(Investing) – LONDON – Oil prices steadied on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq. Brent futures were down 6 cents, or 0.1%, at $74.37 barrel by 1302 GMT while U.S. West Texas Intermediate crude futures declined by 14 cents, or 0.2%,
Weekly Crude Oil Storage as of February 14, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.6 million barrels from the previous week. At 432.5 million barrels, U.S. crude oil inventories are 3% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
This week’s Baker Hughes Rig Count shows that the U.S. had an increase of 4 over last week, resulting in a total count of 592 rigs. Canada had an decrease of 1 over last week, resulting in a total Canadian count of 244 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Ardmore Woodford, Cana Woodford, Granite
(World Oil) – ConocoPhillips will sell its interests in the Gulf of Mexico Ursa and Europa fields to Shell for $735 million, both companies confirmed today. ConocoPhillips continues to work towards a strategy of divesting noncore assets, while Shell looks to strengthen its deepwater portfolio. Full-year 2024 production associated with the ConocoPhillips’ 15.96% interest in the Ursa Field and 1% interest
(Oil Price) – The United States will not lift any sanctions on Russia unless Moscow noticeably changes its behavior, U.S. Secretary of State Marco Rubio told European leaders in a call after the U.S.-Russia meeting in Riyadh. European leaders are concerned that they are being left out of talks and of the apparent major pivot in U.S. foreign policy after the
(Investing) – Oil prices fell on Friday, but were on course to secure a weekly gain, as traders eyed supply chain disruptions in Russia and a drawdown in U.S. gasoline and distillate stockpiles. Brent oil futures had fallen by 0.8% to $75.86 per barrel as of 08:05 ET (13:05 GMT), while West Texas Intermediate (WTI) crude futures had slipped by 0.9% to $71.85 per
(Investing) – HOUSTON – Oil transportation and storage company Sentinel Midstream expects to make a final investment decision on its deepwater oil export project off the Texas coast as soon as it receives a U.S. government license, CEO Jeff Ballard told Reuters. The move comes as U.S. President Donald Trump pushes for faster approvals of projects that will help bolster the
(Oil Price) – Japanese oil and gas firm Japex is pivoting back to its core business after seeing poor returns in the renewable energy sector, as it becomes the latest major company to scale back green energy investments. “For now, the investment focus will remain on oil and gas exploration and production… as securing a fair return from renewable energy sources
(Investing)– Oil prices were steady in European trading on Thursday after touching an almost one-week high in the prior session, as traders weighed an increase in U.S. crude oil inventories. Brent oil futures rose 0.6% to $76.51 per barrel as of 09:10 ET (14:10 GMT), while West Texas Intermediate crude futures advanced by 0.6% to $72.58 a barrel. The American Petroleum Institute (API) reported
(Investing) – GEORGETOWN – U.S. oil major Exxon Mobil (NYSE:XOM) is planning to increase natural gas output and supply in Guyana through a large-scale project announced on Wednesday, following the government’s call for more gas to fuel onshore power and petrochemical projects. The “Wales Gas Vision”, outlined by Exxon’s Guyana head, Alistair Routledge, is set to provide gas for the production of fertilizers
(Investing) – NEW YORK – Oil prices rose about 1% to a one-week high on Wednesday on worries about supply disruptions in Russia and the U.S., while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine. Brent futures were up 65 cents, or 0.9%, at $76.49 a barrel by 10:38 a.m.
(BOE Report) – BRASILIA, Brazil (AP) — Brazil’s government on Tuesday approved joining OPEC+, a group of major oil-exporting nations, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit. The National Council for Energy Policy’s approval came in response to an official invitation in 2023. The group includes the 12 members
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