oil prices surged for a third straight day Thursday amid evidence that fuel demand is starting to return, compounding the benefit from production cuts by the world’s largest producers starting on May 1. West Texas Intermediate crude oil, the U.S. benchmark, was trading up 17 percent at $17.65 per barrel while Brent crude oil, the international benchmark, was higher by 13 percent at $25.43 per barrel. The energy components fell 75 percent and 65 percent, respectively, this year through Wednesday.