CNBC Crude oil futures edged lower Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery fell 31 cents to $85.10 a barrel, while the Brent contract for June delivery lost 19 cents to $89.16. Oil prices have rallied this
Reuters MOSCOW – Russian state gas company Gazprom (GAZP.MM) said on Tuesday that European gas prices could spike by 60% to more than $4,000 per 1,000 cubic metres this winter, as the company’s own export and production continues to fall amid Western sanctions. Gas flows from Russia, Europe’s top supplier, are running at reduced levels this year, after one route was
US News LONDON – European governments have spent tens of billions of euros trying to shield consumers from record high energy prices, and themselves from voters’ wrath, but the measures look set to fall short. From Athens to Oslo, lawmakers across Europe, some facing elections this year, have scrambled initiatives such as removing VAT on home energy bills or providing
Reuters LONDON/OSLO – Consumers in the European Union and Britain face further gas price spikes this winter as flows of Russian gas via major transit routes are proving too little, too late. The new Nord Stream 2 pipeline running from Russia to Europe might have eased a tight market. But it has faced more delays as German certification has been
World Oil (Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.” Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as “the largest share of
CNBC Russia did not cause Europe’s energy crisis — but it didn’t help, and instead tried to benefit from the situation, according to Amos Hochstein, the U.S. State Department’s senior advisor for global energy security. “It sure didn’t do anything that it could to alleviate [the energy crunch], and in fact, took advantage of it,” Hochstein told CNBC’s Hadley Gamble on
Fox Business Continental Resources Chairman and founder Harold Hamm criticized Biden’s energy plan as the administration’s efforts to tackle climate change conjures up more challenges for the country. “You know it’s all about economics 101 and it doesn’t have to be this way,” the oil billionaire said during an interview on FOX Business’ “Mornings with Maria.” Last year, Hamm warned the price of gasoline would surge under
Reuters China ordered miners in Inner Mongolia to ramp up coal production and oil prices jumped on Friday as a record surge in the cost of gas revived demand for the most polluting fossil fuels to keep factories open and homes heated. The rebound in economic activity from coronavirus restrictions has exposed alarmingly low supplies of natural gas leaving traders,
World Oil (Bloomberg) –The U.S. Department of Energy has authorized Exxon Mobil Corp. to receive crude from the Strategic Petroleum Reserve to kickstart the production of fuels while most oil production in the Gulf of Mexico remains shut. The oil company will be getting 1.5 million barrels of DOE-supplied oil for its Baton Rouge refinery, the DOE said. Similar to
CNBC Gasoline prices are expected to be the highest for a Memorial Day weekend in seven years, and prices could stay elevated all summer, as Americans take to the road in a post-pandemic driving spree. The current average price for a gallon of unleaded gasoline of $3.04 per gallon, 16 cents more than a month ago and $1.08 per gallon
CNBC This weekend’s Memorial Day holiday could be a test for the gasoline market, depending on whether drivers in reopening states hit the road and then keep on driving. Gasoline demand is about 30% below where it was before states shut down in March. As the economy reopens, analysts are looking at traditional measures of supply and demand, but also
CNBC Where gasoline goes, ethanol follows, and both have been on a path to unprofitability. Ethanol prices have collapsed as gasoline demand dropped by half due to COVID-19 shutdowns. That because ethanol —a biofuel derived from corn — makes up about 10% of the gas in your tank. So imagine you’re the guy right now who founded the world’s largest
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