Yahoo Finance LONDON – BP’s new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to slow
Oil Price Uncertainty about the pace of renewable energy growth with the U.S. presidential election approaching has pushed investors to withdraw money from funds invested in renewables stocks—so much that these funds booked the biggest quarterly withdrawal ever in the first quarter of the year. Exchange traded funds that invest in stocks of renewable energy firms saw a combined outflow
Yahoo Finance LONDON – Oil prices were steady on Monday as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year. Brent crude futures dipped 6 cents to $75.78 a barrel by 1427 GMT. U.S. West Texas Intermediate crude futures were down 7 cents at $71.16. Both contracts jumped more than 2% on Friday but
Oil Price This week saw the release of the latest report from the International Energy Agency, which called for a fast reduction in oil and gas investments and production, embracing alternative energy sources instead to help advance the transition. Also this week, media picked up another story that makes the ground for the IEA report a bit shaky. The story
Yahoo Finance NEW YORK – Oil prices climbed about 2% on Wednesday on worries the conflict in the Middle East could disrupt oil supplies and ahead of an expected U.S. Federal Reserve announcement that could provide clues about future interest rates. Brent futures for January delivery rose $1.63, or 1.9% to $86.65 a barrel by 10:50 a.m. EDT (1450 GMT).
Nasdaq LONDON – Portfolio investors have dumped positions in petroleum at some of the fastest rates in the last decade in the most recent week as the bullish sentiment that built up after OPEC⁺ production cuts evaporated. Investors reacted negatively to the end of the squeeze on inventories around the NYMEX delivery point, oil prices breaking lower, rising borrowing costs,
CNBC Oil prices fell on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilize the market. Brent crude last fell $2.06, or 2.35%, to $85.59 a barrel U.S. West Texas Intermediate (WTI) crude fell by $2.48, or 2.95%, to $83.43. Brent and WTI
World Oil (Bloomberg) — One oil exchange-traded fund saw its largest one-day outflow in more than three years, a possible sign that some investors remain concerned about the outlook after OPEC+ delivered an unexpected supply cut. WisdomTree’s Brent Crude Oil ETP — ticker BRNT — had an outflow of $55.7 million on Thursday, the largest one-day fall since late 2019. Another
BOE Report Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. U.S. West Texas Intermediate crude was at $80.38 a barrel, down 4 cents, or 0.05%. Brent crude futures slipped 3 cents, or 0.04% to $84.75 a barrel.Both
World Oil (Bloomberg) – Shell Plc investors are showing more interest in energy security in the wake of the crisis triggered by Russia’s invasion of Ukraine, according to Chief Financial Officer Sinead Gorman. New Chief Executive Officer Wael Sawan is preparing to lay out Shell’s strategy at a capital markets day event in June, which could see the company
Oil Price The issue of how to reconcile the energy transition with energy security is taking center stage at one of the world’s biggest annual energy conferences this week. At the CERAWeek in Houston, the top oil and gas executives share the industry’s view of the current state of the global energy system—the world needs oil and gas and will
World Oil (WO) — Chevron Corporation reported on its progress to leverage its strengths to safely deliver lower carbon energy to a growing world at its annual investor meeting. “Chevron intends to be a leader in both traditional and new energy businesses,” said Mike Wirth, chairman and CEO. “We’re growing energy supply, lowering carbon intensity, and returning more cash
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