Saturday, December 28, 2024
Oil prices are set to rise throughout 2023- oil and gas 360

Oil prices are set to rise throughout 2023

Oil Price Crude oil prices started this week with a loss. The reason for that initial weekly loss came down to overall global economic growth pessimism and expectations that the U.S. Federal Reserve will continue raising interest rates, making the dollar more expensive and sapping demand for dollar-priced crude. But by the end of Monday, oil prices had rebounded and

Warren Buffett’s Berkshire Hathaway buys more Occidental Petroleum shares- oil and gas 360

Warren Buffett’s Berkshire Hathaway buys more Occidental Petroleum shares

CNBC Warren Buffett’s Berkshire Hathaway added to its already large Occidental Petroleum stake over the past trading sessions, a regulatory filing revealed Tuesday evening.   The Omaha, Nebraska-based conglomerate bought nearly 5.8 million shares of the oil company in a few separate trades on Friday, Monday and Tuesday, paying prices in a range from $59.85 to $61.90, the filing showed. The latest purchase, totaling more than

The energy crisis isn't over, investment firm Guggenheim says- oil and gas 360

The energy crisis isn’t over, investment firm Guggenheim says

Oil Price Energy markets appear to be in a precarious balance, but the energy crisis is not over, Michael LaMotte, senior managing director at investment firm Guggenheim Partners, said at the CERAWeek energy conference in Houston this week. “We may have gotten through this winter surprisingly well, but I don’t think we’re out of the woods yet,” LaMotte said, as carried by

Oil production from Argentina shale to create surplus in energy trade- oil and gas 360

Oil production from Argentina shale to create surplus in energy trade

World Oil (Bloomberg) – Booming oil production out of shale patch Vaca Muerta will create surpluses in energy trade for Argentina to the tune of $8 billion within a few years, Energy Undersecretary Flavia Royon said in an interview. Drilling is picking up fast in Vaca Muerta after a series of false dawns over the past decade with top developer,

Barclays cuts 2023 oil price forecasts on resilient Russian output- oil and gas 360

Barclays cuts 2023 oil price forecasts on resilient Russian output

BOE Report Barclays cut its 2023 oil price forecasts on Wednesday, due in part to more resilient output from Russia than expected, and said the market could flip into a deficit in the second half of the year due to growing demand in China.   The bank cut its average forecasts for the Brent and West Texas Intermediate (WTI) benchmarks

US natgas down 2% as flows drop to Freeport LNG plant in Texas- oil and gas 360

US natgas down 2% as flows drop to Freeport LNG plant in Texas

Nasdaq U.S. natural gas futures declined about 2% on Wednesday after data showed the amount of gas flowing to Freeport LNG’s export plant in Texas had dropped and forecasts indicated the weather in the near term would be warmer than previously expected. Front-month gas futures for April delivery had fallen 6.2 cents, or 2.3%, to $2.625 per million British thermal

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 1.7 million barrels

Weekly Crude Oil Storage as of March 3, 2023     U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week.  At 478.5 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year, according to the EIA crude oil and