Sunday, November 24, 2024
Chevron CEO pushes back on Biden claims of ‘War Profiteering’- oil and gas 360- oil and gas 360

Chevron CEO pushes back on Biden claims of ‘War Profiteering’

Oil Price The oil industry generates around 10% returns on capital employed through the cycle, Chevron’s chief executive Mike Wirth told Bloomberg Television, pushing back on the persistent accusations by the Biden Administration that oil companies are profiteering from the surge in prices after the Russian invasion of Ukraine.   “Through the cycle, it’s an industry that generates 10%-ish returns on

Investors are increasingly bullish on oil despite demand woes- oil and gas 360

Investors are increasingly bullish on oil despite demand woes

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

Oil prices plunge below $80 as near-term demand worries grow- oil and gas 360

Oil prices plunge below $80 as near-term demand worries grow

Oil Price Oil prices crashed early on Wednesday, with Brent Crude falling below the $80 a barrel mark again, as concerns about immediate global oil demand intensified with soaring Covid cases in China and slowing economies globally.     As of 8:33 a.m. ET on Wednesday, the U.S. benchmark, WTI Crude, had plummeted below $75 per barrel and traded down by