Crude prices – Oil & Gas 360

US producers face tough choices on growth, capital returns as oil falls below $60

April 9, 2025

(Investing) – A plunge in oil prices below $60 per barrel due to an escalating trade war may trigger anxiety across the U.S. oil patch, likely forcing companies to double down on measures including cuts to share buybacks and capital expenditures, analysts have said. Brent crude and West Texas Intermediate (WTI) futures slid to their lowest since February 2021, as sweeping tariffs

OPEC+ committee reiterates need for oil output quota compliance

April 7, 2025

(World Oil) – Key OPEC+ nations reiterated the need for members to stick to oil output quotas after the group’s surprise decision to speed up an output revival battered crude prices. The Joint Ministerial Monitoring Committee noted that some OPEC+ members failed to fully observe their limits or deliver extra curbs pledged as compensation for over-producing, according to a statement on

Crude prices fall on US-360China trade clash- oil and gas 360

Crude prices fall on US-China trade clash

February 4, 2025

(Investing) – Crude prices fell on Tuesday as U.S. tariffs on China took effect and Beijing retaliated with its own measures, heightening trade war fears, while U.S. President Trump delayed a decision on imposing steep levies on Canada and Mexico for a month. U.S. West Texas Intermediate (WTI) crude was down $1.63, or 2.23%, at $71.53 per barrel at 1302 GMT,

Crude drop turns options bets worthless as Iran, Israel conflict simmers

October 29, 2024

(World Oil) – Traders who piled into bullish options bets on oil prices at record pace are waking up to a harsh reality: Most of those contracts are now worthless. Israel refrained from striking Iran’s energy infrastructure in its long-awaited bombardment of the OPEC nation over the weekend, sending crude prices crashing. That plunge has helped contribute to a chunk

Saudi Arabia may raise Sept crude prices for a third month

August 1, 2023

Nasdaq SINGAPORE – Saudi Arabia, the world’s biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of high-sulphur, or sour, crude. State-owned Saudi Aramco may raise the official selling price (OSP) for its flagship Arab Light crude

Oil stocks are showing a peculiar disconnect from crude prices

November 28, 2022

Oil Price Oil stocks have continued to show a peculiar disconnect from the commodity they track, with oil equities staging a powerful rally even as oil prices have fallen sharply since the last OPEC meeting. Over the past two months, the energy sector’s leading benchmark, the Energy Select Sector SPDR Fund (NYSEARCA: XLE), has climbed 34% while average crude spot prices have

Crude prices in Asia jump on robust demand, tight supply

June 16, 2021

Reuters SINGAPORE (Reuters) – Asian refiners are paying the highest premiums for Middle East and Russian crude oil in about a year, due to firm demand and more costly imports from the West, industry sources said. High prices could prompt refiners to draw down inventories, tightening supply buffers even as the Organization of the Petroleum Exporting Countries (OPEC) and their

EOG Resources beats profit estimate as crude prices rebound

May 7, 2021

Reuters US oil and gas producer EOG Resources Inc (EOG.N) surpassed analysts’ first-quarter profit forecast and announced a special dividend of $ 1 per share on Thursday due to the launch of COVID-19 vaccines and increased travel demand driving crude oil prices. U.S. crude oil prices rose 23% in the first quarter after the 2020 pandemic affected fuel demand, sparking

World Bank slashes outlook for oil, metals as coronavirus crushes demand

April 23, 2020

Reuters The World Bank slashed its outlook for oil and metals prices on Thursday due to the economic fallout of the coronavirus pandemic and said the commodity market shock could hit developing countries hardest. Crude oil prices are expected to average $35 a barrel this year, down 43% from the average in 2019, the World Bank said, marking a sharp

Marathon Oil cuts capital spending by 20 percent after crude prices collapse

March 11, 2020

Houston Chronicle Houston exploration and production company Marathon Oil on Tuesday said it is cutting its 2020 drilling budget by 20 percent, a day after oil prices collapsed to almost $30 per barrel. In reducing planned capital spending to $1.9 billion from $2.4 billion, Marathon said it would spend $1.7 billion on drilling, hydraulic fracturing and other activities in the

Oil prices plunge by a third as Saudi-Russian pump war looms

March 9, 2020

Reuters LONDON – Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already awash with crude after their three-year supply pact collapsed. Despite sliding demand for crude due to the coronavirus, Riyadh made

Oil slips from 6-week high on signs U.S. supplies rose again

November 6, 2019

Source: Houston Chronicle Oil retreated from a six-week high as signs of another increase in U.S. crude reaffirmed the prevailing view that global markets are comfortably supplied. Futures lost as much as 0.8% in New York after rising 5.6% over the past three sessions. The American Petroleum Institute reported that crude stockpiles increased by 4.26 million barrels last week, according

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