Oil and gas energy activity in Oklahoma, Colorado and the northern part of New Mexico fell in the first quarter of 2024, the Federal Reserve Bank of Kansas City said on Friday in its quarterly survey of energy activity.…
LONDON – Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices while sizeable spare capacity, demand uncertainty and sanctions policy prevent the
Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems.
Global …
MOSCOW/LONDON – OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying on Wednesday that resilient economic growth and air travel would support fuel use in the summer months.
Crude oil inventories in the United States fell by 9.163 million barrels for the week ending June 28, according to The American Petroleum Institute (API), after analysts had expected a 150,000 barrel draw.
For the week prior, the …
U.S. crude oil on Tuesday hovered at a two-month high as worries grow that Israel and the Iran-backed militia Hezbollah could go to war, and Hurricane Beryl could impact Gulf Coast refineries.
As oil has rallied in recent days, …
HOUSTON – U.S. crude oil imports last month rose to a nearly two-year high as refiners scooped up heavy crudes from Canada and Latin America to process into fuels for summer driving season.
Imports of crude oil rose …
Crude oil prices edged lower on Tuesday, pressured by a stronger dollar, while investors shifted focus to U.S. inflation data due this week.
Losses were limited, however, by escalating geopolitical tensions and hopes of improved demand this summer.…
U.S. crude rose Thursday to trade above $82 per barrel, with the benchmark heading for its second weekly gain in a row, as oil and gasoline inventories fell.
West Texas Intermediate has gained 4.8% this week, while global benchmark …
Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn’t clear whether this development would have a significant impact, it …
LONDON – Oil edged higher on Monday as hopes for a boost to demand from the summer driving season in the northern hemisphere offset Chinese data that underscored a bumpy recovery for the world’s biggest crude importer.
Apart
LONDON – Brent oil futures prices ticked higher on Friday and were on course for their best week in more than four months after projections for solid crude oil and fuel demand in 2024.
Brent crude futures were …
U.S. oil refineries have been processing petroleum at the fastest rate for the time of year since before the pandemic, but rising fuel inventories have begun to weigh on crack spreads and likely signal a slowdown ahead.
Refineries …
Crude oil futures held steady Thursday after the latest round of economic data indicated that inflation is easing in the U.S., potentially opening a path for the Fed to cut interest rates and boost the economy.
Wholesale prices unexpectedly …
Growth in the world’s demand for oil is expected to slow in the coming years, as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity …
U.S. crude has dominated global benchmark oil pricing in the year since booming shale exports joined the mix of European crude used to calculate how much a barrel of the world’s most traded commodity costs.
The shale revolution of …
Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2.
The Brent crude July contract dropped …
Brent crude prices are set to rise to $86 per barrel this summer amid strong consumer demand which will put the market into a sizeable deficit in the third quarter, according to Goldman Sachs.
Oil prices started this …
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024.
Hedge funds and other money managers sold the equivalent of 194 …
LONDON – Oil pared gains on Friday as demand concerns intensified after strong U.S. jobs data soured hopes of the Federal Reserve cutting interest rates soon.
Brent crude futures edged up 12 cents to $79.99 a barrel while …
The slump in oil prices so far this week has dragged down shares in the top UK-based oil and gas supermajors, Shell and BP, with their stock falling on Tuesday and pushing London’s main FTSE 100 index in …
HOUSTON – Oil prices fell more than $1 a barrel on Tuesday on scepticism about an OPEC+ decision at the weekend to boost supply later this year into a global market where demand has already shown signs of …
NEW YORK – Oil prices tumbled more than $2 a barrel on Monday to multi-month lows, as investors worried about the demand outlook and took a complicated OPEC+ output decision as a sign that members of the producer …
LONDON/DUBAI-OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.
Brent …
(Bloomberg) – Top Republicans are warning the Biden administration against tapping into the nation’s strategic oil reserve to bring down gasoline prices with five months to go before the presidential election.
The message, sent in a letter Wednesday …
LONDON – Global oil prices steadied on Tuesday as the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and hopes of strong U.S. summer fuel demand balanced concern about higher-for-longer U.S. interest rates.
On
Crude oil prices are on the slide again this week, with Brent set to end the week with a loss of some 3%, according to Reuters, and West Texas Intermediate on its way to shed about 4% …
The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2.
The meeting was to have …
Citi Research continues to expect that OPEC+ will hold its production cuts through the third quarter of this year, it said in a note on Wednesday.
“A deeper cut would likely be a bullish surprise, but remains a …
