Investing LONDON (Reuters) -Oil prices edged lower on Thursday on growing expectations that key Western economies will maintain high interest rates to tackle stubborn inflation. By 1312 GMT, Brent crude futures were down 66 cents at $95.89 a barrel after rising to their highest level since last November earlier in the session. The November contract expires on Friday. The December Brent contract
BOE Report Oil was steady in trade on Wednesday morning, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. U.S. West Texas Intermediate (WTI) crude futures slightly rose 26 cents, or 0.37%, at $69.72. Brent futures, which have risen more than 3%
BOE Report Top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia’s invasion of Ukraine with buoyant earnings likely to roll through 2023. Flush with cash, BP, Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns through dividends and share buybacks
Oil Price Hedging is a popular trading strategy frequently used by oil and gas producers, airlines and other heavy consumers of energy commodities to protect themselves against market fluctuations. During times of falling crude prices, oil producers normally use a short hedge to lock in oil prices if they believe prices are likely to go even lower in the future.
CNBC While the stock market has boomed, energy stocks have not. Indeed, they have been the worst-performing sector over the last decade. Moreover, energy has dropped from 15% in 1990 to only 5% of the S&P 500 sector weightings in 2019. This is particularly ironic, since U.S. oil and gas production has boomed over the same period, making the United
Earthstone Energy, Inc. Announces Termination of Sabalo Acquisition and Cancellation of Special Meeting of Stockholders
Unexpected oil deal sees crude oil prices jump OPEC announced yesterday a plan to reinstate a production cap for the group between 32.5-33.0 MMBOPD. The group reported producing 33.2 MMBOPD in its August report, meaning that OPEC would cut, at most, about 0.7 MMBOPD under the new agreement. Unlike the last time OPEC tried to broker a production agreement, it
Markets take a dive as U.K. votes to leave the European Union In a referendum that essentially split the country, the United Kingdom voted to leave the European Union Thursday, a move most market experts did not believe would take place. The U.K. voted 52% to 48% to leave with a 72.2% voter turnout. Markets around the world took a
Today’s closing price represents a 2016 high for WTI oil prices Oil prices hit 2016 highs today, with U.S. crude benchmark WTI settling above $50 per barrel for the first time since July 21, 2015, when WTI closed at $50.36, the same closing price seen today. Concerns over unplanned supply interruptions in Nigeria, along with an expected crude oil storage
U.S. crude oil inventories grow by 2.8 MMBO Oil prices are down today after an inventory build that exceeded economists’ estimates by a factor of five. According to data from Bloomberg, economists estimated an average build of 556 MBO, but the numbers released by the DOE today showed a build of 2.8 MMBO, bringing total inventories to 543.4 MMBO as
About one-third of U.S. plays remain economic below $40 per barrel WTI As oil and gas producers around the globe continue to struggle with lower commodity prices, a select few basins remain economical at today’s prices. Six basins out of the 18 covered by Raymond James, or one-third of basins in their coverage, produce IRRs of 15% at sub-$40 WTI,
Markets unsatisfied with deal to maintain production The first signs of cooperation between OPEC and non-OPEC countries on crude oil production emerged today in the form of a deal between Russia and three OPEC members, including the group’s largest producer, Saudi Arabia. Russia, Saudi Arabia, Venezuela and Qatar agreed to a production freeze today, as the global glut of crude
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